Coinbase announces it's joining the S&P 500 and then announces a serious data breach two days later
oof
The only data Coinbase has disclosed about the scale of the breach is that it affects "less than 1% of Coinbase monthly transacting users", which seems super cagey
@molly0xfff uhg. Coinbase and Tesla make me want to sell my SPY and buy individual stocks instead. I don't want any part of them
sharing their statement. I don't think they go far enough to help customers who's identity documents were also stolen.
https://www.coinbase.com/blog/protecting-our-customers-standing-up-to-extortionists
@molly0xfff something something makes you think about the poor standards some of these indexes follow.
@molly0xfff this is what i started the #ThatsSoCrypto hashtag for
Edited 29d ago
@molly0xfff echoes of the Bitcoin proxy stock going into QQQ. Here I am taking the conventional conservative advice of buying broad index funds and I'm getting exposed to this grift risk 🤦🏼
@molly0xfff it's only fair - they breached the market by pretending to be a real stock and then someone else breached them.
@molly0xfff this reminds me of that one time Walgreens teamed up with Theranos
@molly0xfff forever a race to the bottom on Wall Street
@molly0xfff Sooo… all their users including the 99% of them that don’t do transactions frequently.
Edit: math is hard
Edited 29d ago
@molly0xfff ~100% of 80% of all Sagitariuses (Sagitarii?) with blond hair and having at least one cavity and running Windows 95 or above and owning at least one dog or two cats and who don't know what the term "ponzi" means.
@molly0xfff a great tweet about this:
Can’t wait to hear how much those overseas employees were earning and how little they got bribed to give up confidential info.
@molly0xfff Without disagreeing with the statement you made, and recognizing you made it before the CEO made his video (it took a while, true) I think Armstrong's statement was pretty great incident response comms from a CEO. Took responsibility, explained what happened with little waffling ("bad apples" makes me cringe), stated they'd done victim notification, committed to reimbursement, and went after the criminals with a substantial table-turn. Not just in crypto but in Cyber incidents this was an A- (production values and said waffling prevented an A). What did you think after he made that announcement? https://x.com/brian_armstrong/status/1922967787309256807
@fuzztech he's just repeating the blog post, including the strange "1% of MTUs" figure.
@molly0xfff But committing to repay victims and putting $20 million as a reward. If it was just the first two I would be right there with you.
@fuzztech yeah, no complaints with the other aspects of it