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NFT Gaming

Public Keys: Coinbase Hack Fallout, MSTR Legal Strife and Stable-Curious Wall Street

by admin May 23, 2025

In brief

Coinbase released a few more worrying details about the data breach it reported last week.
Strategy got hit with a class action lawsuit, then launched a “crown jewel” of a $2.1 billion stock offering.
A trio of banks are mulling a stablecoin contender, but it would be used on a permissioned network.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

This week:

Worrying details from Coinbase

The data breach Coinbase told users and investors about last week has gotten a little more worrying.

It’s not that more data has been stolen. But the company filed a disclosure with the Maine Attorney General that included a few key details that were missing from its SEC filing and blog post about the exploit.

The breach occurred on December 26, 2024, and wasn’t discovered until May 11, 2025. That means the company went 136 days without knowing customer data had been compromised. The only spot on Coinbase’s 8-K filing that mentions December is the boilerplate about forward looking statements.

In its blog post, Coinbase described the number of users impacted as “less than 1%” of its monthly transacting users—leaving readers to do the math on their own. But it was more explicit in the Maine filing, saying 69,461 users had data leaked.

Don’t get us wrong. The company’s stock, which trades on the Nasdaq under the COIN ticker, has shaken off the post-disclosure investor jitters. It had climbed to $271.95 by yesterday’s close. That’s the highest the price has been since February and was likely spurred along by Bitcoin reaching a new all-time high.

But, uh, is there anything else we should know about that data breach? Asking for about 70,000 friends. With the personal details, including home addresses, of potentially high-net-worth individuals in the wind, TechCrunch and Arrington Capital Founder Michael Arrington is concerned lives could be at risk.

Run that ‘Crown Jewel’ fast

Strategy co-founder Michael Saylor and his company face a new class action lawsuit from investors who allege they were misled about the risks of the company’s aggressive Bitcoin accumulation strategy.

In particular, the plaintiffs take issue with Strategy saying in its latest earnings report that ““[w]e may not be able to regain profitability in future periods, particularly if we incur significant unrealized losses related to our digital assets.”

Filed in a Virginia federal court, the suit claims MicroStrategy downplayed the volatility of Bitcoin, leading to significant investor losses.

But you know the Strategy playbook by now: Bitcoin buying will continue until prices improve. Days later, the company unveiled a “crown jewel” offering of $2.1 billion worth of Perpetual Strife Preferred Stock (STRF).

Investors seem dubious of this latest offering, though. In the same week that Bitcoin twice set a new all-time high, MSTR shares are ending it 7% lower than they were last Friday.

Stable contenders

Recent progress on the GENIUS Act stablecoin bill in D.C. has Wall Street stalwarts JPMorgan, Citi, and Wells Fargo considering a partnership to create their own dollar-pegged stablecoin, according to a report earlier this week from The Wall Street Journal.

It’s potentially big if true, but unclear just how much market share the three banks could nab from the $248 billion worth of stables already in circulation, according to CoinGecko data.

There’s one detail that gives us pause: The banks are exploring tokenized deposit products—all good so far—and permissioned blockchains. That’s where a lot of big institutions start to lose on-chain credibility. (“Permissioned” is techno-speak for “private,” which makes these kinds of networks really just blockchains in name only.)

Compliance teams are still wary of conducting business on a public network. But when you take away the permissionless part, then projects start to look like the same old systems with buzzy new technology that makes them faster and cheaper.

But going the fully permissionless route isn’t a slam dunk, either. PayPal launched its PYUSD stablecoin on none other than Ethereum in August 2023. It’s currently the 110th largest stablecoin with a $880 million market capitalization, according to CoinGecko.

And it drew the ire of the Securities and Exchange Commission, which subpoenaed the company about the stablecoin in November 2023. It recently called off an investigation into PYUSD with no action taken.

It’s gotta be said, though, that fintech payments platform PayPal doesn’t have quite the same gravitas as three Wall Street institutions. If D.C. waves the green flag, things could get interesting.

