Coinbase Faces Backlash Over Account Locks and Data Security Issues

Crypto investigator ZachXBT has publicly criticized Coinbase for its handling of account locks, undisclosed data breaches, and a lack of transparency. In a recent social media post, ZachXBT revealed that his account was locked twice within a month without any explanation, and he highlighted instances where customer data leaks led to thefts. While he acknowledged Coinbase’s competitive annual percentage return on stablecoins, he stated that these issues prevent him from recommending the platform. This incident raises concerns about the exchange’s reliability and customer protection measures, potentially impacting its reputation among users and investors.

ZachXBT Slams Coinbase Over Account Locks, Data Leak, and Lack of Transparency

Crypto investigator ZachXBT has criticized Coinbase over repeated account locks, undisclosed data breaches, and a lack of transparency. ZachXBT expressed frustration on social media, stating that his account had been locked twice in a month without reason and that customer data leaks had led to thefts. Despite acknowledging Coinbase’s decent annual percentage return on stablecoins, ZachXBT could not recommend it as an exchange.

Ark Invest Buys Additional Coinbase Shares Worth $13.4M

Investor Cathie Woods’ Ark Invest has purchased additional Coinbase (COIN) shares worth $13.4 million across three of its exchange-traded funds. The investment management giant bought over 83,157 shares of Coinbase. According to the company’s latest disclosures, ARK Innovation ETF (ARKK) purchased 54,988 shares worth $8.8 million, while the ARK Next Generation Internet ETF (ARKW) acquired 15,982 shares for $2.5 million and the Ark Fintech Innovation ETF (ARKF) bought 12,187 shares for $2 million. This significant purchase comes amidst broader market turmoil, showcasing Ark Invest’s ’buy the dip’ investment strategy.