📉 Coinbase Stock Drops 7% Amid Cyberattack and SEC Probe

The world’s largest publicly listed crypto exchange, Coinbase, has been rocked by a damaging cyberattack and continued investigation from its SEC lawsuit just days before its S&P 500 debut.

The back-to-back setbacks have taken a massive toll on the Coinbase stock price, as it dropped over 7% in one trading session on Thursday.

The one-two punch of the Coinbase cyber attack and the SEC investigation sent COIN shares tumbling, even as the exchange is poised to join the S&P 500 index next week.

This milestone was expected to bolster credibility, but recent events have overshadowed the narrative.

On Wednesday, the Coinbase stock prices lost over 9% within 90 minutes of the opening bell.

Through the session, they gradually recovered, only to drop again and close at $244.4, almost $19 or 7.2% down from the previous close.

Cybersecurity analysts warn that crypto platforms, especially U.S. leaders like Coinbase, are increasingly becoming top targets.

A report from Chainalysis estimates that over $2.2 billion was stolen from crypto firms in 2024 alone.

Though passwords and crypto wallets were not compromised, attackers gained access to names, contact details, masked bank info, government ID images, and partial Social Security numbers.

Coinbase fired all employees involved and launched a $20 million bounty for information leading to the attackers’ arrest, vowing not to negotiate with the criminals. The CEO added that,

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