NEW YORK, May 28, 2025 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Coinbase Global, Inc. (“Coinbase” or the “Company”) (NASDAQ: COIN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Coinbase and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 5, 2025, media outlets reported that a cybercriminal had exploited a vulnerability in TeleMessage, an archiving and messaging platform that allows organizations to capture and store mobile communications, and that Coinbase was among the companies affected by this hack. Then, on May 11, 2025, Coinbase submitted a Data Breach Notification to the Office of the Attorney General of Maine, which disclosed a data breach occurring on December 26, 2024, and having been discovered on May 11, 2025. Coinbase described the breach as the result of “insider wrongdoing.” On May 14, 2025, Coinbase disclosed in a filing with the U.S. Securities and Exchange Commission that the Company had “received an email communication from an unknown threat actor claiming to have obtained information about certain Coinbase customer accounts, as well as internal Coinbase documentation, including materials related to customer-service and account-management systems [,]” which “demanded money in exchange for not disclosing the information.” Then, on May 15, 2025, Coinbase Chief Executive Officer Brian Armstrong announced in a social media post about the hack that criminals had improperly obtained personal data on the exchange’s customers for use in crypto-stealing scams and were demanding a $20 million payment not to publicly release the information. Armstrong said that criminals had obtained the data by bribing Coinbase customer service agents.
On this news, Coinbase’s stock price fell $18.97 per share, or 7.2%, to close at $244.44 per share on May 15, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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