Coinbase Stock Price Decline Widens to 8.11%

Wintermute received 10M $MIRAI($105K) and is the market maker of $MIRAI.

On May 16th, as monitored by Farside Investors, yesterday witnessed a net outflow of $123.7 million from Fidelity BTC (FBTC) and a net outflow of $31.6 million from Fidelity ETH (FETH).

On May 16th, as reported by The Block, Belridge's nearly $3 billion tokenized sovereign bond fund BUIDL announced the launch of the "first direct DeFi protocol integration" with Avalanche and the Euler Protocol. This collaboration is based on the sToken framework developed by Securitize, enabling sBUIDL (BUIDL's composable ERC-20 token) to expand on-chain use cases while ensuring redeemability. Through an integration solution developed by Re7 Labs, users can now utilize sBUIDL as collateral to borrow USDC or AUSD on Euler and obtain AVAX rewards and the underlying yield of the BUIDL fund. Currently, BUIDL is the world's largest tokenized sovereign bond fund, holding approximately $3 billion in short-term government bonds and repurchase agreements.

On May 16th, as reported by foxbusiness, the cryptocurrency exchange Coinbase Global announced that a network attack had resulted in the leakage of its customer account data, potentially incurring a loss of up to $400 million for the company. Subsequently, the company's stock price fell by more than 7% on Thursday. The stolen account data affected "a small number of customers" and included details such as names, addresses, phone numbers, emails, and government ID photos. In regulatory filings submitted on Thursday, the company stated that passwords and private keys were not exposed. Currently, Coinbase manages assets worth over $328 billion. On May 11th, it received an email from an unknown attacker claiming to possess customer account information and internal documents. The documents showed that these cybercriminals demanded a $20 million ransom in exchange for not disclosing this information. The hackers paid fees to several subcontractors and support staff overseas to obtai

On May 16th, Coinbase experienced a double setback during the trading day with an "SEC investigation" and "hacker stealing user data." It is reported that Coinbase claimed that a hacker bribed one of its employees to steal customer data and demanded a $20 million ransom, which was rejected. A source stated that since January, the intruder has been accessing Coinbase's data almost continuously. Although Coinbase has refuted this claim, the cost of addressing this data breach is estimated to be as high as $400 million. To make the situation worse, the exchange platform also announced that it is cooperating with the U.S. Securities and Exchange Commission (SEC) investigation to verify whether it has misrepresented its user count. As of the time of writing, Coinbase (COIN) closed at $244.4, down 7.2%.

On May 16th, as monitored by Farside Investors, yesterday ARK's ARKB witnessed a net outflow of $132 million. Meanwhile, Grayscale's GBTC experienced a net outflow of $39.1 million.