Latest news with #CoinbaseGlobalInc.
Arabian Post
17-05-2025
- Business
- Arabian Post
Sequoia Partner's Data Compromised in Coinbase Breach
Sequoia Capital's managing partner, Roelof Botha, has been identified among the victims of a significant data breach at Coinbase Global Inc., the largest cryptocurrency exchange in the United States. The breach, which affected approximately 97,000 users, involved the theft of personal information, including names, contact details, government-issued identification images, and account histories. Coinbase disclosed that cybercriminals bribed overseas customer support agents to gain unauthorized access to sensitive user data. The attackers subsequently demanded a $20 million ransom to prevent the public release of the stolen information. Coinbase has refused to pay the ransom and is cooperating with law enforcement agencies to investigate the incident. The company has also terminated the implicated support agents and announced plans to establish a new U.S.-based support hub to enhance security measures. The breach has raised concerns about the security of personal data within the cryptocurrency industry, particularly as Coinbase prepares for its inclusion in the S&P 500 index. The company's stock experienced a decline of over 7% following the disclosure of the breach. Coinbase estimates that the incident could result in costs ranging from $180 million to $400 million, encompassing remediation efforts and potential customer reimbursements. Roelof Botha, a prominent figure in the venture capital community, has been a partner at Sequoia Capital since 2003 and has served on the boards of several major technology companies. His inclusion among the breach victims underscores the potential reach and impact of the cyberattack. Coinbase CEO Brian Armstrong has announced a $20 million reward for information leading to the arrest and conviction of the perpetrators. The company is also working to bolster its fraud prevention measures and has pledged to reimburse users who were tricked into sending funds to the attackers.
Bloomberg
30-04-2025
- Business
- Bloomberg
Crypto Stocks Emerge Unscathed From April's Market Turmoil
Cryptocurrency-linked stocks have rallied in April, riding a surge in the price of Bitcoin to emerge largely unscathed by the turbulence that's roiled US equity markets. Shares of Michael Saylor's Strategy, exchange operator Coinbase Global Inc. and mining firm CleanSpark Inc. have all climbed sharply, logging double-digit gains even as the S&P 500 Index slipped 2.5%. The rally has propelled them past the tech stocks they often mirror.
Bloomberg
23-04-2025
- Business
- Bloomberg
Bitcoin Miner Riot Platforms Gets $100 Million Credit Facility From Coinbase
Bitcoin miner Riot Platforms Inc. said it has entered into a $100 million credit facility with a subsidiary of Coinbase Global Inc., the largest US-based crypto exchange. The facility, which is backed by a portion of Riot's Bitcoin holdings, will provide a multiple drawdown term loan available to the miner, the company said in a statement on Wednesday.
Yahoo
31-03-2025
- Business
- Yahoo
Coinbase Shares Head for Worst Quarter Since FTX Collapse as Crypto Slumps
(Bloomberg) -- Shares of Coinbase Global Inc. and other firms linked to cryptocurrencies have been hammered this quarter as growing concerns about the US economy weigh on digital assets. Gold-Rush Fever Returns to Historic New Zealand Mining Town What Frank Lloyd Wright Learned From the Desert Bank Regulators Fight for Desks as OCC Returns to New York Tower These US Bridges Face High Risk of Catastrophic Ship Strikes Charter Schools, Colleges Push Muni Debt Distress Near Record Coinbase is down more than 30% quarter-to-date, set for the worst performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock has plunged alongside it, from conglomerate Galaxy Digital Holdings Ltd. to miners such as Riot Platforms Inc. and Core Scientific Inc. Things aren't much better in crypto markets, with Bitcoin tumbling more than 10% and Ether losing more than 45% of its value. As US President Donald Trump escalates a global trade war, fear about what it means for the world's largest economy has sparked unease across markets. After a slate of economic data deepened concern on Friday, the S&P 500 Index is itself headed for the worst quarter since mid-2022. And traders have fled particularly quickly from risky bets, including digital assets. 'Many people in the community understand that this is not driven by fundamental reasons,' Oppenheimer analyst Owen Lau said. 'This is mainly driven by the macro reasons because of the tariffs, potential trade war, people worried about a recession coming in.' Crypto-linked stocks are higher-risk and more volatile than even Bitcoin itself, with an investment in a company carrying the added threat of bankruptcy, Lau said. When economic warning signs are flashing, that means they're prone to sell off even faster. In the case of Coinbase, its exchange draws revenue not only from Bitcoin, but also from alternative tokens like Ether that have sold off even faster, the analyst noted. Though some in the industry see Bitcoin as 'digital gold,' the precious metal itself has been a starkly different story — its quarterly return has been the best since 1986 as it's powered to new highs. Gold has emerged as a main hedge against risk, with 'limited conviction' until recently that Treasuries could play that role effectively, according to Chris Weston, head of research at Pepperstone. And the state of crypto markets is a far cry from the beginning of the year, when optimism was at a fever pitch after Trump's election. The price of Bitcoin hit a record high above $109,000 on Inauguration Day in January. At the same time Trump's trade war roiled markets, his actions on crypto failed to live up to the wildest hopes of the industry. Bitcoin fell earlier this month after he created a strategic reserve of the token but didn't authorize the government to use taxpayer money to expand it. Bitcoin was trading around $82,000 on Monday — still well above where it sat before the election. Shares of industry players also soared after Election Day, but Coinbase and prominent crypto miners have given up those gains. Michael Saylor's Strategy is among the few crypto-linked stocks in the green since Nov. 5. The industry continues to grow in power in Washington and move closer to integrating with traditional finance. That just hasn't translated into a market rebound. 'What we saw a couple months ago, I don't know how much crazier it can get than that,' said Connor Loewen, a cryptocurrency analyst at 3iQ, of investors' focus on the industry. 'I think we're going to have to be looking for new catalysts.' --With assistance from Sidhartha Shukla. Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer Business Schools Are Back How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
31-03-2025
- Business
- Bloomberg
Coinbase Shares Head for Worst Quarter Since FTX Collapse as Crypto Slumps
Shares of Coinbase Global Inc. and other firms linked to cryptocurrencies have been hammered this quarter as growing concerns about the US economy weigh on digital assets. Coinbase is down more than 30% quarter-to-date, set for the worst performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock has plunged alongside it, from conglomerate Galaxy Digital Holdings Ltd. to miners such as Riot Platforms Inc. and Core Scientific Inc. Things aren't much better in crypto markets, with Bitcoin tumbling more than 10% and Ether losing more than 45% of its value.
