Coinbase

America's Huge Credit Card Bill

Imagine the US government has a giant credit card. According to recent data, that "card" has a massive $36.9 Trillion balance! That's the national debt. What's really worrying experts is how fast it's growing:
~ 2019: $23.2 Trillion
~ 2025 (Projected): $36.9 Trillion
That's a HUGE jump in just a few years. It shows the government is borrowing money much faster than it's paying it back.

Coinbase CEO Sounds the Alarm

Brian Armstrong, CEO of major crypto exchange Coinbase, spoke out on Twitter (X) about this. His main points:
1. Congress Needs to Act: He's frustrated that Congress isn't seriously tackling this debt problem or reducing the yearly overspending (the deficit).
2. A Warning: He warned that if voters don't push Congress to fix this and start paying down the debt, the US dollar could lose its top spot in the world economy.
3. Bitcoin Could Step In: His big statement: **If this debt crisis isn't fixed, Bitcoin could become the world's new "reserve currency" instead of the US dollar.
4. But He Loves America Too: Armstrong added that while he believes in Bitcoin, he *also* thinks a strong America is vital for the world. He wants the US to get its finances under control.

Why Bitcoin?
Armstrong's warning suggests that if people and countries lose trust in the US government's ability to manage its money (due to massive debt and printing more dollars), they might look for alternatives. Bitcoin, with its limited supply (only 21 million will ever exist) and independence from any government, is seen by some as a potential safe haven or replacement.

Elon Musk Agrees Loudly

Tech billionaire Elon Musk (Tesla, SpaceX) saw Armstrong's warning and strongly supported it:
~ He reposted Armstrong's message about Bitcoin potentially replacing the dollar.
~ He replied with an American flag emoji, showing his agreement.
~ Separately, he blasted Congress, saying: "Congress is making America bankrupt."
* He criticized a recent big spending bill as wasteful and said it would add a huge $2.5 Trillion to the deficit, putting an unfair burden on citizens.

Musk's Bitcoin Connection
While Musk doesn't talk about Bitcoin constantly, he puts his money where his mouth is:
* Tesla owns over 11,500 Bitcoin.
* SpaceX owns over 8,200 Bitcoin.
* Musk himself owns Bitcoin (mostly), plus some Ethereum and Dogecoin.
Two major figures in tech and finance (Armstrong & Musk) are raising a red flag:
1. The US national debt is exploding at an alarming rate.
2. Congress isn't doing enough to fix it.
3. This reckless spending risks destroying global trust in the US dollar.
4. If that trust collapses, Bitcoin is a prime candidate to become the world's new go-to currency.
It's a stark warning: Get the US financial house in order, or risk the dollar being dethroned by digital gold ($BTC )

#bitcoin #USDT #NationalDebt #ElonMusk #coinbase
$PEPE

As the U.S. national debt nears a staggering $37 trillion, major voices in the crypto industry are sounding the alarm. Coinbase CEO Brian Armstrong has issued a stark warning: If Congress doesn’t act soon, the U.S. dollar could lose its global reserve currency status — and Bitcoin might take its place.

Armstrong: “I love Bitcoin, but America must survive.”
Coinbase CEO Brian Armstrong emphasized the importance of financial responsibility, noting that while Bitcoin offers a compelling alternative, economic stability in the U.S. remains crucial for global markets.
His comments come at a time when new fiscal legislation has been introduced, aiming to extend tax incentives and increase defense spending, while proposing adjustments to certain federal support programs.

Nobel laureates and Elon Musk issue strong warnings
Criticism is mounting from every direction. Six Nobel Prize-winning economists, including Paul Krugman and Joseph Stiglitz, warned in a June letter that the legislation could add over $3 trillion to the national debt and further widen economic inequality.
Elon Musk didn’t hold back, calling the bill:
“A massive, scandalous, pork-filled Congressional spending proposal” and “a disgusting abomination.”
More importantly, critics say the bill could undermine global confidence in the U.S. dollar and accelerate the ongoing de-dollarization of the global economy.

