DNA Testing Company 23andMe Files for Bankruptcy Protection

biotechnology

•

2 days ago

Summary

23andMe's decline was swift, marked by declining sales, executive departures, and a devastating data breach that compromised sensitive personal information of nearly 7 million users. The company is now in the process of restructuring and notifying customers to file claims as part of the bankruptcy case.

Key Points

  • The data breach exposed customers' names, birth years, relationship labels, percentages of DNA shared with relatives, ancestry reports, and self-reported locations.

  • 23andMe's fall from grace was compounded by its ambitious but costly expansion into digital health and telemedicine, including the acquisition of Lemonaid Health in 2021.

  • The company has also proposed a $30 million settlement in a related class action lawsuit over the cyberattack, which remains on hold due to the bankruptcy proceedings.

Why It Matters

23andMe's bankruptcy highlights the importance of robust cybersecurity measures and responsible data management in the rapidly evolving genetic testing industry.

Author

Connie Loizos

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