Other Keys

Mocking crypto Batman: A bad actor who’s believed to be linked to the Coinbase data breach has been mocking on-chain sleuth ZachXBT. “L bozo,” the hacker wrote Wednesday evening through an Ethereum transaction using the blockchain’s input data message feature. The message was followed by a link to a YouTube meme video showing NBA legend James Worthy smoking a cigar. Gotham needs justice.
New base unit, who dis? Square CEO and laser-eyed Bitcoin maxi Jack Dorsey has joined the chorus of developers saying that Bitcoin’s base unit should be changed from “satoshis” to “Bitcoins.” This would render sayings like “Stacking sats” meaningless. A Bitcoin is made up of 100,000,000 satoshis, or “sats,” named after the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto.

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May 23, 2025 0 comments

GameFi Guides

Myriad Moves: Bitcoin Price Predictions and Eyes on Coinbase Hack Bounty Prize

by admin May 22, 2025

In brief

Bitcoin just marked a new all-time high, but Myriad users are now betting whether it’ll top $115K by EOD Sunday.
Predictors don’t expect Coinbase to pay out any of its $20 million hack bounty before June 15.
The final “Mission: Impossible” movie is hitting theaters, and its estimated opening weekend haul is below the Myriad line.

Everyone’s got an opinion, and prediction markets have become one of the most popular ways for users in crypto to share theirs—and maybe make some bank on it.

On Myriad Markets, users are able to predict event outcomes on markets across lots of different fields, like predicting the price of Bitcoin or the winner of the NBA Championship. And there are plenty more options beyond crypto and sports, including politics, culture, and gaming.

What’s generating interest on Myriad this week? Here’s a look at some of the most active markets, with helpful context about what might be driving current predictions.

(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)

Bitcoin price above $115K on May 25 at 11:59pm UTC?

Market Open: May 21
Market Close: May 25
Volume: $10.1K

After a downtrend that sent Bitcoin spiraling to around $75,000 in early April, the top crypto asset has stormed back, making new all-time highs above $111,000 in the process.

Now, a new flash market on Myriad asks predictors whether or not it can rally above $115,000 in the next few days. Will records keep being set?

So far, predictors think not, giving “yes” just a 25.8% chance despite BTC picking up 2.5% in the last 24 hours and sitting just 3.4% away from $115,000.

Those odds are up since the market opened, however, up from the 16.6% “yes” odds reflected at the low point on Wednesday afternoon. As Bitcoin sustained its rally into Wednesday evening and early Thursday morning, prediction volumes have pushed to around 26%.

Blockstream CEO and longtime Bitcoiner Adam Back recently told Decrypt that he believes Bitcoin will hit between $500,000 and $1 million this cycle, and other analysts see runs to $200,000 and beyond. So are “no” predictors short Bitcoin, or merely think the “digital gold” has rallied hard enough of late, gaining more than 25% in the last 30 days?

What’s Next? Bitcoin is holding its own above $111,000 so far, needing a gain of just a few more percentage points in order to reach $115,000.

Will Coinbase pay any part of the $20 million hacker bounty before June 15?

Market Open: May 21
Market Close: June 14
Volume: $2.4K

Active crypto users were discouraged to learn that leading American exchange Coinbase suffered a major customer data breach, as disclosed last week, impacting more than 69,000 customers over the span of months.

The hackers demanded $20 million in ransom as they attempted to blackmail the firm, but Coinbase pushed back, instead offering a $20 million bounty to the public for information leading to the arrest and conviction of the attackers.

Myriad’s prediction market asks whether or not Coinbase will pay any of that bounty by June 15 as users rush to gain more information about the breach, potentially finding the culprits in the process.

As of Thursday morning, predictors strongly believe that no payments will be made before June 15 with odds of “no” sitting around 74.5% or about where they have been since shortly after the market opened.

Those odds stand despite the fact that a suspected actor in Coinbase-related social engineering scams trolled notable pseudonymous on-chain investigator ZachXBT in an Ethereum transaction’s input data, calling him a “L bozo.”

