BlockBeats reported that on May 16, Coinbase faced a double blow from the 'SEC investigation' and 'hackers stealing user data' during trading hours.
According to reports, Coinbase claimed that hackers bribed its employees to steal customer data and demanded a ransom of $20 million but were refused. An informed source stated that the intruders had been accessing Coinbase's data almost continuously since January. Although Coinbase denied this claim, the estimated cost to rectify the data breach could be as high as $400 million. In a worse scenario, the trading platform also stated that it is cooperating with the U.S. Securities and Exchange Commission (SEC) in an investigation to confirm whether it has inflated its user numbers.
As of the time of publication, Coinbase (COIN) closed at $244.4, a decline of 7.2%.