Latest news with #Coinbase
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Binance scores big win after SEC agrees to drop lawsuit against exchange
The world's largest crypto exchange and the Securities and Exchange Commission have agreed to end one of the most consequential—and ongoing—lawsuits in the U.S against a crypto firm. In a joint filing submitted to a New York federal judge on Thursday, Binance and the SEC asked to dismiss the case. A spokesperson for the federal regulator did not immediately respond to a request for comment. 'We're deeply grateful to Chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement,' said a Binance spokesperson, referring to the current SEC chair. The pending dismissal puts an end to a nearly two-year battle between the SEC and Binance. In 2023, the agency, under President Joe Biden, alleged that Binance violated U.S. securities laws in what former SEC chair Gary Gensler said was an 'extensive web of deception.' At the time, the SEC filed 13 charges against the exchange and alleged that the crypto company let U.S. traders access the offshore exchange, mishandled customer funds, and offered unregistered securities, or financial assets like stocks and bonds that must adhere to regulatory oversight. The Binance suit was one of many the SEC filed against crypto companies after the fall of the crypto exchange FTX in late 2022. The agency also targeted Coinbase, Gemini, Kraken and a host of other firms, as Gensler, the former chair, alleged that the vast majority of cryptocurrencies are unregulated securities and therefore in violation of U.S. financial law. In response, the crypto industry launched one of the most expansive influence campaigns in political history and spent more than $130 million to elect pro-crypto candidates. Industry executives also courted Trump, who soon proclaimed that he was a 'pro-crypto' president amid a flood of campaign donations. When the 47th president took office in January, his administration quickly adopted pro-crypto positions. These included executive orders to establish a strategic Bitcoin reserve, pardons for high profile crypto figures, and the elimination of a specialized crypto enforcement unit at the Department of Justice. In February, the SEC and Binance paused their ongoing legal battle as the two looked to 'facilitate the potential resolutation of the case.' Meanwhile, the regulator dropped the majority of consequential lawsuits its filed against crypto firms, including Coinbase. The case against Binance was one of the few outstanding crypto cases the SEC hadn't moved to dismiss. In May, one of the Trump family's crypto businesses announced it had facilitated a $2 billion investment from an Abu Dhabi investment firm into Binance. This story was originally featured on Melden Sie sich an, um Ihr Portfolio aufzurufen.
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Bitcoin Slides Below $106K; Analyst Sees Ether Breakout Looming
Bitcoin BTC quietly slid to its weakest price in nine days on Thursday afternoon as crypto markets cooled off after a multi-week rally from the April lows. The top cryptocurrency hit a session low of $105,750 before rebounding to just above $106,000. It was down 1.5% in the last 24 hours, but still only 5% away from record high levels. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for exchange coins, memecoins and stablecoins — has slumped 0.9% in the last 24 hours, with solana SOL and avalanche AVAX underperforming BTC with losses of 1.8% and 2%, respectively. Meanwhile, Ethereum's ether ETH and XRP XRP defied the downtrend with 1%-2% gains. Crypto stocks have had a relatively muted session. Coinbase (COIN) is down 2.7% but Strategy (MSTR) has risen 0.8%. Bitcoin mining firms Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK) and Greenidge Generation Holding (GREE) booked roughly 4% losses. A check on traditional markets showed U.S. equities giving back most of the gains on yesterday's court ruling that blocked the Trump administration's global tariffs. However, a U.S. appeals court today reinstated the tariffs while the government appealed the earlier ruling, perhaps adding to investor uncertainty. LMAX Group market strategist Joel Kruger expects a volatile ride with tariffs again back in focus with the ongoing appeal and the self-imposed July 9 deadline for trade deals approaching, but still sees further upside for digital assets. 'Bitcoin remains robust in the latter half of the week, consolidating just below its recent peak while steadfastly holding above $100,000 for 20 consecutive days, underscoring persistent bullish momentum," he said. Kruger also noted that Ethereum's ether shows signs of snapping its multi-year downtrend against BTC, as the corporate crypto treasury bonanza has reached the second-largest digital asset with SharpLink Gaming's (SBET) $425 million fundraising plan. Arthur Aziz, founder and investor of B2 Ventures, said that ETH is coiling for a breakout but warned of downside risks. Sharing his technical analysis in a note, he said the $2,750 level has posed significant barrier capping gains over the past weeks, while the $2,550-2,450 area emerged as a key support level. He noted that ETH is forming a bullish ascending triangle pattern, which historically preceded rallies to higher prices. "The stage for a future $3,000 level breakout is being set right now," he said. However, "abusing" leverage in futures markets could trigger a "sharp breakdown" below the $2,550-2,450 support zone in cascading selling. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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an hour ago
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Analyst recommends top penny stocks to buy
