Coinbase (COIN) expects to pay $180 million to $400 million to customers for a data breach on its platform, which saw attackers gains access to users personal information.

The breach occurred on May 11, according to the firm. Attackers were able to access customers personal details, such as name, address, phone number, masked social security number, masked bank account numbers and other crucial details.

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They accessed those details by essentially bribing Coinbase's overseas employees/contractors and subsequently demanding customer details to be sent. The exchange fired staff involved in the breach on the spot and referred to U.S. and international law enforcement. It will also press criminal charges.

"Based on facts that continue to evolve, the Company has preliminarily estimated expenses to be within the range of approximately $180 million to $400 million relating to remediation costs and voluntary customer reimbursements relating to this Incident," the exchange said in an SEC filing.

Shares of Coinbase fell over 4% to under $253 during early U.S. trading hours.

The crypto exchange said in a blog post that it will "reimburse customers who were tricked into sending funds to the attacker." It has also offered a $20 million bug bounty for anyone that provides information leading to an arrest.

The confirmation of cyber criminal activity comes three months after on-chain sleuth ZachXBT claimed that Coinbase users had lost $300 million to social engineering scams.

Coinbase also said that the criminals secured government ID images, account balances and corporate data. Two-factor authentication codes and private keys were not breached, it added.

When asked for comment on the breach, Coinbase directed CoinDesk to the blog post and a statement from Coinbase CEO Brian Armstrong.

Armstrong said that he "received a ransom note" for $20 million in bitcoin (BTC) in exchange for these attackers not releasing some information they claim to have obtained on Coinbase customers.

UPDATE (May 15, 12:48 UTC): Updates headline, adds details on the breach.

UPDATE (May 15, 14:19 UTC): Adds details on the breach and share price details.

Coinbase Offers $20M Bounty as Criminals Steal Customer's Personal Data From Exchange

The Federal Bureau of Investigation (FBI) is warning the public of an ongoing phishing scheme that preys on prospective victims by impersonating senior US officials.

The agency says that since April, malicious actors have sent text messages and artificial intelligence (AI)-generated voice messages that appear to be from senior US officials.

The scheme targets individuals who are mostly current or former senior US federal or state government officials and their contacts.

“If you receive a message claiming to be from a senior US official, do not assume it is authentic.”

The perpetrators use techniques known as smishing and vishing to carry out spear phishing, a form of phishing attack where bad actors send personalized messages to specific individuals or groups.

Smishing uses short message service (SMS) or multimedia message service (MMS) text messaging, while vishing uses phone calls or voice messages and may incorporate AI-generated voices.

The FBI says that the fraudsters aim to establish rapport and gain access to personal accounts. They can do this by sending malicious links to their victims under the pretense of switching to a separate messaging platform.

The agency says that contact information collected through social engineering schemes may be used to impersonate contacts to harvest information or obtain funds.

“Access to personal or official accounts operated by US officials could be used to target other government officials, or their associates and contacts, by using trusted contact information they obtain.”

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FBI Issues New Scam Warning, Says Fraudsters Have Been Impersonating ‘Senior US Officials’ in Text and Voice Messages

A top 100 US bank just disclosed a data breach affecting the personal and confidential information of thousands of customers.

In a filing with the Office of the Maine Attorney General, Arkansas-based Arvest Bank says it’s warning 7,537 people after a technical glitch enabled unauthorized account access.

“We recently experienced a brief technical issue during routine system updates late on Thursday, April 24. This issue temporarily allowed a limited number of customer accounts to be viewable by another customer during online banking…

Our team quickly detected and resolved the matter, temporarily disabling some online functions until everything was fixed. We were able to fully restore online banking and Arvest Go by the afternoon of Friday, April 25, 2025.”

The lender says the sensitive information includes names, account numbers, account balances and account activity.

Arvest Bank is offering credit monitoring and identity theft recovery services to affected customers.

The bank also says customers who are very concerned about becoming a victim of fraud or identity theft can place a security freeze on their credit files at no cost by contacting any of the three major nationwide credit reporting companies – Equifax, Experian or TransUnion.

As of December 2024, Arvest Bank had nearly $27 billion in total assets, making it the 72nd-largest bank in the US, according to the Federal Reserve.

