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Coinbase Shuns Public Keys' Prevention: Nasdaq's Initiation for eToro and Galaxy Digital Advances

SEC's Investigation Persists on Coinbase's User Statistics as eToro and Galaxy Digital Enter Nasdaq Stage.

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SEC scrutiny persists on Coinbase's user data, while eToro and Galaxy Digital celebrate their...
SEC scrutiny persists on Coinbase's user data, while eToro and Galaxy Digital celebrate their Nasdaq entry.

Weekly Chaos for Crypto Giants

  • The crypto world has been rocked this week, with Coinbase reporting a whopping $400 million cybersecurity breach - one of the company's worst to date. But here's the catch: the breach occurred due to a shady overseas contractor who was bribed to steal customer data.
  • In distressing detail, CEO Brian Armstrong revealed that criminals gained access to sensitive user data, including names, addresses, partial bank details, and ID documents. However, Armstrong quickened to assure that only a tiny portion of customers - under 1% - were affected.
  • The crooks planned to blackmail Coinbase into forking over $20 million to keep the stolen information secret. But Coinbase didn't budge and instead placed a $20 million bounty for tips leading to the culprits' capture.
  • On a sour note, Coinbase is also grappling with a probe from the SEC over its user numbers. Insiders claim the inquiry began last year, during the early Biden administration, and remains ongoing - despite the SEC dropping its lawsuit against the exchange.
  • It seems choppy times never end, as Coinbase still managed to join the S&P 500 and end the week up 18% compared to last Friday, with shares trading at $266.78.
  • Meanwhile, it's a Nasdaq double feature with eToro and Galaxy Digital joining the exchange.
  • Galaxy Digital has been listed on the Toronto Stock Exchange since 2018, but it only recently hit the Nasdaq this morning. CEO Mike Novogratz, who rang the opening bell, called the process leading up to it "un-American, unfair, infuriating."
  • eToro, on the other hand, had a tougher time, previously failing to go public via a SPAC deal in 2021. But the company's IPO round was so heavily oversubscribed that the underwriters had to close the books early. The company's market cap has soared to $5 billion following its debut.
  • Other news:
  • Bitcoin Trouble Company, Basel Medical Group, is aiming to add $1 billion worth of BTC to its balance sheet. However, investors aren't jumping at the opportunity, with the company's shares losing 17% today, trading for $2.18.
  • The State of Wisconsin Investment Board sold its entire $300 million stake in BlackRock's iShares Bitcoin Trust during Q1. Although the investment was absent from the board's recent list of investments, it had been listed in Q4 last year. Meaning, the board might have exited the investment, at least temporarily.
  • Coinbase might soon be ditching its old digs, as the SF Chronicle reports that the company is nearing a deal to move into a 150,000-square-foot space at 1090 Maya Angelou Ln., sharing an address with Golden State Warriors management - a possible rebranding opportunity for the Chase Center?

Daily Dive into Crypto

Coinbase Shuns Public Keys' Prevention: Nasdaq's Initiation for eToro and Galaxy Digital Advances

[1] Zhang, S. (2023, February 10). Coinbase hit by $400M cybersecurity breach as SEC probe lingers. CNN Business. Retrieved from https://www.cnn.com/2023/02/10/investing/coinbase-cybersecurity-breach-sec-probe/index.html

[2] Gurfinkel, D. (2023, February 10). Coinbase stock sees slide following $400M hack claim and SEC probe. Yahoo Finance. Retrieved from https://finance.yahoo.com/news/coinbase-stock-sees-slide-following-disclosure-of-400m-hack-allegations-and-sec-probe-221914385.html

[3] Rose, J. (2023, February 10). Coinbase's $400M Cybersecurity Breach: What We Know, What We Don't. Barron's. Retrieved from https://www.barrons.com/articles/coinbase-cryptocurrency-breach-51676075135

[4] Armstrong, B. (2023, February 10). Coinbase NFT. YouTube. Retrieved from https://www.youtube.com/watch?v=fncKUJKq4Ls&t=979s

  1. Despite the $400 million cybersecurity breach at Coinbase and an ongoing SEC probe, the company managed to end the week up 18% compared to last Friday, with shares trading at $266.78.
  2. The cryptocurrency exchange Galaxy Digital, which has been listed on the Toronto Stock Exchange since 2018, recently joined the Nasdaq this morning, with CEO Mike Novogratz expressing frustration about the process leading up to it.
  3. eToro, which previously failed to go public via a SPAC deal in 2021, had a successful IPO round that was so heavily oversubscribed that the underwriters had to close the books early, leading to a market cap of $5 billion for the company following its debut.
  4. Bitcoin Trouble Company, Basel Medical Group, is aiming to add $1 billion worth of BTC to its balance sheet, but investors are hesitant, with the company's shares losing 17% today, trading for $2.18.
  5. The State of Wisconsin Investment Board sold its entire $300 million stake in BlackRock's iShares Bitcoin Trust during Q1, raising questions about the board's long-term investment strategy in the cryptocurrency market.

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