States like New Hampshire and Arizona are stockpiling Bitcoin
Amid fiscal chaos, some U.S. states are taking matters into their own hands. Keith Ammon, a representative from New Hampshire, explained:
“States aren’t just competing with each other anymore — they’re competing with the federal government, which will be forced to print money to handle its debt.”
He argued that Bitcoin could help shield state finances from further erosion caused by inflation and dollar devaluation.

Bitcoin as a digital defense against systemic collapse
Crypto advocates are reminding the world why Bitcoin was created in the first place — as a response to the loss of trust in the financial system after 2008. According to Kadan Stadelmann, CTO of Komodo:
“No one in the U.S. is facing reality. That’s where Bitcoin comes in. It’s the very reason it was created.”
He described fiat currencies like the dollar as debt-driven and inflationary, whereas Bitcoin offers fixed supply and long-term value preservation. He called it “a safe haven in a collapsing inflationary system.”

Are we witnessing the end of the dollar as we know it?
Analysts warn that the exploding debt, reckless spending, and global monetary shifts may lead to a collapse in trust toward fiat currencies. That could trigger a massive capital shift into Bitcoin, driving up its value and reducing availability due to limited supply.
“If a debt spiral hits, people will flock to Bitcoin — and supply won’t keep up,” Stadelmann noted.

Summary:
🔹 U.S. debt has reached $37 trillion

🔹 Coinbase warns Bitcoin could replace the dollar as reserve currency

🔹 U.S. states like New Hampshire are buying BTC as a hedge

🔹 Nobel economists and Elon Musk blast Trump-backed legislation

🔹 Bitcoin’s fixed supply and decentralized nature continue to attract attention in times of fiscal uncertainty

#bitcoin , #coinbase , #BTC , #brianarmstrong , #ElonMusk

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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.“

The recent scandal involving the leakage of personal data of users of the Coinbase cryptocurrency exchange once again raises questions about the need for strict identity verification procedures, such as "Know Your Customer" (KYC). In December 2024, it became known that the attackers had managed to bribe Coinbase support service agents and gain access to the personal data of 70,000 users. The compromised data includes photos of identity cards, home addresses, and other sensitive information. But how does this leak highlight the weaknesses of KYC, and what does this mean for the future of cryptocurrency platforms?
Protection or threat?
When we talk about KYC, the fight against money laundering, fraud and terrorist financing immediately comes to mind. However, for ordinary users, KYC often becomes just an obstacle that needs to be overcome in order to start trading cryptocurrencies. Exchanges collect information like passport data, selfies with ID cards, and utility bills. This looks like an important step to ensure security, but real practice shows that the system does not protect users that much.
A developer under the pseudonym Bantag, commenting on the situation, said that KYC, in fact, only contributes to the growth of crime. After all, hackers, using fake documents, easily bypass the system, and real users become vulnerable. For example, one of the hackers showed how artificial intelligence can be used to create fake passports and pass KYC on a cryptocurrency exchange. The situation with the data leak at Coinbase, when hackers were able to gain access to personal information through bribing exchange employees, only confirms these concerns.
The problem of traditional verification
KYC as a process has existed since the 1970s, when it was introduced in the United States to combat money laundering and terrorist financing. However, this solution seems outdated for cryptocurrencies. As a result, cryptocurrency exchanges are forced to collect huge amounts of user data, which increases the risk of leaks, as we saw in the case of Coinbase.
What about new technologies? In recent years, alternatives such as zero-knowledge proof (ZK) have been actively discussed. This technology allows you to prove that the information is correct without revealing it. Imagine that once you have verified your identity, you could use it on all platforms without going through repeated verification. According to experts, this could significantly increase the level of user privacy, but, unfortunately, such solutions are not yet so accessible due to the high cost and technical complexity.
The way forward
The problem is that even if KYC causes discontent among users, it will not disappear in the near future. "Without KYC, cryptocurrency risks becoming a tool for any crimes," warns Ilya Kolochenko, a cybersecurity expert. KYC-related problems cannot be solved instantly, especially when it comes to international regulations that require data collection.
At the same time, many platforms are already starting to look for solutions that can improve user privacy while complying with the requirements of the law. ZK technology, which could potentially be an important step in the future, promises to preserve privacy and reduce the risks of data leaks. But for now, its mass implementation remains a matter of time and significant investment.
Conclusion: What can we do?
The data leak on Coinbase has called into question the security of traditional KYC verification, and many users are beginning to wonder more and more about how safe it is to transfer such sensitive data to centralized platforms. To what extent do you think KYC really protects users, rather than creating additional risks? And if so, how can this process be improved to maintain a balance between security and privacy?
#coinbase #CryptoNewss #kyc #crypto

