Coinbase’s stock fell following the revelation of a cyberattack that compromised customer information and an ongoing investigation by the Securities and Exchange Commission concerning inaccurate user numbers reported in 2021.
This combination of troubling news unsettled investors, leading to a 7% drop in the company’s stock (COIN), which fell to $244 in after-hours trading on May 15, as reported by Google Finance.
Coinbase has confirmed the New York Times report, which indicated that the SEC is looking into whether the company inaccurately reported its user figures in previous disclosures, with the inquiry starting during the Biden administration and continuing under Trump.