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Coinbase Faces Cybersecurity Breach and SEC Probe Amid S&P 500 Inclusion

• Coinbase reported a $400 million cybersecurity breach involving bribed overseas contractors.
• Less than 1% of Coinbase customers were affected by the data theft.
• The company refused a $20 million blackmail demand and offered a bounty for information on the criminals.
• Coinbase is under an ongoing SEC probe regarding its user numbers, despite no active lawsuit.
• Coinbase’s stock rose by 18% this week, closing at $266.78, as it joined the S&P 500.

This week, Coinbase experienced significant challenges with a major security breach and an ongoing SEC investigation but saw an 18% stock increase as it joined the S&P 500.