Coinbase Shares Plummet Over 7% Following SEC User Count Investigation and Customer Data Leak Issues

The U.S. Securities and Exchange Commission (SEC) is advancing its investigation into suspicions that Coinbase exaggerated user numbers during its 2021 IPO, potentially misleading investors, as reported by multiple U.S. media outlets on the 16th. According to The New York Times, the SEC is scrutinizing Coinbase's registration documents, focusing on the removal of the previously claimed '100 million verified users' from documents about two years later. Coinbase has explained that the number of verified users was overestimated, and it now reports 'monthly transaction users.' The Chief Legal Officer, Paul Grewal, continues the investigation...