Coinbase faces another data breach lawsuit, demanding compensation for stock decline losses

According to Cointelegraph, cryptocurrency exchange Coinbase and its executives have been sued by investor Brady Nessler for a data breach and failure to disclose UK regulatory violations. The indictment points out that the data breach incident in May led to a daily drop of 7.2% in stock prices, and the $4.5 million fine imposed in July 2024 for violating the UK FCA agreement also caused stock price fluctuations. Coinbase previously disclosed that internal personnel have accepted bribes and leaked user data, which could result in a loss of $400 million. This is the first class action lawsuit against Coinbase's stock price decline claims, covering stock buyers between April 2021 and May 2025. The lawsuit accuses the company of failing to disclose regulatory violations in a timely manner and is suspected of inflating its stock price. Coinbase currently has no comment. Previously, the platform has faced multiple lawsuits due to data breaches, including allegations of mishandling user biometric data.