Analyst recommends top penny stocks to buy originally appeared on TheStreet. A pseudonymous stock analyst who runs a private Discord channel with over 5,000 paying members has issued a new set of recommendations for investors looking to gain exposure to the crypto market—without buying tokens. The analyst, who goes by the handle 'ChartZilla,' says the best way to ride the next wave of crypto growth is through 'strategically exposed TradFi stocks' that benefit from regulatory clarity and retail participation. His top picks? Coinbase (COIN), Robinhood (HOOD), and MicroStrategy (MSTR). 'There's massive asymmetry right now,' ChartZilla told members in a post seen by TheStreet Roundtable. 'People are sleeping on Robinhood's pivot into crypto, and Coinbase is set to benefit from ETF approvals, friendlier policy, and sheer brand trust. MSTR's a longer-term play, but it's the most direct Bitcoin bet on the market.' ChartZilla noted that recent developments—such as the approval of XRP ETFs, Trump's aggressive pro-crypto stance, and 401(k) access to BTC—are setting the stage for a broader influx of institutional and retail money into compliant platforms. 'These stocks are in the sweet spot,' he wrote. 'Not as risky as alts, but offer huge upside as crypto goes mainstream.' Coinbase has risen over 40% in the past month, while Robinhood shares have jumped amid increased trading volumes and crypto wallet usage. MicroStrategy remains volatile, but is up 21% year-to-date despite a recent dip. The analyst warned, however, that sentiment-driven rallies can unwind quickly. 'Know your timeframes. COIN and HOOD could run hard this summer, but take profits. MSTR is conviction-based—accumulate on dips.' Disclaimer: This article does not constitute financial advice. Investing in penny stocks and crypto-related equities involves significant risk. Always conduct your own research or consult a licensed financial advisor before making investment decisions. Analyst recommends top penny stocks to buy first appeared on TheStreet on May 29, 2025 This story was originally reported by TheStreet on May 29, 2025, where it first appeared. Sign in to access your portfolio
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3 hours ago
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JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: 'What Has Happened Is A Massive Transfer Of ...'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Economist and market commentator Peter Schiff slammed Vice President JD Vance's support for Bitcoin (CRYPTO: BTC) at an ongoing cryptocurrency conference Wednesday. What Happened: Schiff took to X to challenge several remarks made by Vance at the Bitcoin 2025 conference in Las Vegas. Schiff disputed Vance's assertion that Bitcoin has created new wealth. 'What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later. In the process, capital has been misallocated and resources squandered,' he argued. Trending: — no wallets, just price speculation and free paper trading to practice different strategies. Schiff also questioned Vance's view of Bitcoin as a hedge against poor government policy and rising inflation, arguing that gold and silver 'deliver the needed protection.'The staunch Bitcoin (CRYPTO: BTC) critic took potshots at the Trump administration, asking it to implement 'good' inflation-reducing policies rather than encouraging Americans to buy the wrong asset as a hedge after enacting 'bad' ones. Why It Matters: Schiff's comments come after Vance predicted a big surge in Bitcoin adoption in the U.S. He framed the apex cryptocurrency not only as a financial innovation but as a strategic asset that the U.S. must formally embrace to maintain global economic Schiff himself was participating at the 3-day conference. During a fireside chat, he made cheeky remark ,saying, 'I'm likely responsible for more people owning Bitcoin than any other individual. Every time I tell you not to buy Bitcoin you buy more."Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Photo Courtesy: Phil Mistry on Send To MSN: Send to MSN This article JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: 'What Has Happened Is A Massive Transfer Of …' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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5 hours ago
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Inside the $400 million Coinbase breach: An Indian call center and teenage hackers
On May 15, Coinbase revealed that criminals had stolen personal data from tens of thousands of customers—the biggest security incident in the company's history, and one that is poised to cost it as much as $400 million. The breach is notable not only for its scale, but the way the hackers went about it: Bribing overseas customer support agents to share confidential customer records. Coinbase has responded by publicly announcing it had put a $20 million bounty on those who stole the data, and who sought to blackmail the company so as not to reveal the incident. But it has shared few details about who carried out the attack or how the hackers were able to target its agents so successfully. A recent investigation by Fortune, including a review of email messages between Coinbase and one of the hackers, has uncovered new details about the incident that strongly suggest a loose network of young English-speaking hackers are partly responsible. Meanwhile, the findings also highlight the role of so-called BPOs, or business process outsourcing units, as a weak link in tech firms' security operations. The story starts with a small but publicly traded company based in New Braunfels, Texas, called TaskUs. Like other BPOs, it provides customer services to big tech at a low cost by employing staff overseas. In January, TaskUs laid off 226 staff members working for Coinbase from its service center in Indore, India, according to a company spokesperson. Since 2017, according to a filing with the Securities and Exchange Commission, TaskUs has provided customer service personnel to Coinbase, an arrangement that reaps the U.S. crypto giant significant savings in labor costs. But there's a catch, of course: When customers email to inquire about their accounts or a new Coinbase product, they're likely talking to an overseas TaskUs employee. And because these agents earn low wages compared to workers in the U.S., they've proved susceptible to bribes. 'Early this year we identified two individuals who illegally accessed information from one of our clients,' a TaskUs spokesperson told Fortune, in reference to Coinbase. 'We believe these two individuals were recruited by a much broader, coordinated criminal campaign against this client that also impacted a number of other providers servicing this client.' The TaskUs firings in January came less than a month after Coinbase discovered theft of customer data, according to a regulatory filing from the company. On Tuesday, a federal class action suit filed in New York on behalf of Coinbase customers accused TaskUs of negligence in protecting customer data. 