Coinbase, Ransom and Cybercriminals
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Coinbase on Thursday confirmed the U.S. Securities and Exchange Commission has been investigating whether the crypto exchange has misstated its user numbers.The stock was last lower by 6%.The inquiry focuses on the number of "verified users" reported by the company,
Coinbase Global Inc. is cooperating with the US Securities and Exchange Commission on an agency probe into its previously reported user metrics, the company said Thursday.
The SEC is reportedly investigating Coinbase over claims it overstated user numbers in past filings — just days before its entry into the S&P 500.
Scammers demanded $20 million for customer data obtained by bribing insiders. Coinbase stock price tumbled Thursday following the incident.
Coinbase CEO Brian Armstrong said on X that the crypto exchange had been targeted in a sophisticated extortion attempt involving insider collusion and customer data theft. Armstrong said hackers tried to bribe Coinbase’s overseas customer support agents for access to internal tools,
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Coinbase said on Thursday it strongly believes a regulatory investigation by the U.S. securities regulator into its disclosures of monthly transacting users should not continue.