Bitcoin breaks out while Coinbase breaks down: Finance Redefined
Coinbase faced a $20 million extortion attempt involving cybercriminals who leaked user data through bribed customer support agents. Less than 1% of active users were affected, but remediation costs could reach $400 million as Coinbase pledged to reimburse phishing victims. Despite this incident, investor sentiment remains strong, with the Fear & Greed Index indicating "Greed." On May 9, Coinbase recorded over $1 billion in Bitcoin withdrawals, the highest for 2025, suggesting increased institutional demand and potential supply shocks. The SEC delayed its decision on a proposed Solana ETF until October 2025, impacting market expectations for Polkadot and XRP ETFs. Starknet achieved "Stage 1" decentralization, becoming the largest zero-knowledge rollup by total value locked at $629 million. Most top cryptocurrencies ended the week positively, with Dogwifhat and Raydium tokens seeing significant gains.
