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Coinbase says cyberattack cost up to $400 million after bribed overseas employees stole customer data - MarketWatch

1. Coinbase identified a data breach involving contractor access to customer information. 2. Personal data exposed included names, emails, and social security numbers. 3. Remediation costs are estimated between $180M to $400M for Coinbase. 4. Coinbase is increasing security measures and plans a new U.S. support hub. 5. Stock fell 4.6%, though up 6.1% YTD, joining the S&P 500 shortly.

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FAQ

Why Bearish?

The data breach suggests vulnerabilities, impacting user trust and future earnings, similar to past breaches impacting companies like Target.

How important is it?

The breach raises security concerns, thus affecting investor perception of COIN's stability.

Why Short Term?

Immediate impact on stock price is likely short-lived as remediation occurs.

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