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Billion-Dollar Bank Warns 7,537 Customers After Data Breach Triggers Unauthorized Account Access

A recent survey from the University of Michigan finds that consumer sentiment is down 26.5% since May 2024.

According to the university’s ongoing Surveys of Consumers, the Index of Consumer Sentiment dropped to 50.8 this month, the second-lowest rating ever recorded.

The lowest rating ever recorded was 50 in June 2022. The survey began in November 1952.

Said Surveys of Consumers Director Joanne Hsu,

“Consumer sentiment was essentially unchanged this month, inching down a scant 1.4 index points following four consecutive months of steep declines. Sentiment is now down almost 30% since January 2025. Slight increases in sentiment this month for independents were offset by a 7% decline among Republicans.”

The survey also finds that consumer assessments of personal finances fell by 10%, anticipating weaker incomes and a weaker economy ahead.

“Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April; uncertainty over trade policy continues to dominate consumers’ thinking about the economy.”

With Trump’s tariff wars creating uncertainty, the University of Michigan survey finds that inflation expectations are experiencing a bipartisan surge.

“Year-ahead inflation expectations surged from 6.5% last month to 7.3% this month. This month’s rise was seen among Democrats and Republicans alike. Long-run inflation expectations lifted from 4.4% in April to 4.6% in May, reflecting a particularly large monthly jump among Republicans.”

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US Consumer Sentiment Crashes to Second-Lowest Rating Ever: University of Michigan Survey

The bankrupt crypto exchange FTX plans to shell out $5.4 billion in a wave of payments to creditors at the end of the month.

Eligible creditors will receive funds via BitGo or Kraken within 1-3 business days from May 30th, per a new press release from the exchange.

FTX will make payouts from its $11.4 billion cash reserves, and the exchange says subsequent payouts will be announced at a later date.

The bankrupt firm classifies its main creditors as individuals and institutions with millions of dollars stashed in the platform before its collapse. Meanwhile, smaller creditors categorized in FTX’s “Convenience Class” started receiving distributions in February.

In October, a US bankruptcy court greenlit FTX’s plan to distribute between $14.7 billion and $16.5 billion worth of payouts to the crypto exchange’s former customers.

The plan calls for 98% of the exchange’s creditors to receive approximately 119% of the value of their holdings on the day FTX filed for bankruptcy in November 2022.

The increased payouts are thanks to crypto prices and FTX’s 8% stake in the AI (artificial intelligence) safety and research company Anthropic.

FTX imploded and filed for bankruptcy amid accusations that its then-chief executive, Sam Bankman-Fried, mishandled the exchange’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research, the firm’s trading arm.

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Bankrupt Crypto Exchange FTX To Shell Out $5,400,000,000 to Creditors at the End of the Month

A widely followed crypto analyst says that one top-20 altcoin will eventually skyrocket by 85% while updating his outlook on Bitcoin (BTC) and the meme asset dogwifhat (WIF).

In a new thread, crypto trader Altcoin Sherpa tells his 245,800 followers on the social media platform X that layer-1 blockchain Hyperliquid (HYPE) is a standout digital asset that will eventually hit a price tag of over $50.

“Some interesting looking charts out there. HYPE is a standout, I still own zero right now but this is still one of the best projects in crypto and I will continue bull posting it. Still not sure if I’d buy here given the landscape but it should go to $50+ eventually.”

However, the trader does not give a timeframe of when the asset could rise to $50, a rise of about 85%. HYPE is trading for $27.50 at time of writing, a 10.5% increase during the last 24 hours.

Moving on to the crypto king, the trader says he expects BTC and altcoins to dip sometime before June, presenting buying opportunities for some and panic for others.

“If wanting to buy for longer-term positions and you are not as active: probably wait for BTC to have a dip relatively soon. Anywhere from low to mid $90,000s is my guess/hope. Alts probably go -20% or 30% lower (or even more from the highs on some) [and] people will scream ‘it’s over.'”

The top crypto asset by market cap is trading for $103,950 at time of writing, a 1.6% gain during the last 24 hours.

Concluding his analysis with the memecoin WIF, Sherpa says that some of its points of potential reversal may be of interest to traders.

“Some retraces on some good coins still, I am interested in playing some of these bounces… But coins like WIF have some interesting bounce areas coming. Would view the $0.90 region as one here.”

