Shareholders allege Coinbase's delayed disclosure of a major cybersecurity breach affecting 97,000 accounts and UK regulatory violations led to significant stock price decline, with potential damages ranging from $180M to $400M.
A class-action lawsuit filed in Pennsylvania claims Coinbase failed to promptly disclose a December cyberattack that compromised data from nearly 97,000 accounts and regulatory violations in the UK. The breach, revealed on May 15, 2025, caused Coinbase's stock to fall 7.2% to $244. The company faces multiple legal actions, with plaintiffs alleging negligence and inadequate cybersecurity measures. The lawsuit also cites a £3.5 million fine imposed on Coinbase's UK subsidiary for compliance failures with the FCA. The US Justice Department is investigating the incident, which involved employee misconduct rather than hacking.