From Cointelegraph
May 16, 2025 12:12:00 am:

Coinbase stock dropped 7% after a cyberattack exposed customer data and an SEC investigation into misstated user numbers in 2021. Stock fell to $244 in after-hours trading on May 15. SEC probe began during Biden administration and continues under Trump. Coinbase hired law firm Davis Polk & Wardwell for response.

SEC investigating whether Coinbase misstated user numbers in past disclosures, including claim of “100+ million verified users” in 2021 marketing. Coinbase stopped reporting this metric in 2022. Coinbase chief legal officer confirmed investigation, stating it should not continue. Coinbase disclosed more relevant metric of ‘monthly transacting users’.

Coinbase refused to pay $20 million ransom after cyberattack leaked user data. Cybercriminals recruited overseas support agents to steal data. Coinbase will reimburse victims of phishing attacks resulting from breach, with expected expenses ranging from $180 million to $400 million. Coinbase to join S&P 500.

Read more at Cointelegraph: Coinbase drops 7% on customer breach, SEC probe into user numbers