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Cyberattack may cost Coinbase up to $400 million in damages

Cyberattack exposes customer account data of a select group at Coinbase, resulting in estimated losses of between $180 million and $400 million, as revealed in a statement filed by the cryptocurrency platform on Thursday.

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Crypto exchange Coinbase anticipates losses between $180 million and $400 million as a consequence...
Crypto exchange Coinbase anticipates losses between $180 million and $400 million as a consequence of a cyberattack, which compromised personal data of a select group of its clients, as disclosed in a filing submitted on Thursday.

Cyberattack may cost Coinbase up to $400 million in damages

Rewritten Article:

📸 Pic 1: A smartphone emblazoned with the Coinbase logo and a smattering of currency tokens grace the keyboard in this illustration from June 8, 2023. [REUTERS/YONHAP]

North Korean crypto-grabbers have been sniffing around developers using phony firms, according to a security firm's report.

Furthermore, the European Union expresses concerns that the States' crypto asset affection might shake up our own continent's financial stability.

📸 Pic 2: The Coinbase logo befuddles the Nasdaq MarketSite in New York's Times Square on April 14, 2021. [AP Photo/YONHAP]

Meanwhile, the governance and the PPP are considering nodding to the approval of spot crypto ETFs.

Let's dive deeper into this crypto scene.

The Coinbase logo, the biggest U.S. cryptocurrency trade platform, illuminates the Nasdaq MarketSite jumbotron and other screens at Times Square in New York on April 14, 2021. [REUTERS/YONHAP]

The SEC (Securities and Exchange Commission) is presently examining lots of crypto ETF applications, with over 70 in the pipeline by 2025[5]. These applications cover an assortment of crypto heavies such as Bitcoin, Ethereum, Dogecoin, Litecoin, and Solana.

The recent SEC approval of spot Bitcoin and Ethereum ETFs in 2024 sets a compelling precedent for future crypto ETF approvals. The green light depends on variables like the presence of CME futures products, which played a pivotal role in the approval of Bitcoin and Ethereum ETFs[4]. The burgeoning crypto ETF application pipeline hints at burgeoning institutional interest in crypto, but specifics about Coinbase's role in these endeavors are scant in the available details.

Coinbase Institutional has been actively involved in disseminating insights about the crypto market, including the ETF application pipeline's growth[1][2]. However, specific collaborations or initiatives with governments for spot crypto ETF appraisals are not underscored in the info at hand. 🚀🚀🚀

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  1. The surge in institutional interest in cryptocurrency, as indicated by the growing pipeline of crypto ETF applications, is expanding the intersection of finance and technology in the business industry.
  2. The Securities and Exchange Commission's review of multiple crypto ETF applications, including those for Bitcoin, Ethereum, and other digital assets, underscores the increasing importance of cybersecurity measures in the finance sector.
  3. Amid the growing cybersecurity concerns surrounding the crypto industry, it's crucial for governments and regulatory bodies to formulate industry standards that ensure the safety and stability of the financial system.
  4. The approval of spot Bitcoin and Ethereum ETFs by the SEC in 2024 is a significant development for the fintech industry, potentially paving the way for increased mainstream adoption of digital assets in the European Union and beyond.

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