Coinbase Data Breach and Stock Losses 

On May 15, company disclosed that some customer support representatives were bribed, granting access to internal systems. This incident led to the theft of personal information from approximately 97,000 users, including names, addresses, email addresses, bank details, and identification documents. The attackers demanded a $20 million ransom, which Coinbase rejected, instead offering a $20 million reward for the capture of the perpetrators. 

Following the breach announcement, Coinbase’s stock price fell 7.2% to $244. The next day, it rose 9% to $266 but closed at $263.10 on May 23 after a 3.23% drop. This volatility indicates significant investor losses. The lawsuit also names CEO Brian Armstrong and CFO Alesia Haas as defendants, with investors claiming crypto exchange misled them by not disclosing the breaches promptly. 

Regulatory Issues in the UK 

The lawsuit highlights that Coinbase was fined $4.5 million by the UK’s Financial Conduct Authority (FCA) in 2024 for violating a 2020 agreement by onboarding high-risk customers. Nessler alleges Coinbase failed to disclose this violation during its IPO, claiming it artificially inflated the stock price and misled investors. 

Additionally, the company faces other lawsuits, including one in Illinois over improper biometric data collection. The company has not yet issued an official statement on these cases, but these events continue to impact Coinbase’s credibility and market value. 

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The post Coinbase Faces Class Action Shock: 2025 Data Breach  appeared first on Coin Engineer.

“Paying people directly for biometric data in challenging economic circumstances is tantamount to coercion. It’s not consent.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Governments Oppose Biometric Data Collection

Several governments have raised concerns about the security and ethical risks of collecting biometric data, leading to bans or restrictions on such systems. Globally, digital identity systems collecting biometric data are facing increasing scrutiny.

World ID Banned in Multiple Countries

1. Kenya banned World ID in August 2023.
2. In March 2024, Spain decided to stop World ID, which was collected by minors.
3. In March 2024, Portugal decided to postpone iris screening for 3 months.
4. Hong Kong banned World ID in May 2024, citing non-essential facial scans.
5. In January 2025, Brazil banned the collection of biometric data in exchange for cryptocurrency.

The Brazilian National Data Protection Authority (ANPD) stated that financial incentives for data collection violated informed consent for sensitive information.

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The post Shocking Statement from the Founder of Privado ID! appeared first on Coin Engineer.

May Interest You: Humanity Protocol: Human-Centered L2 Block Chain

Also, DOP aims for users to have full authority over their data by emphasizing that they are the sole owners of their data. It prioritizes users in terms of transparency and choice. Therefore, the ways data are obtained and processed are completely open to the user. In addition, users have the right to choose how their data will be used.

Another important issue is the security addressed by DOP. The data is protected against unauthorized access.

Additionally, DOP offers users the following:

• Personal Data: DOP provides full-scale data protection by giving users the authority to control how their personal data is used.
• Data Security: Aimed at goals, DOP enables secure storage of user data and its usage.
• Innovation of Data: DOP, which has an inventive approach to data sharing, supports the development of current and new models.
• Increased Trust: With this feature, users can approach the platform with confidence by having more control over data.

What Does DOP Do?

DOP is suitable for use in many areas we come across in daily life. In schools, students can track their data to ensure the security of their education records. Similarly, in the health sector, medical records can be controlled and shared. In addition to these, it is suitable for use in many sectors such as finance and social media.

The post What is DOP (Data Ownership Protocol)? What Is It Used For? appeared first on Coin Engineer.