The investigator was quick to identify North Korea’s association with the $1.4 billion ByBit hack earlier this year, earning himself more than $31,000 in ByBit’s bounty program within just a few days. He’s also been involved in numerous other efforts to identify crypto attackers, leading to arrests and convictions.

Can he or others do it again?

What’s Next? Suspected Coinbase attackers are now trolling on-chain, perhaps suggesting cockiness or confidence they won’t be caught, though it’s not clear whether this particular troll is connected to the recently disclosed attacks. But will the additional data trails help lead to their downfall?

Will ‘Mission: Impossible’ gross $95 million in revenue in its U.S. opening weekend?

Market Open: May 20
Market Close: May 22
Volume: $3.83K

Another Tom Cruise movie is gracing big screens this weekend, opening Friday in more than 3,800 theaters across the United States.

The question for predictors is whether “Mission: Impossible – The Final Reckoning,” the eighth film in the long-running action series, will gross at least $95 million in its four-day opening stretch—a holiday weekend in the United States.

Thus far the market thinks not, with odds of “no” jumping around 10% since Wednesday afternoon to around 78% at the time of writing.

According to Deadline, the film’s greatest comparison is previous entry “Mission: Impossible – Dead Reckoning,” which brought in more than $120 million in “like-for-like markets at today’s opening rates” when it opened in 2023.

Still though, the Hollywood news site expects the latest film starring Cruise as Ethan Hunt to bring in around $75-$85 million domestically, below the Myriad prediction line. That falls in line with Screen Rant’s expectation of around $80 million, or around 19% below the Myriad number.

Even with Box Office Pro estimating a potential record-breaking box office weekend, it still sees the latest, and potentially last Mission: Impossible film falling well below the $95 million mark.

What’s Next? “Mission: Impossible – The Final Reckoning” will debut in U.S. theaters on Friday.

Edited by Andrew Hayward

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May 22, 2025 0 comments

Crypto Trends

Alleged Coinbase hacker trolls ZachXBT with on-chain message after swapping $42.5m BTC

by admin May 22, 2025

Crypto sleuth ZachXBT revealed that the hacker accused of stealing Coinbase customer data left him a taunting message on-chain after swapping $42.5 million worth of BTC for ETH on THORChain.

In a broadcast message sent to his Investigations Telegram channel, on-chain investigator ZachXBT claimed to have received a message sent from a hacker accused of swindling more than $300 million worth of crypto assets from users. The message was sent to his on-chain Ethereum (ETH) account.

“The threat actor who stole $300M+ from Coinbase users by paying customer support just began trolling me on-chain with this message,” said ZachXBT in his Telegram message.

The message was sent from an address simply named Fake_Phishing1158790 and contained the words “L bozo” and what appeared to be a link to a YouTube video showing the viral internet short clip of former NBA athlete James Worthy smoking a cigar after a Lakers win.

“Smoking that ZachXBT pack,” one user commented under the YouTube video, indicating they were led to the video after seeing the on-chain message addressed to the crypto sleuth.

The message was linked to the alleged hacker’s recent on-chain transaction, which consisted of swapping $42.5 million worth of BTC (BTC) for ETH via THORChain.

The Coinbase user data exploit was first disclosed by the exchange on May 15. The hacker was believed to have bribed customer support staff to steal sensitive user data.

According to Coinbase, the attacker was able to get ahold of phone names, addresses, phone numbers, government-issued IDs, and other account data. The exchange claimed that the exploit only affected less than 1% of users.

After firing the customer service workers involved, the company estimated the breach could cost up to $400 million to resolve. The attackers had asked for a $20 million ransom from the crypto exchange. Coinbase refused to pay the $20 million ransom and is offering a bounty for anyone who can track down the attacker.

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May 22, 2025 0 comments

Crypto Trends

Coinbase hacker trolls ZachXBT onchain after $42.5M THORChain swap

by admin May 22, 2025

The hacker behind the data breach targeting Coinbase users mocked blockchain investigator ZachXBT with an onchain message following a major crypto swap.

On May 21, the hacker used Ethereum transaction input data to write “L bozo,” followed by a meme video of NBA player James Worthy smoking a cigar.

