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Coinbase Launches $20M Bounty Countering Previous Ransom Threat

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  • Coinbase refused to pay a $20 million ransom after a breach but instead launched a matching $20 million bounty to anyone who would help in convicting the hacker.
  • The hackers bribed overseas support staff to access limited user data, but so far, no passwords or funds were stolen.

Coinbase has taken their bold stand against cyber extortion by refusing to pay a $20 million ransom to unknown blackmailers. Recently, Coinbase faced a platform breach, and some attackers sent a message claiming that they had confidential information about the platform. 

The attack started on the 15th of May, when the CEO of Coinbase, Brian Armstrong, shared that the company received an email where the sender demanded $20 million. According to the email, the hackers warned that they would leak the private details of customers if the platform didn’t pay $20 million in Bitcoin. Instead of giving in, Armstrong made a public statement refusing to make the payments, but instead, he promised to hunt down those responsible.

How the Attackers Got Coinbase Customer Information

According to investigations done within the company, it is said that the attackers managed to get data from a few users by bribing Coinbase customer support services overseas, but the platform later confirmed that no passwords, wallets, or funds were affected. Armstrong also said that Coinbase will pay back all users who lost crypto through this attack. The company is also moving some of its support teams to new places, though Armstrong did not mention which ones will change.

During all of this, the company launched its own $20 million reward for anyone who can help find and convict the criminals. And as of the time of writing, law enforcement is now involved. Coinbase is also improving its safety systems to stop future threats. This move just shows Coinbase’s dedication to customer security and its zero-tolerance approach to digital blackmail. 

More Reading: Treasury Pressured as Democrats Probe Trump’s Shadowy Crypto Ties

Coinbase CEO Brian Armstrong Invites Former DOGE Staff to Join Crypto Exchange Roles

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  • Coinbase opens job opportunities for former DOGE staff amid crypto sector growth.
  • DOGE claims $170 billion in federal savings as Armstrong seeks their expertise.
  • Coinbase backed crypto-friendly PACs with over $70 million in 2024 political contributions.

Brian Armstrong, CEO of Coinbase, has invited U.S. Department of Government Efficiency (DOGE) employees to join his firm. In a recent post on X, Armstrong highlighted the possibility for these individuals to pursue their cause of establishing more efficient systems in the crypto sector. 

The invitation is targeted to accelerate the hiring process for former DOGE operatives and provide them with an opportunity to apply directly for positions at Coinbase. The offer is after a viral Fox News clip featuring Ethan Shaotran, a 22-year-old former DOGE staff member and Harvard dropout. 

Shaotran also revealed his personal experience working at DOGE, including social and academic challenges he encountered while working with the department. This is Armstrong’s response to Shaotran’s response to align Coinbase with the public support of the objectives of DOGE.

DOGE’s Mission and Its Impact on Federal Operations

The Department of Government Efficiency (DOGE), established in Trump’s presidency, was to facilitate the streamlining of federal operations and cut unnecessary expenses. Under the leadership of Elon Musk and Vivek Ramaswamy, DOGE saved substantially citing $170 billion from asset sales, layoffs and the slashing of redundant programs. 

However, DOGE has dealt with criticism, such as concerns about security and public objections to its approach. Even so, Armstrong’s outreach points to an increasing link between tech efficiency and the crypto market. Shaotran and other DOGE staff members were acknowledged for their focus on addressing inefficiencies and putting in countless hours to fight bureaucratic issues.

Coinbase’s Commitment to Advancing Pro-Crypto Legislation

The invitation from Armstrong to former DOGE employees also indicates Coinbase’s growing involvement in politics. The company has publicly contributed to pro-crypto political action committees (PACs), including those supporting former President Donald Trump. Moreover, in 2024, Coinbase’s financial contributions totaled over $70 million which supports candidates and initiatives advocating cryptocurrency-friendly laws.

This decision comes after Coinbase added Chris LaCivita, Trump’s former campaign co-manager, to its advisory board. Armstrong’s willingness to hire DOGE staffers reflects an effort to attract professionals with a background in government efficiency and disruption. This is consistent with Coinbase’s strategy to innovate within the financial world, especially since the firm’s entry into the S&P 500 index is a landmark for crypto in traditional banking.

Related Reading | Tether-Backed Twenty One Capital Acquires $458.7M Bitcoin, Eyes New ATH

Coinbase CEO Brian Armstrong Plans to Hire 1,000 Employees for Crypto Growth in 2025

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  • Coinbase plans to hire 1,000 employees in 2025, citing improved U.S. crypto regulations under Trump’s administration.
  • SEC dropping its case against Coinbase removed a major legal hurdle, enabling expansion and regulatory stability.
  • Trump’s administration supports a U.S. Bitcoin Reserve, signaling growing government recognition of digital assets.

Coinbase CEO Brian Armstrong has announced plans to hire 1,000 employees in the United States in 2025. He attributed this decision to recent regulatory advancements under President Donald Trump’s administration. Armstrong made the statement after attending the White House Crypto Summit, where industry leaders met with government officials to discuss regulatory policies.

