X owner Elon Musk has vowed to give the platform more focus moving forward.
Expanded trasparency into LinkedIn’s ad elements.
Coinbase and two executives have been hit with another proposed class-action lawsuit over the crypto exchange’s stock price drop after disclosing a user data breach earlier this month and for allegedly failing to disclose a violation of an agreement with a UK regulator.
Coinbase investor Brady Nessler said in a May 22 lawsuit filed in a Pennsylvania federal court that the data breach and the alleged broken agreement with the UK’s Financial Conduct Authority resulted in a “precipitous decline in the market value of the Company’s common shares,” causing stockholders to suffer “significant losses and damages.”
Coinbase said on May 15 that its damages bill could run up to $400 million after it was hit with a $20 million extortion attempt four days earlier, with several of its customer support agents bribed to access internal systems and steal a limited amount of user account data.
Nessler claimed Coinbase (COIN) shares dropped by 7.2% to close at $244 on May 15 as a result of the disclosure. However, the stock did stage a comeback, spiking 9% and hitting $266 by the closing bell on May 16, according to Google Finance.
Coinbase stock closed down over 3% on May 23 at $263, falling another $1.62 after the bell. COIN is up nearly 6% so far this year.
Nessler’s complaint is seemingly the first to argue damages caused by Coinbase’s stock drop following its breach disclosure in a series of recent class-action lawsuits over the incident.
The crypto exchange was hit with at least six lawsuits in the days after disclosing the data breach, all accusing it of mishandling the incident and failing to protect their data.
UK agreement breach hurt stock, suit says
The FCA fined Coinbase’s UK arm $4.5 million in July 2024 for breaching a 2020 voluntary agreement preventing the exchange from onboarding customers considered high risk by the regulator.
The FCA said Coinbase onboarded 13,416 customers that the regulator considered high-risk and offered them crypto services.
Related: Coinbase presses to axe rule banning SEC staff from holding crypto
Nessler said in the suit that the fine saw Coinbase’s stock fall by over 5%, closing at $231.52 on July 25, 2024.
Nessler also claimed that Coinbase didn’t disclose it had breached this agreement when the exchange first listed its shares on the Nasdaq in April 2021, and as a result, “the market price of the Company’s securities had been artificially,” inflated.
Nessler claims had she known about the agreement violation, she would not have purchased the stock at the “artificially inflated prices.”
Coinbase did not immediately respond to a request for comment.
The class suit was filed on behalf of anyone who bought Coinbase stock between April 14, 2021, and May 14, 2025, and is asking for damages and a jury trial. Coinbase CEO Brian Armstrong and chief financial officer Alesia Haas are also named as defendants.
Another lawsuit filed in Illinois on May 13, alleges Coinbase failed to notify users in writing of the collection, storage, or sharing of their biometric data and the purpose and retention schedule for their data.
Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24
Blockstream CEO Adam Back has led a 21 million Swedish krona ($2.2 million) funding round in the Swedish health tech company H100 Group AB, which last week said it would start buying Bitcoin.
H100 said on May 25 that the funds, secured through 0% interest convertible loans, will be used to purchase Bitcoin (BTC) in line with its Bitcoin-buying pivot announced on May 22.
Back, a longtime Bitcoin cypherpunk, contributed around $1.4 million, while the remaining $800,000 came from investment firms Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB and Crafoord Capital Partners.
The raise would allow H100 to buy around 20.18 Bitcoin at current market prices, which would add to the 4.39 Bitcoin that it purchased on May 22 and bring its total stash to roughly 24.57 Bitcoin.
H100 said the convertible loans bear no interest and will mature on June 15, 2028. The loan may be converted into shares at any time at a conversion rate of 1.3 Swedish krona (11 US cents) per share.
If H100’s share price maintains a volume-weighted average price of more than 33% above the conversion price for a cumulative total of 60 trading days, H100 has the right to mandate a conversion of the loan into equity.
A full conversion would result in the issuance of roughly 16,153,900 new shares, corresponding to a dilution of approximately 12%.
H100 shares bounced on Bitcoin buy
Shares in H100 jumped 37% on the firm’s May 22 announcement and rose another 5.33% the following day to 1.29 SEK (14 US cents), Bloomberg data shows.
Related: Cardone Capital launches 10X Miami River Bitcoin Fund
H100 sells health tools for individuals who don’t want to rely on the “reactive health system,” the company’s CEO, Sander Andersen, said in a May 22 X post.
Andersen believes “the values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.”
According to H100, the move makes it the first public company in Sweden to adopt a Bitcoin treasury policy and one of the first in Europe.
The number of companies buying Bitcoin as a treasury asset is on the rise, with 112 public firms now holding the cryptocurrency, according to BitcoinTreasuries.NET data.
Ten of those corporate Bitcoin holding companies are based in Europe, making H100 one of the first in the region to adopt the trend.
Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee
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