The message came after the attacker swapped about $42.5 million from Bitcoin (BTC) to Ether (ETH) via THORChain.

ZachXBT flagged the message on his Telegram channel, linking it to the same entity responsible for the Coinbase data breach affecting at least 69,400 users.

Coinbase hacker trolling ZachXBT. Source: ZachXBT.

On May 22, blockchain security firm PeckShield reported that the hacker had continued to move funds, swapping 8,697 ETH for 22 million Dai (DAI). A separate but closely linked address, which received 9,081 ETH via THORChain, also converted the assets into 23 million DAI.

Related: DOJ is investigating Coinbase data breach— Report

Coinbase hit with lawsuits after breach

The Coinbase breach, first reported in a filing with the Maine Attorney General’s office, occurred in December 2024 and was discovered on May 11. The stolen data includes names, home addresses and other personal information.

Following the disclosure, the attackers demanded a $20 million ransom in Bitcoin to prevent the release of the stolen data. Coinbase refused and instead offered a $20 million bounty for information leading to the identification of the hackers.

The company estimates a potential financial impact between $180 million and $400 million due to remediation costs and customer compensation.

Coinbase has also faced a wave of lawsuits following the revelation. At least six legal complaints were filed on May 15 and 16, with plaintiffs accusing the exchange of failing to implement adequate security measures and mishandling its response to the breach.

Related: Coinbase data leak could put users in physical danger: TechCrunch founder

THORChain under scrutiny for criminal use

The Coinbase hacker’s use of THORChain to swap $42.5 million worth of Bitcoin into Ether comes as the protocol faces growing scrutiny over its role in facilitating illicit transactions.

In March, the platform came under fire after its swap volume surged following the $1.4 billion Bybit hack. The protocol generated over $5 million in revenue after processing $5.4 billion in swap volume, with over $1 billion moved in a single day.

Blockchain security firms identified North Korea’s Lazarus Group as the main suspect, using THORChain to launder a significant portion of the stolen funds.

Source: Lookonchain

The controversy intensified when a THORChain developer, known as “Pluto,” resigned after a vote to block transactions linked to Lazarus was overturned.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

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May 22, 2025 0 comments

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Best Crypto Wallets to Consider Instead

Crypto Trends

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Consider Crypto Wallets Like Best Wallet Instead

by admin May 21, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Less than a week since Coinbase’s hack, the crypto exchange is in the crosshairs again.

This time, it’s a class-action lawsuit filed by Illinois residents claiming that Coinbase had processed their biometric data without consent.

An excerpt from the filing alleges that this breaches Illinois’ Biometric Information Privacy Act (BIPA).

Source: Court Listener

As if that wasn’t enough, Coinbase seems to have transmitted this data to third-party vendors (like Solaris and Jumio). Again, without the data subjects’ consent (allegedly).

The EU’s GDPR Enforcement Tracker comes to mind here. Websites and companies are fined on a daily basis for this exact thing—collecting personal data without consent.

Coinbase’s behavior (especially after the latest hack) is a privacy disaster waiting to happen. After all, it’s still your crypto and hard-earned money at risk.

Which begs the question – what’s a better way to store crypto? The answer is in non-custodial crypto wallets like Best Wallet.

You alone own the keys to your crypto, personal data collection is minimal (often just an email address), and you also get side benefits through the Best Wallet Token.

Below, we’ll explain Coinbase’s situation and how crypto wallets are a safer option.

Coinbase, Stop Hitting Yourself. Lawsuits Are Bad for You.

The lawsuit claims Coinbase asked users for a government ID and a selfie during the sign-up procedure. So far, so good. It’s a pretty standard process for a crypto exchange these days (unfortunately).

Here’s where the problems begin:

Coinbase sent the data to third-party facial recognition tools,
all without notifying the users that this would happen
or asking for their consent to the data processing.

If this sounds familiar, that’s because it is. Back in May 2023, Coinbase received an identical lawsuit from another Illinois resident alleging a breach of the state’s BIPA.

