Galaxy Digital Moves $103M in Ethereum to Coinbase Amid Market Downturn

In a significant move amid market volatility, Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, transferred 39,834 ETH (worth approximately $103.6 million) to Coinbase. This transaction, tracked by Spotonchain, coincided with a 5.64% drop in Ethereum’s price, which breached the critical $2,700 support level to trade around $2,560. The timing of this transfer suggests strategic repositioning by Galaxy Digital, potentially signaling liquidation or portfolio rebalancing. As institutional players like Galaxy Digital adjust their holdings, such moves often provide insights into market sentiment and potential future trends. This development underscores the dynamic nature of cryptocurrency markets, where large-scale transactions can influence price action and investor behavior. The transfer to Coinbase, one of the largest cryptocurrency exchanges, highlights the platform’s continued role as a liquidity hub for major market participants.

Galaxy Digital Transfers $103M in Ethereum to Coinbase Amid Market Volatility

Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, has moved 39,834 ETH worth approximately $103.6 million to Coinbase. The transaction, tracked by Spotonchain, occurred as Ethereum’s price dropped 5.64% to around $2,560, breaching the $2,700 support level.

The timing suggests strategic repositioning by the institutional player, potentially indicating liquidation or portfolio rebalancing. Novogratz, a former Goldman Sachs partner and longtime crypto bull, has positioned Galaxy Digital as a bellwether for institutional crypto strategies.

US Senate Nears Vote on Stablecoin Bill as Brazil Tightens Crypto Rules

The US Senate is poised to vote on the revised GENIUS Act by Memorial Day, with Senators Kirsten Gillibrand and Cynthia Lummis leading the charge. The bill, which refines ethics and consumer protections, deliberately avoids entanglement with former President Trump’s controversies. Its focus remains squarely on establishing a regulatory framework for stablecoins.

Meanwhile, Brazil’s central bank has proposed stringent stablecoin regulations, signaling a global trend toward tighter oversight of digital assets. The MOVE underscores the growing institutional recognition of cryptocurrencies’ role in modern finance.

XRP Stalls Amid Whale Selling as Ripple Competitor Mutuum Finance Gains Traction

XRP’s anticipated rally to $2.50 faltered again as whales moved over $130 million worth of tokens to Coinbase, signaling aggressive profit-taking. The cryptocurrency briefly touched $2.35 before retreating, with investor caution amplified by ongoing SEC-Ripple litigation uncertainties.

Meanwhile, Mutuum Finance (MUTM), a DeFi newcomer priced at $0.025, has raised $8.1 million in its presale, distributing 460 million tokens to 9,800 investors. The project’s momentum contrasts sharply with XRP’s stagnation, capitalizing on market appetite for low-cap alternatives with clear roadmaps.

Coinbase Defies $20M Ransom Demand Following Data Breach by Rogue Employees

Coinbase has publicly refused a $20 million ransom demand after a data breach involving rogue employees. The exchange confirmed that sensitive user data—including names, addresses, and partial banking details—was compromised, though critical security elements like passwords and private keys remained untouched. Coinbase Prime accounts were unaffected.

Rather than capitulating to the attackers’ demands, the company announced a $20 million reward fund for information leading to the arrest and conviction of those responsible. "We will pursue the harshest penalties possible," Coinbase stated, underscoring its commitment to legal retribution over negotiation.

Coinbase CEO Confirms Data Breach Involving Rogue Support Agents

Coinbase CEO Brian Armstrong disclosed a security breach where attackers compromised customer support agents to access sensitive user data. The cybercriminals demanded a $20 million ransom, threatening to release the stolen information. Armstrong countered by announcing a $20 million reward fund for information leading to the arrest of those responsible.

The breach targeted Coinbase’s global customer support operations, with attackers bribing agents to extract data. Compromised information includes names, addresses, phone numbers, email addresses, and partial Social Security and bank account details. The incident underscores persistent security challenges in the cryptocurrency sector.

Coinbase Faces $20M Bitcoin Extortion Attempt in Security Breach

Coinbase disclosed a targeted cyberattack where criminals demanded $20 million in Bitcoin, exploiting vulnerabilities in customer service protocols. Sensitive user data—including full names, addresses, and partial Social Security numbers—was leaked by a handful of compromised agents.

The exchange emphasized the breach affected fewer than 1% of monthly users, but the exposure of KYC documents and balance snapshots raises acute security concerns. Attackers allegedly sought to weaponize this data for social engineering schemes.