Coinbase Data Breach Update and MicroStrategy’s Legal & Financial Moves
Recent developments in the cryptocurrency space highlight ongoing challenges and ambitious strategies. Coinbase has provided further details about its data breach, while MicroStrategy faces legal action alongside a massive stock offering. Below is a detailed summary of these events as of May 24, 2025.
Coinbase Data Breach Details Emerge as MSTR Faces Legal Action and Banks Explore Stablecoin
Coinbase has disclosed additional concerning details about its recent data breach in a filing with the Maine Attorney General. While no new data was compromised, the disclosure fills gaps left in earlier SEC filings and public statements.
MicroStrategy faces dual challenges—a new class action lawsuit alongside a ambitious $2.1 billion stock offering dubbed its ’crown jewel’ move. The legal and financial maneuvers highlight the volatility surrounding crypto-linked equities.
Three major banks are quietly developing a stablecoin alternative, though sources indicate it WOULD operate on a permissioned network rather than public blockchains. The initiative reflects growing institutional interest in blockchain-based settlement solutions.
Coinbase Launches Simplified Wallet API v2 in Public Beta
Coinbase has unveiled its Wallet API v2 in public beta, marking a significant upgrade aimed at simplifying key management for developers. The new version eliminates the need for developers to handle their own key security infrastructure by automatically managing cryptographic operations within Amazon’s Nitro Enclave Trusted Execution Environment (TEE).
The v2 API introduces several key improvements: private keys are now secured within AWS Nitro Enclave TEE, ensuring isolation from external access—including Coinbase itself. Developers can now use a single rotatable secret to manage accounts across multiple blockchain networks, replacing the cumbersome one-secret-per-account system. The API also expands support to include both ethereum Virtual Machine (EVM) networks and Solana, with EVM accounts compatible across all EVM chains.