Coinbase Faces Lawsuit After Stock Plummet Following Data Breach and FCA Penalty

Cryptocurrency exchange Coinbase is facing a lawsuit following a significant drop in its stock price. Plaintiffs attribute the decline to a major data breach that compromised sensitive user information, coupled with a substantial fine levied by the UK’s Financial Conduct Authority (FCA). The lawsuit accuses Coinbase of negligence in protecting user data, resulting in considerable financial losses for investors. This news has sparked concerns among platform users, further pressuring the company’s stock price. Coinbase maintains that it’s taking steps to safeguard user data and is addressing the issue with relevant authorities. However, the lawsuit presents a considerable challenge for the company, potentially impacting its reputation and market standing. The court awaits evidence from both parties before reaching a verdict.