Analyst: Market overreacted to Coinbase hack, SEC investigation triggered stock price drop

Odaily News Coinbase shares fell 7.2% on Thursday after the company disclosed a social engineering attack that compromised customer data and confirmed that the U.S. Securities and Exchange Commission (SEC) is investigating the disclosure of user data in its 2021 initial public offering (IPO) documents. Analysts noted that the market may have overreacted to the news. Analysts at Barclays and Oppenheimer said the hack was isolated and Coinbase has pledged to compensate affected customers. The SEC's investigation is not related to the current disclosure, but rather to user growth metrics used by the company in the past. (CoinDesk)