On May 16, Coinbase's stock price fell by 8.11%.
Earlier market reports suggested that hackers have been able to access Coinbase's customer data since January, with estimated data breach losses potentially reaching up to $400 million.
Meanwhile, according to four sources familiar with the matter, the US SEC is investigating whether Coinbase misreported user numbers in previous disclosure documents—an investigation that began during the Biden administration and continued from the Trump era. The previously undisclosed investigation focuses on Coinbase's claims of having over 100 million "verified users" in its securities filings and promotional materials.
