Coinbase Stock Falls Following Cyberattack

Coinbase‘s stock fell 7% on Thursday after two developments cast doubt on the company’s controls and regulatory challenges.

Firstly, the US crypto exchange revealed that cybercriminals had stolen sensitive customer data and demanded a $20 million ransom to avoid public disclosure.

Additionally, The New York Times reported that the Securities and Exchange Commission continues to investigate whether Coinbase previously misreported user data.

According to a blog post by Coinbase, no passwords or private crypto wallet codes were compromised, and the data breach affected less than 1% of its monthly transacting customers.