Coinbase Global, Inc. (COIN) Shares Slide Amid Disclosure of Material Cybersecurity Incident – Hagens Berman

Core Viewpoint - Coinbase Global, Inc. experienced a significant cybersecurity incident that led to a 7% drop in share price, raising concerns about its internal controls and disclosure processes [1]. Group 1: Cybersecurity Incident - On May 15, 2025, Coinbase disclosed a material cybersecurity incident where a threat actor accessed personal information of nearly 70,000 customers [4]. - The company reported that the threat actor claimed to possess customer account information and internal documentation, allegedly obtained by paying contractors or employees to extract data from Coinbase's systems [5]. - Estimated costs for remediation and customer reimbursement could reach $400 million [5]. Group 2: Investigation and Legal Actions - Hagens Berman has initiated an investigation into potential securities law violations related to Coinbase's claims about its security measures and controls [2][3]. - The investigation is focused on whether Coinbase misrepresented its security controls and delayed disclosing the cybersecurity incident [6]. - Reports indicated that rival exchanges Binance and Kraken were targeted by similar hacks but managed to protect customer data, raising further questions about Coinbase's security adequacy [6]. Group 3: Investor Actions - Investors who suffered substantial losses are encouraged to submit their losses to assist in the investigation [2][7]. - Whistleblowers with non-public information regarding Coinbase are urged to consider their options to aid in the investigation, with potential rewards under the SEC Whistleblower program [7].