Coinbase Stock Tanks on SEC Probe—But Analysts Call Hack Fears ‘Overhyped’

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2025-05-16 11:53:41

Market Reaction to Coinbase Hack ‘Overblown,’ Say Analysts as SEC Probe Sinks COIN

COIN shares nosedived 12% after-hours as regulators circled—yet crypto traders barely blinked. The ‘security incident’ leaked 6,000 user credentials, but no funds moved. ‘Classic overreaction,’ quips one desk jockey. ‘Wall Street freaks out if a crypto exchange sneezes, while traditional banks launder billions and get a wrist slap.’

Behind the sell-off: An SEC subpoena probing staking services. Coinbase insists its program isn’t a security—setting up another legal showdown. ‘This is regulation by enforcement,’ snaps CEO Armstrong. Meanwhile, bitcoin holds steady at $66K. Priorities.

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