Bitcoin breaks out while Coinbase breaks down: Finance Redefined

News broke on May 15 that Coinbase was the target of a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data for social engineering scams.

While less than 1% of Coinbase’s active monthly users were reportedly affected, the expected remediation and reimbursement expenses range from $180 million to $400 million, as the exchange pledged to repay all phishing attack victims.

Despite the attack on the world’s third-largest cryptocurrency exchange, investor sentiment remains optimistic, with the Fear &…