- Coinbase Global, Inc. (NASDAQ:COIN) is under investigation by Pomerantz LLP for potential securities fraud following a significant data breach.
- The breach, involving a cybercriminal exploiting a vulnerability, led to a ransom demand and a drop in Coinbase’s stock price by $18.97 per share, or 7.2%.
- CEO Brian Armstrong sold 22,089 shares of Class A Common Stock, following the breach disclosures, with the current stock price of COIN at $256.21, reflecting a decrease of 1.04%.
Coinbase Global, Inc. (NASDAQ:COIN), a leading cryptocurrency exchange platform, has recently been the focus of legal and investor scrutiny. This comes in the wake of a significant data breach that has raised concerns over the company’s security measures and potential insider wrongdoing. Pomerantz LLP is investigating the possibility of securities fraud or unlawful business practices by Coinbase and its executives.
The breach, which was reported on May 5, 2025, saw a cybercriminal exploiting a vulnerability in TeleMessage, affecting Coinbase and other companies. Following this, Coinbase filed a Data Breach Notification on May 11, 2025, revealing that insider wrongdoing was the cause of the breach on December 26, 2024. This incident has led to a series of disclosures and a ransom demand from a threat actor.
On May 15, 2025, Coinbase CEO Brian Armstrong confirmed that criminals accessed customer data for crypto-stealing scams, demanding $20 million to keep the information private. This revelation caused Coinbase’s stock price to drop by $18.97 per share, or 7.2%, closing at $244.44. Pomerantz LLP is actively pursuing this case to protect investors’ rights.
In the midst of these developments, Brian Armstrong executed a sale of 22,089 shares of Class A Common Stock on June 2, 2025, at approximately $247.08 per share. This transaction was reported on June 3, 2025, under Form 4. Following this sale, Armstrong holds 3,437 shares of the company’s Class A Common Stock.
The current stock price of COIN is $256.21, reflecting a decrease of 1.04% or $2.70. The stock has traded between $254.46 and $261.56 today. Over the past year, COIN has reached a high of $349.75 and a low of $142.58. The company’s market capitalization is approximately $65.26 billion, with a trading volume of 4.37 million shares on the NASDAQ exchange.
