BlockBeats News, May 16th, Coinbase faced a double blow on the trading day with an "SEC investigation" and "hacker stealing user data."
It is reported that Coinbase claimed that a hacker bribed its employee to steal customer data and demanded a $20 million ransom, which was refused. A source said that since January, the intruder has been accessing Coinbase's data almost continuously. Although Coinbase has denied this claim, the cost of fixing this data breach is estimated to be as high as $400 million. To make matters worse, the exchange platform also stated that it is cooperating with the U.S. Securities and Exchange Commission (SEC) investigation to confirm whether it has misrepresented its user count.
At the time of writing, Coinbase (COIN) closed at $244.4, down 7.2%.
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