The trader’s chart indicates that WIF will bounce off the $0.90 price tag sometime by the end of the month. WIF is trading for $1.12 at time of writing, a 10.5% gain on the day.

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Analyst Says Top-20 Altcoin Primed To Explode by 85%+ Eventually, Updates Outlook on Bitcoin and dogwifhat

A crypto trading app is joining forces with the top US-based crypto exchange by volume to power its digital asset services.

In a new company blog post, Coinbase says that mobile trading app Webull chose it to power its trading services using Coinbase’s Crypto-as-a-Service (CAAS) platform.

Says Coinbase,

“As Webull Pay’s partner for trading, custody, staking, and [the stablecoin] USDC, Coinbase will provide Webull Pay access to tight spreads, deep liquidity, secure infrastructure, and crypto products with the potential to earn income – all using the same technology trusted by many of the world’s largest financial institutions and asset managers.”

Coinbase’s CAAS platform is a suite of tools that allows businesses to add crypto financial features to their existing systems without building them from the ground up. According to the crypto exchange, its infrastructure will bolster Webull’s security, compliance, and general usability.

As stated by Steven Yip, Webull’s chief executive, in the press release,

“We’re excited to partner with Coinbase to bring new features, expanded product offerings, and a wider range of coins to trade on Webull Pay.

This collaboration unlocks powerful capabilities that will accelerate innovation on our platform, giving customers greater access, flexibility, and opportunity in the evolving crypto landscape. Together, we’re building the future of digital asset trading.”

Both services are slated to launch in June 2025.

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Webull Pay Joins Forces With Leading US-Based Exchange Coinbase To Power Crypto Services

U.S. Federal Reserve Chair Jerome Powell has issued a warning about the future of the American economy.

While delivering opening remarks at the Second Thomas Laubach Research Conference in Washington DC, Powell noted that “longer-term inflation expectations” have driven up real interest rates, which are interest rates adjusted for inflation.

The Fed chair also says those rates could be a sign of things to come.

“Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s. We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks.

While our policy rate is currently well above the lower bound, in recent decades we have cut the rate by about 500 basis points when the economy is in recession. Although getting stuck at the lower bound is no longer the base case, it is only prudent that the framework continue to address that risk.”

Supply shocks are unforeseen events that rapidly alter the supply of a good or commodity.

Evidence suggests supply shocks were the most important factor driving inflation between 2021-2023, says Joseph E. Gagnon, an international macroeconomist at the Peterson Institute for International Economics.

Last week, the Federal Open Market Committee (FOMC) announced that it planned to maintain the target range for the federal funds rate at 4.25-4.5%, arguing that it was the most suitable level to achieve both maximum employment and controlled inflation. The Fed has held interest rates steady since December, when it cut the rate by 0.25%.

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US Fed Chair Jerome Powell Warns About Future Inflation, Says the Economy Could Be Entering a Period of More Frequent Supply Shocks

New data from the market intelligence firm Glassnode suggests that Bitcoin (BTC) is in the midst of a strong accumulation phase.

Glassnode says that investor activity on both the top US crypto exchange Coinbase and the world’s top exchange Binance indicates a growing demand for Bitcoin.

“Off-chain spot flows also turned positive, with Coinbase seeing intense net buying pressure, and Binance sell-pressure cooling off. This indicates ‘buy-the-dip’ behavior remains dominant across the two major exchanges.”

Glassnode also says that the cumulative volume delta (CVD), an indicator that aims to spot divergences by comparing buying and selling volume over a given time period, has been strengthening on Coinbase and Binance.

“Since mid-April, Coinbase has experienced a regime of consistent net buying, with CVD peaking at +$45 million per day, aligning with the acceleration of the market higher. In contrast, Binance markets have transitioned from an intense net selling pressure of -$71 million per day in mid-March, to a milder -$9 million daily today, reflecting a notable cool-down in sell-side pressure.”

According to Glassnode, a key support range has now formed between $93,000 and $95,000 based on buying trends in the past 30 days.

“This zone is likely to act as a strong support level in the event of any short-term market pullback, representing a demand zone where investors are likely to see value once again.”

