A massive cyberattack has reportedly led to over $400 million in losses for customers of Coinbase, affecting nearly 70,000 users. The breach occurred on December 26, 2024, but astonishingly remained undetected until May 11, 2025.
According to early reports, the hackers gained access to partial banking and insurance data, contact information, images of personal identification documents, and account-related metadata.
A wave of lawsuits is now forming from affected users, who claim Coinbase failed to notify them in a timely manner about the security breach. Many argue that the exchange delayed transparency, further compounding the damage.
In a public statement, CEO Brian Armstrong confirmed that Coinbase will reimburse impacted users, strengthen its security protocols, and relocate parts of its operations away from high-risk regions to better safeguard client data.
Bitcoin Market Faces Turbulence Amid Political Tensions and Economic Uncertainty
Meanwhile, the broader cryptocurrency market has experienced significant volatility. On June 6, 2025, Bitcoin dropped below $101,000, influenced by escalating tensions between prominent figures Donald Trump and Elon Musk. This high-profile clash negatively impacted investor sentiment across the crypto space. Ethereum also registered a substantial loss, falling by 6%.
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— Scottie Pippen (@ScottiePippen) June 5, 2025
Despite these setbacks, some analysts remain optimistic. Projections suggest that Bitcoin could reach between $120,000 and $125,000 by the end of June, with potential to hit $150,000 to $200,000 by year-end, driven by global liquidity expansion and massive supply-demand imbalances.
Adding to the market’s dynamics, Circle Internet Group, issuer of the stablecoin USD Coin (USDC), surged nearly 200% during its IPO launch on the New York Stock Exchange, reflecting strong investor interest in stablecoin infrastructure.
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