Coinbase News: Hackers Dump $27 Million in ETH, Accelerating Decline Amid Inflation Concerns

Hackers Accelerate ETH Decline Following $27 Million Dump

Ethereum saw declines on Friday due to dumps from hacker-related wallets reportedly connected to recent scam attacks on Coinbase users, leading to $46 million of stolen funds. Additionally, a jump in February PCE inflation data escalated ETH losses, causing the price to fall below $2,000. The hackers bridged the tokens to Ether through THORChain and dumped 14,064 ETH, worth $27.5 million. The US Bureau of Economic Analysis also reported a rise in the core Personal Consumption Expenditure (PCE) price Index in February, contributing to a market-wide decline among cryptocurrencies.

South Carolina Drops Staking Lawsuit Against Coinbase

South Carolina dismissed its lawsuit against crypto exchange Coinbase, becoming the second state to drop its staking-related case after the US watchdog’s shift toward the industry. The exchange’s Chief Legal Officer (CLO) called the development a “victory” for crypto investors. On Thursday, Coinbase’s CLO, Paul Grewal, revealed that South Carolina had dismissed its case against the crypto exchange in a joint stipulation between the state’s Attorney General Securities Division and the platform. Grewal affirmed that “the dominoes keep falling” as South Carolina became the second state to dismiss its staking lawsuit against Coinbase.