Glassnode says that the one metric that may determine if the market remains bullish is the Short-Term Holder (STH) Supply in Profit/Loss Ratio, which tracks the average price at which investors who have held their BTC for less than 155 days acquired their coins.

The ratio sits at above 9, meaning more than 90% of STH supply is in profit.

“So long as this ratio remains well above the equilibrium level of 1.0, bullish momentum tends to stay intact. However, any sustained drop below this level would signal a meaningful shift in market strength and possible trend exhaustion.”

Glassnode also says that the futures market has not fully adjusted to the latest buying spree.

“The derivatives markets, however, appear to be playing catch-up, with open interest and funding rates yet to fully align with the upwards momentum in spot markets. Options market positioning reflects a cautious but optimistic outlook, whilst there are few signs of excessive long leverage in futures markets at this time.”

Bitcoin is trading for $104,191 at time of writing, up 1% on the day.

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Bitcoin Seeing Heavy Accumulation on Coinbase and Binance, Says Analytics Firm Glassnode – Here’s the Outlook

World Liberty Financial’s USD1 stablecoin is now operable across multiple blockchains through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the companies announced Friday.

That’s according to World Liberty Financial’s team, Chainlink co-founder Sergey Nazarov, and the son of U.S. President Donald Trump, Eric Trump, who announced the cross-chain capabilities at Consensus 2025.

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USD1, a U.S. dollar-backed stablecoin launched by the decentralized finance protocol inspired by Trump, has seen significant growth since its debut, reaching $2 billion in market capitalization. The stablecoin was used to close MGX’s $2 billion investment in Binance.

It still trails behind industry leaders Tether and Circle, whose leading stablecoins have a $151 billion and $60.6 billion market cap, respectively.

The token is backed by short-term U.S. Treasuries and fiat reserves held by BitGo Trust. The stablecoin was for now largely siloed within single blockchain ecosystems, yet the CCIP integration will allow it to move freely across blockchains.

Ethereum and BNB Chain are the first blockchains being integrated, though additional blockchain support is expected in the future. The integration, the firms say, tackles a long-standing hurdle in the stablecoin market: cross-chain security.

Historically, vulnerabilities in cross-chain bridges have cost users nearly $3 billion, they added.

“Chainlink's battle-tested infrastructure delivers the institutional-grade security and extensive reach needed to deliver USD1 into the hands of millions across a growing number of active, on-chain ecosystems,” said Zach Witkoff, co-founder of World Liberty Financial.

"Chainlink is absolutely critical to merging traditional finance and decentralized finance, which has been our mission at World Liberty Financial ever since the start," said World Liberty co-founder Zak Folkman. "We don't see a world where DeFi exists in its own ecosystem and traditional finance carries on but we believe in a very short amount of time that they will, in fact, merge and just be the future of finance. So to that end, World Liberty Financial, our USD1 token is now bridgeable across chain thanks to the incredible people at CCIP which have enabled this cross chain compatibility, currently."

The collaboration builds on an earlier integration where Chainlink’s price oracles were used to support World Liberty’s deployment of an Aave v3 instance.

World Liberty Financial’s USD1 Stablecoin Can Now Be Used on Multiple Networks

A proposed law to establish a US regulatory framework for stablecoins may soon head back to the floor after Senate negotiators reportedly resolved some disagreements on the provisions of the bill.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act hit a roadblock earlier this month after a group of Democrats objected to the bill, citing that the version to be voted on still has numerous issues that need to be addressed.

“While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”

Politico reports progress in the bipartisan negotiations on the landmark bill. A memo distributed to Democratic offices says that while some issues remain outstanding, party negotiators managed to reach a deal on a range of critical issues, including those related to anti-money laundering, foreign issuers, national security safeguards, consumer protection and safety and soundness of the financial system.

“The bill has made substantial bipartisan progress since introduction and especially in the last week, these changes from the Rule 14 version lay the foundation for a safer, more secure framework.”

The negotiators are now circulating a revised version of the bill, which may potentially advance the legislation.

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US Senators Make Potential Progress on Stablecoin Bill Amid Partisan Negotiations: Report

TORONTO — David Goyer, the filmmaker whose credits include the Blade trilogy, The Dark Knight, and Apple TV’s Foundation series, said Friday he is building a new blockchain-based science-fiction universe called Emergence.

