Coinbase

A hacker stole $15.9M from Coinbase Commerce, bypassing AML detection

December 13, 2024 1 min read

A major breach has happened with Coinbase Commerce. A hacker named “Excite” stole $15.9 million by taking advantage of the platform’s Anti-Money Laundering (AML) system. A crypto investigator named ZachXBT uncovered an incident involving more than 1,700 questionable USDC transactions. The stolen money was then cleaned through the Polygon and Ethereum networks. A hacker has been showing off expensive buys online, and social media metadata hints at a possible location

Coinbase uncovers FDIC letters urging banks to avoid crypto services

November 3, 2024 1 min read

Coinbase has recently brought to light that the U.S. Federal Deposit Insurance Corporation (FDIC) has been advising banks to avoid offering services related to cryptocurrency. Through a Freedom of Information Act (FOIA) request, Coinbase uncovered over 20 letters from the FDIC, dating back to March 2022, which express concerns about consumer protection, financial stability, and the security of institutions involved with crypto. This has raised alarms among crypto supporters, who

Coinbase launches “Based Agent,” a tool that lets developers create AI agents

October 28, 2024 1 min read

Coinbase, a leading player in the cryptocurrency exchange arena, has introduced an innovative AI tool named “Based Agent,” aimed at simplifying the process for developers to create AI agents. This launch comes in response to the increasing demand for AI functionalities in the crypto space. On October 26, Lincoln Murr, a developer at Coinbase, showcased the “Based Agent,” which allows users to set up AI agents in less than three

Coinbase and the SEC face off in court as the crypto exchange demands clearer regulations

September 24, 2024 1 min read

Coinbase and the SEC are engaged in a federal court fight on the formulation of new regulations for the digital asset sector. Coinbase asserts that the SEC has failed to furnish explicit rules for enterprises within the Bitcoin sector, notwithstanding its persistent counsel to “come in and register.” Paul Grewal, Coinbase’s chief legal officer, articulated his dissatisfaction with the SEC’s rejection and its vigorous enforcement of ambiguous regulations. The SEC

Coinbase is launching its wrapped Bitcoin product

September 22, 2024 1 min read

Coinbase intends to launch its wrapped Bitcoin product, cbBTC, on the Solana blockchain to enhance Bitcoin accessibility for customers. The declaration was issued by Hassan Ahmed, Coinbase’s Country Director for Singapore, during the Solana Breakpoint conference on September 21. cbBTC, collateralized 1:1 by Coinbase’s Bitcoin reserves, is intended for programmable blockchains such as Base and Ethereum. Notwithstanding its success, cbBTC remains subordinate to BitGo’s WBTC, which commands 96.6% of the

Coinbase executives face accusations of downplaying regulatory dangers to shareholders

September 7, 2024 1 min read

A federal judge has denied Coinbase’s request to dismiss a proposed class action lawsuit filed by shareholders. The lawsuit alleges that the largest crypto exchange in the United States, Coinbase, minimized the possibility of being sued by the US Securities and Exchange Commission (SEC). US District Judge Brian Martinotti determined that stockholders have made sufficient claims that Coinbase and its top executives engaged in fraudulent activities against them. The plaintiffs

Coinbase completes the first-ever AI-to-AI cryptocurrency transaction

September 2, 2024 1 min read

Coinbase, the leading crypto exchange in the United States, accomplished the inaugural artificial intelligence (AI) to AI cryptocurrency transaction on August 30, 2024. This event emphasizes the increasing importance of AI in decentralized finance (DeFi) and its capacity to revolutionize transactions. Coinbase employed the Base Sepolia Network, renowned for its capacity to handle large amounts of data and its cost-effectiveness, to execute this innovative transaction. Through the utilization of Multi-Party

Coinbase narrows subpoena for SEC Chair Gensler’s emails to his time as chair

July 16, 2024 2 mins read

Coinbase has withdrawn its subpoena directed at SEC Chair Gary Gensler, specifically targeting information pertaining to his tenure as the head of the regulatory agency. The decision is made in response to the New York judge’s concerns on the extensive nature of the request, which encompassed utterances about cryptocurrency dating back to 2017. The lawyer for Coinbase clarified that the subpoena has been limited to solely encompassing papers from Gary

US District Judge advises Coinbase to reconsider subpoena for SEC Chair Gensler

July 12, 2024 1 min read

The US District Judge Katherine Polk Failla has recommended that Coinbase exchange either abandon or modify its attempts to obtain US Securities and Exchange Commission (SEC) Chair Gary Gensler’s personal communications through a subpoena. The hearing was conducted in response to the SEC’s petition to prevent Coinbase’s subpoena, which granted access to Gensler’s correspondence pertaining to cryptocurrencies. Judge Failla expressed astonishment at Coinbase’s request and recommended that the exchange submit

Coinbase secures a $32 million contract with the DOJ to manage seized crypto

July 2, 2024 1 min read

The US Department of Justice’s asset forfeiture section, known as the US Marshal Service, has selected Coinbase as its custodian for digital assets with high market capitalization. Coinbase Prime will provide custody and enhanced trading services for its “Class 1” digital assets to assist federal law enforcement. The government requires dependable storage and liquidation methods to effectively handle and dispose of significant volumes of widely-used cryptocurrencies, referred to as Class

The US Marshals Service partners with Coinbase Prime in a $32.5 million deal

July 2, 2024 1 min read

The US Marshals Service (USMS) has partnered with Coinbase Prime to manage and trade large-cap digital assets worth $32.5 million. The deal follows a thorough evaluation process by the USMS, a division of the US Department of Justice responsible for asset forfeiture. Coinbase Prime is chosen for its strong track record and security features, as it is a leading platform for institutions to trade and store digital assets securely. As

Coinbase and Stripe partner to integrate USDC on Base

June 30, 2024 1 min read

Coinbase and Stripe have formed a partnership to incorporate USD Coin (USDC) on the Base blockchain, hence improving Stripe’s cryptocurrency services. The alliance seeks to enhance the efficiency and affordability of money transfers across more than 150 countries, while also offering a convenient method for converting traditional currency to crypto. Stripe plans to incorporate USDC on Base into its crypto payout system, enhancing the speed and cost-effectiveness of international transfers.