Analyst: Market overreacts to Coinbase hack, SEC investigation triggers stock price drop

Odaily Planet Daily reported that Coinbase's stock price fell 7.2% on Thursday after the company disclosed a social engineering attack that resulted in a customer data breach and confirmed that the US Securities and Exchange Commission (SEC) is investigating the disclosure of user data in its 2021 initial public offering (IPO) filing. Analysts point out that the market's reaction to this news may be excessive. Analysts from Barclays and Oppenheimer, two investment banks, stated that the hacking incident was isolated and Coinbase has promised to compensate affected customers. The SEC's investigation is not related to the current disclosure, but rather focuses on the user growth metrics that the company has used in the past. （CoinDesk）