Coinbase Is Being Extorted. What Does That Mean for Its Stock?

As one of the largest cryptocurrency platforms, Coinbase confirmed that it had been the victim of a cyberattack. If less than 1% of its customers were affected, the total bill could be very salty.

Coinbase warns of up to $400 million hit from cyberattack

Coinbase has refused to pay a ransom demand of $20 million from the attackers and is working with law enforcement agencies.

Coinbase Is Being Extorted. What Does That Mean for Its Stock?

Nothing in crypto’s 15-year history has been easy. So it makes sense that in the very week its first company, Coinbase, gets added to the S&P 500, that same firm discloses a massive data hack that could cost it as much as $400 million in restitution to affected clients. And this is an exchange that has famously never been hacked.  There is a lot to process when something like this happens in crypto, especially when it involves what many people s…

The platform estimated costs between $180 million and $400 million, according to which data theft affected less than 1 per cent of users.

Coinbase's cyber attack could cost it $400 million

Crypto exchange Coinbase (COIN) thinks it will be on the hook for $180 million to $400 million after a cyber attack breached a “small subset” of its customers’ accounts. Investors sent the shares sliding more than 6% Thursday midday as they digested the news.Read more...

This Week in Crypto: Coinbase added to S&P 500 amid data breach

Coinbase is expected to be included in the S&P 500 on May 19, but on May 14, the company had been the target of a cyberattack compromising user data. The post This Week in Crypto: Coinbase added to S&P 500 amid data breach appeared first on CoinGeek.