coinbase

🟠Welcome to the dark side of Web3 customer support. Hackers bribed Indian-based Coinbase contractors and got access to sensitive user data—names, emails, phone numbers, masked bank info, and even ID photos. The prize? A fat ransom demand of $20M.
🟠#coinbase didn’t flinch. Instead of paying, they fired the compromised agents, reported the attack to law enforcement, and offered a reverse bounty: $20M for info leading to the hackers’ arrest.
🟠The damage? Less than 1% of users compromised—but the fallout is real. Coinbase expects to shell out $180M to $400M in reimbursements, fraud protection, and legal cleanup. And yes, its stock dipped hard right before they’re due to enter the S&P 500.
🟠The kicker? Victims got calls pretending to be from Coinbase. #scammers had their data and told them to "verify" info or move funds to a fake "self-custody wallet." One hacker bragged: “We made $7M today.”
🟠Meanwhile, regulators are circling. The SEC is probing Coinbase (again), this time over allegedly inflated user stats from their IPO era.
💭 Lesson? OPSEC isn’t just on-chain. Vet your support vendors like your validators. And never trust a DM asking for your seed. Coinbase survived this round. But the bigger question: who’s next?
➡️#CryptoRegulation @WISE PUMPS

Coinbase is facing a turbulent period. Its stock dropped sharply following revelations about a serious customer data breach and an ongoing investigation by the U.S. Securities and Exchange Commission (SEC), which is questioning the company’s previously reported user numbers.
According to Google Finance, Coinbase (COIN) shares fell by 7% after market close on May 15, ending the day at $244.

📊 SEC Investigates “Inflated” User Numbers
The SEC probe focuses on Coinbase’s 2021 claim that it had “over 100 million verified users,” a figure cited in marketing materials and IPO filings.
Coinbase has since stopped reporting this metric in 2022, replacing it with the more transparent figure of monthly transacting users.
Coinbase’s Chief Legal Officer Paul Grewal told :
“This is an investigation concerning data we stopped reporting two and a half years ago. Still, we remain committed to working with the SEC to bring this matter to a close.”

🔍 Investigation Continues Despite Dropped Lawsuit
Interestingly, the investigation continues even though the SEC dropped its 2023 lawsuit against Coinbase. The probe, which began during the Biden administration, has carried over into the Trump era.
To manage its legal response, Coinbase has hired the respected law firm Davis Polk & Wardwell.

🔐 Cyberattack and Extortion Attempt Shake Investor Confidence
Coinbase also announced that it had been targeted by an extortion attempt. Hackers demanded $20 million in exchange for not leaking customer data.
The breach reportedly involved foreign support staff, who misused their access to steal account information from a small group of users.
Coinbase refused to pay the ransom but pledged to compensate affected customers, estimating the costs of restitution and security measures at between $180 million and $400 million.

📉 Double Blow Hits Investors
The company is now dealing with a double blow: shaken investor confidence due to scrutinized past user data and renewed concerns over platform security. The combined impact of both events triggered a strong reaction on the stock market, sending Coinbase shares downward.

#coinbase , #cryptohacks , #SEC , #stockmarket , #CryptoSecurity

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

أعلنت شركة كوين بيز أنها تعرضت لهجوم إلكتروني أدى إلى تسريب بيانات عدد محدود من المستخدمين، نتيجة تواطؤ بعض موظفي الدعم الفني بعد تعرضهم للرشوة.
أكدت الشركة أن بيانات مثل الأسماء والعناوين والبريد الإلكتروني قد سُرّبت، لكنها طمأنت المستخدمين بعدم اختراق كلمات المرور أو مفاتيح المصادقة الثنائية. وتعهدت بتعويض المتضررين الذين تم خداعهم ، كما عرضت مكافأة تصل إلى 20 مليون دولار لمن يقدم معلومات تؤدي للقبض على المتورطين.
الهجوم جاء بعد أشهر من تحذيرات بشأن عمليات احتيال عبر الهندسة الاجتماعية كما أعلنت الشركة عن فصل الموظفين المتورطين فورًا، ورفعت دعاوى .
#BinanceTGEAlayaAI #coinbase #HackerAlert #CryptoRegulation $XRP $PEPE

The US SEC is stepping up its investigation against Coinbase for announcing misleading user numbers as COIN stocks take a hit.
US-based cryptocurrency exchange Coinbase is now the subject of an SEC investigation, barely hours after suffering a security breach.

The securities watchdog has been investigating Coinbase for alleged misrepresentations about its user metrics since 2021.
The US SEC has launched an investigation into Coinbase for misleading statements.
According to a New York Times report, the US SEC is investigating Coinbase over previous disclosures about its user numbers.

According to the report, the SEC is focusing its investigation on a 2021 disclosure where Coinbase claimed to have more than 100 million verified users.
While Coinbase stopped short of citing the document in further discussions with the SEC, the securities watchdog is stepping up its investigation.

The NYT report claims that Coinbase has been intervening with the SEC over the matter since the beginning of the year.
Unable to reach a resolution, Coinbase is mounting a strong defense, enlisting law firm Davis Polk & Wardwell to its ranks.

Coinbase Chief Legal Officer Paul Grewal slammed the investigation, calling it the result of years of Gensler.
"The SEC inquiry is a holdover investigation from the previous administration into a metric we stopped reporting two and a half years ago," Grewal said.

#SEC #coinbase #CryptoNewss #Market_Update #MarketSentimentToday