Coinbase stock dipped after news broke of a cyberattack that exposed customer data and an ongoing Securities and Exchange Commission investigation over misstated user numbers in 2021.
The double whammy of bad news rattled investors as company stock (COIN) slid 7% in a fall to $244 in after-hours trading on May 15, according to Google Finance.
Coinbase stock 24 hours. Source: Google Finance
Coinbase has since confirmed the report from The New York Times, which stated the SEC has been investigating whether Coinbase misstated its user numbers in past disclosures, an inquiry that began during the Biden administration and has continued under the Trump administration.
“This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public,” confirmed Coinbase chief legal officer Paul