Coinbase dey face SEC probe over 2021 IPO user numbers and security breach, shares dey slide

The US Securities and Exchange Commission (SEC) dey run ongoing investigation on Coinbase, di main cryptocurrency exchange, because dem dey accuse am say e blow up di number of users before e 2021 IPO. Di SEC probe start under Biden government and still continue go into Trump time, e centre on whether Coinbase misrepresent di claim say 'over 100 million verified users' for dia registration documents. Since then, Coinbase stop to report dis number, e admit say e include anybody wey register email or phone, no be only active users dem. Legal Chief Paul Grewal talk say dis matter concern old disclosures and all di user metrics wey dem dey show now reflect platform activity correct, with 'monthly transacting users' don replace di old figure. Recently, SEC drop another lawsuit against Coinbase for allegedly dey operate as unlicensed broker and clearinghouse, wey show say dem dey pull back from enforcement under previous leadership. Besides regulatory scrutiny, Coinbase reveal security breach wey one overseas support staff kena hack, cause small KYC data leak and attempt to extort $20 million. Coinbase reject di ransom and plan to pay affected users for possible phishing attacks, with estimated loss from di incident between $180-$400 million. After all dis matter, Coinbase shares drop about 7%, show say more people dey worried about regulatory risk and transparency for di big crypto exchange.