Coinbase Is Being Extorted. What Does That Mean for Its Stock?
- On May 15, 2025, Coinbase disclosed a cyberattack targeted a small subset of customers via compromised overseas support agents.
- Hackers bribed a few customer support workers for access and sought a $20 million ransom to conceal the breach.
- The stolen data affected less than 1% of monthly users, excluded login credentials, and Coinbase is hardening support systems and reshoring operations.
- Coinbase expects costs between $180 million and $400 million for remediation and restitution, and CEO Brian Armstrong offered a $20 million reward for the hackers’ capture.
- Shares slid more than 6% but Coinbase’s strong financials and pending S&P 500 addition may mitigate long-term market impact.
14 Articles
14 Articles
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…
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.
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