Cryptocurrency giant Coinbase is facing a serious data breach scandal. According to a Reuters investigation, the exchange was aware of a major data leak as early as January 2025, yet only went public in May—after receiving a ransom threat.
The incident involved customer support agents from Indian-based outsourcing firm TaskUs, some of whom were allegedly bribed by hackers to leak user data. Coinbase now estimates the breach could cost the company up to $400 million, and it faces a federal lawsuit and regulatory scrutiny.

Internal Warnings Months Before Public Disclosure
Sources close to the matter revealed that Coinbase was alerted in January when a TaskUs employee in India was caught photographing sensitive data on a work computer using her personal phone. The employee and an alleged accomplice were bribed by hackers, who used the stolen data in social engineering attacks targeting Coinbase users.
Following the incident, over 200 TaskUs employees were let go from the Indore office, prompting local media attention. Yet Coinbase didn’t go public until May 11, after it received a $20 million ransom demand.

A Campaign Fueled by Outsourcing and Weak Security
Coinbase had long worked with Texas-based TaskUs to cut costs by offloading customer support to low-wage countries like India. Since 2017, TaskUs agents had been handling Coinbase customer queries, often earning just $500 to $700 a month—a low enough salary to make them vulnerable to bribery.
After the breach came to light, Coinbase cut ties with the affected TaskUs staff and other unnamed international vendors. The exchange said it had notified regulators, reimbursed affected users, and strengthened its internal controls.

Hackers Used Social Engineering to Scam Users
Coinbase wallets themselves weren’t hacked. Instead, attackers used stolen personal data to impersonate Coinbase support agents, convincing victims to voluntarily transfer their crypto assets. The scams were highly convincing, with attackers speaking fluent North American English.
The attack has been linked to a loosely organized group known as “Comm”, composed of young but skilled hackers. A Fortune report revealed that members had specialized roles: some bribed insiders, others executed the scams. The group used platforms like Telegram and Discord to coordinate and split the profits.

Coinbase Presses On Despite the Breach
Despite the severity of the incident, Coinbase continues to grow. The company was recently added to the S&P 500 index and has announced a strategic acquisition. CEO Brian Armstrong reaffirmed his vision to make Coinbase a global leader in financial services over the next decade.

A Broader Wake-Up Call for Crypto
According to Chainalysis, crypto-related hacks exceeded $2.2 billion in damages in 2024. The Coinbase case highlights the escalating risks of outsourcing and the growing sophistication of attackers in the world of digital finance.

#coinbase , #Cryptoscam , #CyberSecurity , #CryptoNewss , #StaySafe

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.“

Price: ~$BNB 657Market Cap: ~$92.6B30-Day Change: +2.6%Use: Trading fee discounts, gas on #bnb Chain, staking, governanceRecent News:31st token burn: 1.57M BNB (~$916M) removedOngoing BNB Chain upgrades (e.g. Greenfield storage)
Outlook:
Short-term: Stable with upside on positive ecosystem newsLong-term: Bullish – strong use case, shrinking supply, growing DeFi activity#blockchain #Ethereum #BTC #coinbase #bnb