Well, well, well, it looks like Coinbase, the crypto kingdom’s favorite exchange platform, is once again finding itself in a legal bind. Not that anyone saw this coming. Brady Nessler, an investor in Coinbase Global Inc. (COIN)—yes, you’ve probably heard of them—has filed a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania. His big complaint? Apparently, Coinbase forgot to mention that a *little* thing called a data hack might’ve occurred. Oops. 🙄
Now, let’s talk about this hack. According to the lawsuit, some enterprising cybercriminals managed to pinch private consumer data, including names, addresses, and identity details. These mischievous folks were allegedly looking to extort $20 million from Coinbase. A cool number, if you ask me. The lawsuit is after all the usual goodies: class certification, monetary damages, legal fee reimbursement, and—let’s not forget—*a jury trial* (because who doesn’t want to watch lawyers do their thing? 🤷♂️).
The complaint states, and I quote, “As a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s common shares, Plaintiff and other Class members have suffered significant losses and damages.” Translation: *Oops, our bad. The stock’s tanking, and now everyone’s sad.*
Just a few weeks ago, Coinbase was hit with a flurry of lawsuits after it finally admitted to a security breach. Apparently, hackers had bribed external support agents to get their hands on some juicy consumer info, including names, addresses, and even partial Social Security numbers. Lovely, right? Not to be outdone, Coinbase expects this whole mess to cost them anywhere between $180 million and $400 million in refunds and repairs. Yeah, I’d call that a *costly* oops. 💸
And, as you’d expect, this has caused Coinbase’s stock (COIN) to drop faster than a crypto investor’s heart rate after a market dip. Last check, COIN was down 3.23%, sitting at a modest $261.16. Guess it’s not exactly ‘buying the dip’ season, huh? 📉
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2025-05-26 10:45