'While we cannot comment on litigation, we believe these claims are without merit and intend to defend ourselves,' a TaskUs spokesperson said. 'We place the highest priority on safeguarding the data of our clients and their customers and continue to strengthen our global security protocols and training programs.' A person familiar with the security incident, who asked not to be identified in order to speak candidly, said the hackers had also targeted other BPOs, in some cases successfully, and that the nature of the data stolen varied according to each incident. This stolen data was not enough for the hackers to break into Coinbase's crypto vaults. But it did provide a wealth of information to help criminals pose as fake Coinbase agents, who contacted customers and persuaded them to hand over their crypto funds. The company says the hackers stole the data of over 69,000 customers, but did not say how many of these had been victims of so-called social engineering scams. The social engineering scams in this case involved criminals who used the stolen data to impersonate Coinbase employees and persuade victims to transfer their crypto funds. 'As we've already disclosed, we recently discovered that a threat actor had solicited overseas agents to capture customer account information dating back to December of 2024. We notified affected users and regulators, cut ties with the TaskUs personnel involved and other overseas agents, and tightened controls,' said Coinbase in a statement, adding it is reimbursing customers who lost funds in the scams. Coinbase also stated that the $400 million figure it has cited publicly as the overall cost of the breach is at the top end of its estimates, and that its low-end figure is $180 million. While social engineering scams that revolve around impersonation of company representatives are hardly new, the scale at which hackers targeted BPOs does appear to be novel. And while no one has definitively identified the perpetrators, a number of clues point strongly to a loosely affiliated network of young English-speaking hackers. In the days following the disclosure of the Coinbase breach in mid-May, Fortune exchanged messages on Telegram with an individual who called himself 'puffy party' and who claims to be one of the hackers. Two other security researchers who spoke with the anonymous hacker told Fortune they found the individual to be credible. 'Based on what he shared with me, I took his statements seriously and was unable to find evidence that his statements were false,' said one. Both researchers requested anonymity because they were afraid of receiving subpoenas for speaking with the purported hacker. In the exchanges, the individual shared numerous screenshots of what they said were emails with Coinbase's security team. The name they used to communicate with the company was 'Lennard Schroeder.' They also shared screenshots of a Coinbase account belonging to a former executive of the company that displayed crypto transactions and extensive personal details. Coinbase did not deny the authenticity of the screenshots. The emails shared by the purported hacker include the blackmail threat for $20 million in Bitcoin, which Coinbase refused to pay, and mocking comments about how the hacking group would use some of the proceeds to purchase hair for Brian Armstrong, the company's bald CEO. 'We're willing to sponsor a hair transplant so that he may graciously traverse the world with a fresh set of hair,' wrote the hackers. In the Telegram messages, the person—whose existence Fortune learned of from a security researcher—expressed contempt for Coinbase. Many crypto robberies are carried out by Russian criminal gangs or the North Korean military, but the alleged hacker says the job was pulled off by a loose affiliation of teenagers and 20-somethings alternatively called the 'Comm' or 'Com' —shorthand for the Community. In the last two years, reports of the Comm have bubbled up in media reports about other hacking incidents, including a New York Times story earlier this month in which one of the alleged perpetrators of a series of crypto thefts identified himself as a member of the group. And in 2023, hackers, whom investigators identified as part of the Comm, targeted the online operations of a handful of Las Vegas casinos and tried to extort MGM Resorts for $30 million, according to the Wall Street Journal. Unlike the Russian and North Korean crypto hackers, who are typically seeking only money, members of the Comm are often motivated by attention seeking or the thrill of mischief as well. They sometimes collaborate on hacking attacks but also compete with each other to see who can steal more. 'They come from video games, and then they bring their high scores into the real world,' said Josh Cooper-Duckett, director of investigations at Cryptoforensic Investigators. 'And their high score in this world is how much money they steal.' In the Telegram messages, the purported hacker said that members of the Comm specialize in different parts of a heist. The hacker's team bribed the customer support agents and gathered the customer data, which they gave to others outside of their group who are well-versed in carrying out social engineering scams. They added that different Comm-affiliated groups coordinated on social platforms like Telegram and Discord about how to carry out different portions of the operation and agreed to split the proceeds. Sergio Garcia, founder of the crypto investigations company Tracelon, told Fortune that the hacker's description of the Coinbase exploit mirrors his observations of how the Comm operates and other crypto social engineering scams. The person familiar with the security incidents said those who targeted customers in recent social engineering scams spoke in unaccented North American English. TaskUs workers in India are paid between $500 and $700 per month, according to a source familiar with the BPO workers' wages. TaskUs declined to comment. Even though that amounts to more than India's gross domestic product per person, the low wages of customer support agents often make them more susceptible to bribes, Garcia told Fortune. 'Obviously that's the weakest point in the chain, because there is an economic reason for them to accept the bribe,' he added. This story was originally featured on