By February 2025, the lawsuit still hadn’t been finalized – the complainant and Coinbase agreed to undergo arbitration (a private ruling by an independent arbitrator, not a full court trial).

Back then, Coinbase argued that the user had consented to the data processing when checking the ‘I agree to the User Agreement and Privacy Policy’ box during the sign-up procedure.

This allegedly voided the complainant’s justifications for the class action lawsuit.

Plus, the most important bit—another term the user had unwittingly accepted when checking that box is waiving his right to join a class-action lawsuit.

User Agreements never cease to surprise, right?

Storing your new crypto on Coinbase suddenly becomes somewhat sketchy. Exchange hacks also constantly threaten your asset security (see what happened with Bybit and 1inch).

Fortunately, solutions like Best Wallet solve this problem through self-custody, minimal data collection, and top-of-the-line encryption.

Best Wallet Doesn’t Treat You Like a Data Treasure Trove

In a world of Coinbases, you need the Best Wallet, one of the best anonymous, non-custodial crypto wallets available today. With Best Wallet, you can:

Keep your sensitive information private
Control your own private keys
Buy, sell, and swap crypto on five major blockchains (Ethereum, Binance Smart Chain, Polygon, Bitcoin, and Base)
Stake tokens at industry-high APYs (further boosted if you hold the Best Wallet Token)
Invest in some of the best presales directly in the wallet app (a first in the industry) with occasional bonuses and airdrops
Participate in a growing ecosystem with plans to support 60+ chains, launch a fiat Best Card, plus an NFT gallery, derivatives trading, and market intel analytics

Some of these features are only available to $BEST holders, which is why investing in the Best Wallet Token presale is the best way to get started with this crypto wallet.

Buying in will also get you reduced transaction fees, higher staking rewards, community governance, and early access to some of the best meme coins.

Security is handled through Fireblocks MPC, a cutting-edge cloud backup solution for multi-chain wallets like Best Wallet.

The presale has raised over $12.5M, and the token currently costs $0.025055 – you won’t get a cheaper price. In less than 12 hours, the price will increase again, so now’s the time to buy.

Another layer of rewards awaits you if you stake $BEST for a 116% APY (this will decrease as more people stake).

A simple calculation shows that buying 11,973 $BEST for $300 now and staking for an average 50% APY would lead to 17,959 tokens in a year (or $450 at the current token price).

But our Best Wallet price prediction also indicates a $0.62 price by the end of 2026. So that $300 investment could turn into $11,140, a 37x increase. That’s a tidy sum, if the price estimate holds true.

To Sum Up: Coinbase Nay, Self-Custody Crypto Wallets Aye

Coinbase’s second screw-up in a row leaves a bad taste in the mouth. It’s sad to see how often data privacy and asset security are put on the back burner as exchanges pursue maximum profit.

The lesson is that the only person you can trust is yourself. And that’s exactly what self-custodial wallets like Best Wallet let you do—they put you in control of your data and funds and reward you for it.

Don’t forget to do your own research before investing in crypto and presales. The market is volatile and prone to immediate fluctuations. Only invest what you can afford to lose!

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May 21, 2025 0 comments

Crypto Trends

Coinbase Faces DOJ Heat Over Hack as It Enters S&P Spotlight

by admin May 20, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Coinbase saw its stock dip on its big day in the S&P 500. It closed at about $263, down from its high. Then came news of a US Justice Department probe into how hackers stole customer data. It’s a sudden turn for the exchange that just replaced Discover Financial Services on the index.

Investigation Underway At DOJ

According to a Bloomberg report, the Justice Department’s criminal division in Washington opened an inquiry into the breach. Investigators want to know how rogue support staff overseas were paid off. They’ll look at the path from initial contact to data theft.

Based on reports, the cyberattack relied on bribing customer service agents. Those insiders then gave criminals the info they needed. The company says no financial accounts were touched. But personal details did end up in the wrong hands.

