Coinbase faces another data breach lawsuit, seeks compensation for stock price drop

Mars Finance News: According to Cointelegraph, the crypto exchange Coinbase and its executives have been hit with a class-action lawsuit by investor Brady Nessler over a data breach and undisclosed UK regulatory violations. The lawsuit claims that the May data breach caused a single-day stock drop of 7.2%, and the £3.5 million fine from the UK FCA in July 2024 also triggered stock volatility. Coinbase previously disclosed that internal staff were bribed to leak user data, potentially causing $400 million in damages. This is the first class-action lawsuit seeking damages for Coinbase's stock decline, covering stock buyers from April 2021 to May 2025. The lawsuit alleges that the company failed to timely disclose regulatory violations, potentially artificially inflating its stock price. Coinbase has not yet commented. The platform has previously faced multiple lawsuits related to data breaches, including allegations of mishandling user biometric data.