The world of Emergence, according to Goyer, features spaceships, relic-hunting and white holes — science-fiction staples that will serve as the foundation for a sprawling transmedia project built inside Incention, Goyer's new blockchain platform.

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In a panel discussion at CoinDesk’s Consensus conference in Toronto, Goyer appeared alongside SY Lee of Story Protocol, the intellectual property-focused blockchain upon which Incention and Emergence are based. There, Goyer laid out his vision for Incention, saying the platform will allow fans to co-create the Emergence universe alongside professional storytellers.

“The idea is that we’re going to involve the community in all of this, and they’ll have an opportunity to create characters who will be joining the podcast, joining the animation, etc.,” he said.

Goyer criticized Hollywood’s approach to IP-building, calling it “very top down” and slow to adapt. “Franchises are built in the film and television industry [on] models that are a century old,” he said. “It’s very hard to innovate. It’s very hard to break into Hollywood if you’re a newcomer.” Web3, he added, could help change that.

Story Protocol, launched in 2023, has raised more than $80 million from backers including a16z, Hashed, and Endeavor. The platform offers tools for registering, tracking and monetizing intellectual property on the blockchain.

“Each intellectual property has its own program, licensing and royalty-sharing rights,” Lee explained on Friday. “Without any middleman, someone can remix, license, and basically build upon someone else’s IP,” he added. “According to the rules set by the IP owner [...] they could share the upside together.”

Goyer said he wrote a 2,500-page story bible to anchor the Emergence universe. “We hired a bunch of really talented concept artists that had worked on the Harry Potter and Star Wars franchises, and a number of Hugo and Nebula Award-winning science fiction authors to write stories within the universe using the bible that I created,” he said.

That material also served as the training data for an AI agent, dubbed “Atlas,” which Goyer said will help contributors co-create within a pre-defined narrative framework.

“This is what I would say is sort of a sanctioned use of AI, where we’re not just scraping information,” he said.

Visitors to the Emergence platform can read about its characters and settings or generate their own. The community may then upvote user-generated stories and visuals. An editorial board — chaired by Goyer — will determine which submissions become part of the official canon.

“We’ll let our community up-vote the characters that the community themselves have created,” he said. “Then the editorial board — which is myself and a few other people — will decide which of these characters best suits the overall franchise.”

“AI, Web3, blockchain — none of this stuff is going away, right? The whole world’s becoming tokenized,” Goyer said. “So, for my sake, I just thought this is something I need to learn about and get involved in.”

While AI and blockchain have raised fears of job loss and the commodification of creative labor, Goyer said his hope is to use the technology in ways that empower artists.

“It’s really about deciding whether I’m going to stick my head in the sand, or I’m going to have a seat at the table and see, in my own small way, whether or not I can help guide this in a way that’s beneficial to creative types like myself,” he said.

Filmmaker David Goyer Bets on Blockchain for Next Sci-Fi Franchise

Tech titan Google is warning US retailers about cybersecurity attacks after hackers disrupted UK businesses.

John Hultquist, an analyst at Google’s cybersecurity arm, says that US retailers are now facing cyberattacks involving ransomware and extortion tactics, similar to what UK businesses have just been contending with.

“Shields up US retailers. They’re here.”

Hultquist says the hackers are likely connected to a group known as Scattered Spider, or UNC3944.

Says Google in a blog post,

“Recent public reporting has suggested that threat actors used tactics consistent with Scattered Spider to target a UK retail organization and deploy DragonForce ransomware. Subsequent reporting by BBC News indicates that actors associated with DragonForce claimed responsibility for attempted attacks at multiple UK retailers.”

According to Google, Scattered Spider initially targeted telecommunications-related companies to engage in SIM swap scams but has since expanded its tactics.

“After shifting to ransomware and data theft extortion in early 2023, they impacted organizations in a broader range of industries. Since then, we have regularly observed UNC3944 conduct waves of targeting against a specific sector, such as financial services organizations in late 2023 and food services in May 2024. Notably, UNC3944 has also previously targeted prominent brands, possibly in an attempt to gain prestige and increased attention by news media.”

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Coinbase Offers $20M Bounty as Criminals Steal Customer's Personal Data From Exchange

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