DOJ probes Coinbase cyberattack involving $20M extortion attempt

The U.S. Department of Justice (DOJ), including its criminal division in Washington, is investigating a cyberattack on @coinbase Exchange in which hackers attempted to extort $20 million to prevent the release of…

— CoinNess Global (@CoinnessGL) May 19, 2025

Reward Offered To Find Exploiters

Coinbase put up a $20 million reward. That matches the amount hackers demanded in blackmail. Users affected by the breach will get full reimbursements, the exchange promised. It’s one way to keep people from pulling out their coins.

Total crypto market cap currently at $3.27 trillion. Chart: TradingView

Lawyers have filed as many as six lawsuits over the compromised data. That includes top execs like Roelof Botha from Sequoia Capital. Even crypto millionaires are hiring bodyguards after their info leaked. Rival platforms Binance and Kraken saw similar insider attacks.

Stock Debut Marred By Regulatory Clouds

It wasn’t all bad news on listing day. Coinbase became the first crypto firm on the S&P 500. Yet the celebration was muted. The stock first tumbled on May 15 when whispers of the breach hit. It only recovered back to $263 by last Friday.

Image: DeFi Planet

Coinbase’s Chief Legal Officer Paul Grewal says they’re working with the SEC, though he doubts the probe should drag on. The agency is still looking into past user‑number disclosures that might have misled investors. Now the DOJ is stepping in over the hack itself.

What Comes Next For Customers And Investors

Folks watching Coinbase will want updates on both fronts. Any criminal charges could bring fines or jail time for those involved. Civil suits could cost the exchange more money. And investor faith may wobble if the story drags on.

Coinbase has moved fast to plug its holes. It says new security steps are in place. But with law firms circling and regulators digging deeper, the next few weeks will be critical.

Featured image from Vecteezy, chart from TradingView

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May 20, 2025 0 comments

GameFi Guides

Coinbase Data Breach Will ‘Lead to People Dying,’ TechCrunch Founder Says

by admin May 20, 2025

In brief

TechCrunch founder Michael Arrington has claimed that a recent data breach at Coinbase “will lead to people dying.”
Arrington’s claim comes amid a wave of kidnap attempts targeting high-net-worth crypto holders.
Former Coinbase CTO Balaji Srinivasan argued that the fault lies with state-mandated KYC data collection.

The founder of online news publication TechCrunch has claimed that Coinbase’s recent data breach “will lead to people dying,” amid a wave of kidnap attempts targeting high-net-worth crypto holders.

TechCrunch founder Michael Arrington added that this should be a point of reflection for regulators to re-think the importance of know-your-customer (KYC), a process that requires users to confirm their identity to a platform. He also called for prison time for executives that fail to “adequately protect” customer information.

I am a long time investor in and champion of @coinbase. Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already. The human cost, denominated in misery, is much larger than the $400m… pic.twitter.com/ruSYKAGH7x

— Michael Arrington 🏴‍☠️ (@arrington) May 19, 2025

“This hack—which includes home addresses and account balances—will lead to people dying. It probably has already,” he tweeted. “The human cost, denominated in misery, is much larger than the $400 million or so they think it will actually cost the company to reimburse people.”

On Thursday, Coinbase announced that cybercriminals tried to blackmail the exchange into paying $20 million in Bitcoin over the stolen customer data—which it refused to pay. Instead, the company put out a $20 million award for any information that would lead to the “arrest and conviction” of the attackers. The crypto exchange has also pledged to reimburse any customers that were tricked into sending funds to the attackers.

The U.S. Justice Department has since opened a probe into the data breach, Bloomberg later reported.

But for Arrington, who also founded venture capital firm CrunchFund and hedge fund Arrington Capital, this isn’t enough. He believes that people are in immediate physical danger following the breach, which exposed data including names, addresses, phone numbers, emails, government-ID images, and more.

Arrington said that he was a “long time” investor in Coinbase but did not respond to Decrypt’s request for comment in what capacity this investment was made. Coinbase also did not respond to Decrypt’s request for comment.

Crypto kidnap attempts

A number of high-profile kidnapping attempts has heightened concerns over the safety of crypto owners with significant holdings.

