Public Keys: Coinbase Hack Fallout, MSTR Legal Strife and Stable-Curious Wall Street
Coinbase experienced a data breach on December 26, 2024, discovered on May 11, 2025, affecting 69,461 users. The company took 136 days to identify the breach. Despite concerns over personal data exposure, Coinbase's stock rose to $271.95, the highest since February, likely influenced by Bitcoin's all-time high. MicroStrategy faces a class action lawsuit from investors claiming the company misled them about Bitcoin's volatility and risks associated with its accumulation strategy. The company continues its Bitcoin purchases and recently announced a $2.1 billion preferred stock offering, though its shares fell 7%. JPMorgan, Citi, and Wells Fargo are exploring a partnership to create a dollar-pegged stablecoin amid progress on the GENIUS Act stablecoin bill. Concerns exist over their potential use of permissioned blockchains, which may limit on-chain credibility. PayPal's PYUSD stablecoin faced scrutiny from the SEC but is less influential than the Wall Street banks' potential offerings.
