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

Public Keys is a weekly roundup of Decrypt That follows the most important listed crypto companies.

This week:

Caring details of Coinbase

The Coinbase data breach told users and investors about last week Has become a bit more disturbing.

It is not that more data has been stolen. But the company has submitted A disclosure with the Attorney General of Maine That included a few important details that were missing Sec And Blog post About the exploit.

The infringement took place on December 26, 2024 and was not discovered until 11 May 2025. That means that the company went 136 days without knowing that customer data had been compromised. The only place on the 8-K indoor of Coinbase that states December is the Boilerplate on future-oriented statements.

In his blog post, Coinbase described the number of users affected as “less than 1%” of users’ monthly transactions – readers to do maths themselves. But it was more explicit in the Maine application and said that 69,461 users had leaked data.

Don’t get us wrong. The shares of the company, which is traded on the Nasdaq under the Muntticker, has shook off investors after the disclosure of investors. It had risen to $ 271.95 by the end of yesterday. That is the highest that the prize has been since February and was probably stimulated by Bitcoin who reached a new of all time.

But, uh, is there anything else that we need to know about that data breach? Ask for around 70,000 friends. With the personal data, including home addresses, of potentially high -quality individuals in the wind, Techcrunch And the founder of Arrington Capital, Michael Arrington, is concerned that life can endanger.

Feed that ‘crown jewel’ quickly

Co-founder of Strategy Michael Saylor and his company have a new Class Action right case from investors who claim that they have been misled about the risks of the aggressive Bitcoin accumulation strategy of the company.

In particular, the claimants have a problem with the strategy that say in its last income report that “”[w]E may not be able to regain profitability in future periods, especially if we make considerable non -realized losses with regard to our digital assets. “

Placed in a federal court in Virginia, the lawsuit claims that MicroStrategy has triggered the volatility of Bitcoin, which led to a significant loss of investors.

But you now know the strategy playbook: buy Bitcoin will continue until the prices improve. Days later, the company unveiled a “Crown Jewel” offer of $ 2.1 billion in eternal battle -preferred shares (STRF).

However, investors seem dubious about this latest offer. In the same week that Bitcoin has set up a new all time twice, MSTR shares ends these 7% lower than last Friday.

Stable contenders

Recent progress on the genius Act Stablecoin Bill in DC has considered Stalwarts JPMorgan, Citi and Wells Fargo from Wall Street to consider a partnership to create their own dollar-pegged Stablecoin, according to a report earlier this week The Wall Street Journal.

It is potentially great if it is true, but unclear how much market share the three banks could get of the $ 248 billion in stables that are already in circulation, according to Coingecko -Data.

There is one detail that gives us a break: the banks explore tokenized deposit products – so far good – and allowed block chains. That is where many large institutions start to lose credibility in the chain. (“Permission” is Techno-Speak for “private”, so that these types of networks are really only block chains in name.)

Compliance teams are still wary of doing business on a public network. But when you remove the authorizationless part, projects start to look like the same old systems with a bustling new technology that makes them faster and cheaper.

But going the fully permissionless route is also not a slam -dunk. PayPal launched his Pyusd Stablecoin on none other than Ethereum in August 2023. It is currently the 110th largest stablecoin with a market capitalization of $ 880 million, according to Coingecko.

And it attracted the anger of the Securities and Exchange Commission, which interviewed the company about the Stablecoin in November 2023. It recently called a study into Pyusd without taking action.

However, it must be said that Fintech Payment platform PayPal does not have the same gravitas as three Wall Street settings. If DC waves the green flag, things can become interesting.

Other Keys

• Mocking Crypto Batman: A bad actor who is supposed to be linked to the Coinbase datalek, has mocked on-chain Speurz-Zachxbt. “L Bozo,” De Hacker wrote on Wednesday evening via an Ethereum transaction using the blockchain’s Input Data Message function. The message was followed by a link to one Youtube Meme -Dideo NBA legend James are worthy to smoke a cigar. Gotham needs justice.
• New basic unit, who is? Square CEO and Laser-Eyed Bitcoin Maxi Jack Dorsey has joined the chorus of developers who say that Bitcoin’s basic unit must be changed from “Satoshis” in “Bitcoins”. This would make statements like “stacking SATs” useless. A Bitcoin consists of 100,000,000 satoshis, or ‘sats’, named after the pseudonym of the cryptocurrency, Satoshi Nakamoto.