In January, Ledger co-founder David Balland was abducted from his home in France alongside his wife. The pair were held captive for roughly 24 hours, with the kidnappers “mutilating” Balland’s hand as part of their ransom demand, before local law enforcement recovered the executive and his wife.

In March, popular streamer and OnlyFans personality Kaitlyn “Amouranth” Siragusa was the victim of a home invasion by three armed attackers who physically assaulted her while ordering her to transfer her Bitcoin to them. She managed to fire her gun, causing the attackers to flee the scene.

In May, the father of a crypto millionaire was rescued by French authorities after being held hostage for days—but not without having his finger severed by the kidnappers. A week later there was an attempted but failed kidnapping of a woman and her child, relatives of a leading figure in France’s crypto industry.

As a result of these and other incidents, an Amsterdam-based physical security firm told Bloomberg that it had noticed an uptick in clients with large crypto holdings, prior to the Coinbase breach.

The risks of KYC data

Arrington believes that in the wake of these attacks, crypto companies that handle user data need to be much more careful than they currently are.

“Combining these KYC laws with corporate profit maximization and lax laws on penalties for hacks like these means these issues will continue to happen,” he tweeted. “Both governments and corporations need to step up to stop this. As I said, the cost can only be measured in human suffering.”

I disagree the problem is execs. The problem is the state.

The state forces companies to collect KYC data that they do not want to collect. This issue is much bigger than crypto, and regulation is the actual thing to target.

With ZK, no need for KYC.https://t.co/kszGEy2tuZ

— Balaji (@balajis) May 20, 2025

Former Coinbase chief technology officer Balaji Srinivasan pushed back on Arrington’s position that executives should be punished, arguing that regulators are forcing KYC onto unwilling companies.

“When enough people die, the laws may change,” Arrington hit back.

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May 20, 2025 0 comments

NFT Gaming

Ripple Competing with Coinbase for Circle: Report

by admin May 20, 2025

According to a Friday report by Fortune, Ripple is now competing with Coinbase for the acquisition of fintech company Circle.

The report, which cites unnamed private equity and banking executives, says that there have been information talks regarding a potential deal.

Last month, Bloomberg reported that Circle had rejected an acquisition offer of up to $5 billion from Ripple since the sum was deemed to be too small. Some social media accounts started spreading fake rumors about Ripple potentially upping the bid to $20 billion.

Circle would prefer to sell itself to Coinbase, according to one source cited by Fortune.

Circle considering sale to Coinbase or Ripple amid IPO: report

by admin May 19, 2025

Circle is exploring potential acquisitions, primarily by Coinbase, according to Fortune.

Circle Internet Financial, the issuer of USDC (USDC), is moving forward with its planned initial public offering. But behind the scenes, the stablecoin firm has engaged in informal sale talks with Coinbase and Ripple (XRP).

Circle is reportedly seeking a $5 billion valuation — either through public markets or acquisition, according to Fortune.

Coinbase is the likely buyer

“If Coinbase wanted to buy them, Circle would sell in a heartbeat,” one banker said. While IPO plans remain intact, no terms or roadshow have been announced.

Coinbase may be the likeliest buyer. The two companies co-founded Centre Consortium in 2018 to issue USDC and still share revenue from reserve interest.

Coinbase has favorable terms, including a 100% share of revenue from USDC held on its platform. It also holds influence over Circle’s partnership decisions and intellectual property rights.

Ripple has also shown interest, reportedly making an offer between $4 billion and $5 billion, though that bid was rejected.

Ripple could leverage its large XRP reserves—worth more than $100 billion when including tokens in escrow—to fund a deal.

But Coinbase, with $8 billion in cash and the ability to raise capital through public markets, remains a stronger financial contender. Coinbase CEO Brian Armstrong said on May 14 that Circle’s IPO doesn’t affect their commercial ties but hinted at openness to future deals, according to Fortune.

Coinbase has ramped up M&A activity this year with acquisitions like Deribit and Spindle. Circle’s IPO hopes may be buoyed by eToro’s recent strong debut, but the possibility of a strategic sale remains in play.

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May 19, 2025 0 comments