After attending the summit, Armstrong took to X (formerly Twitter) to reveal Coinbase’s hiring plans. He stated that the improving regulatory landscape in the U.S. allows the company to expand its workforce. He credited the shift to President Trump’s leadership and efforts to establish clear crypto guidelines, enabling businesses to strengthen their presence in the US.

SEC Drops Case Against Coinbase

A major factor influencing Coinbase’s hiring decision was the U.S. Securities and Exchange Commission (SEC) dropping its enforcement action against the company. The legal battle over regulatory jurisdiction had been an expensive hurdle for Coinbase. With the case dismissed, crypto businesses now look to Congress for clear and stable regulations.

The decision marked a shift in the government’s approach to crypto regulation. Instead of ongoing legal disputes, Congress will now determine the regulatory framework for digital assets. Armstrong stated that this allows Coinbase to focus on business expansion rather than battling in federal courts, providing greater operational stability.

Another key discussion at the summit was Trump’s executive order calling for creating a U.S. Bitcoin Reserve. Armstrong endorsed the initiative, stating that government-held Bitcoin signals recognition of crypto as a legitimate financial asset. He emphasized that Bitcoin’s role in a diversified portfolio would only grow over time.

Trump Administration Backs Crypto Leadership

The Trump administration has positioned itself as a pro-crypto advocate, with officials emphasizing their commitment to making the U.S. a leader in digital assets. Bo Hines, executive director of the President’s Working Group on Digital Assets, reaffirmed the administration’s goal of establishing the U.S. as a global crypto hub.

Government agencies, including the Treasury and Commerce departments, are exploring ways to invest in Bitcoin without increasing the financial burden on taxpayers. Industry leaders, including Armstrong, welcomed these policy shifts, viewing them as crucial steps toward fostering innovation and growth in the crypto industry.

Meanwhile, investment firm VanEck proposed budget-neutral strategies for expanding the U.S. Bitcoin Reserve without taxpayer funding. The company suggested leveraging private investments and strategic partnerships to bolster the country’s digital asset holdings. These proposals align with the administration’s broader goal of strengthening America’s position in the global crypto landscape.

Coinbase’s hiring spree signals growing confidence in the U.S. crypto industry’s regulatory future. As policy clarity emerges, industry leaders anticipate greater investment and innovation, reinforcing the country’s status as a major player in digital finance. The White House Crypto Summit set the stage for a new era of collaboration between the government and the blockchain sector.

Read More: Coinbase CEO Calls Bitcoin a Meme Coin, Sparks Crypto Debate

Trump’s Crypto Vision Takes Center Stage at WEF 2025: What’s Next?

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  • Trump’s crypto agenda takes center stage at WEF, sparking widespread discussion across industries, says Coinbase CEO Brian Armstrong.
  • Davos conversations focused on how world leaders can adapt to crypto, with the US government’s potential Strategic Bitcoin Reserve a key topic.
  • Coinbase CEO highlights rising interest in crypto, as global leaders and companies embrace it for economic freedom and competitive advantage.

Cryptocurrencies are a phenomenon that emerged as one of the most significant topics of the 2025 World Economic Forum (WEF) in Davos. Coinbase CEO Brian Armstrong said that discussions about Trump’s plans for cryptocurrency took center stage, not only among the founders of digital assets companies but throughout the financial world. He stated, “President Trump is forcing everyone to up their game”.

Trump’s Crypto Agenda

Armstrong explained that virtually every meeting he had with politicians and executives of big companies during the forum in Davos revolved around the topic of how the US government would approach digital currencies. He pointed out that such interest was primarily spurred by Trump’s agenda such as the establishment of the Strategic Bitcoin Reserve. Armstrong noted that numerous executives seek to know how they can escape the ‘crypto adoption Race’.

He pointed out that people are now talking about crypto and AI more often. According to Armstrong, this is an indicator of the increasing focus on economic liberty as the world turns to digital assets. He said that more and more world leaders are realizing that the use of the digital assets can open up new opportunities and liberation for their countries.

Armstrong also shared his thoughts about his part in introducing free market capitalist thinking into Davos. He pitted this against other ideas that continued with the model of centralized governance or socialist ideas like “stakeholder capitalism.” Armstrong points out that such concepts may hinder the process further. 

From his perspective, crypto is a way towards more freedom in the economic sphere. He also mentioned that Coinbase could meet more than 50 world leaders and business owners and explain how Coinbase is able to assist in introducing the digital assets to their country or company.

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Source: Brian Armstrong

Emerging Markets Embrace Crypto

Armstrong noted that the heads of emerging markets have already realized the potential of digital assets as agents of economic liberation. He recalled Argentina’s President Javier Milei, El Salvador’s President Nayib Bukele, and other future leaders of Canada and Germany. These leaders realise that free markets are the way to prosperity and know that digital asset is a big part of that. Armstrong pointed out that such a turn from socialism to economic freedom offers nations an opportunity to form a coalition for supporting digital assets.

Armstrong also mentioned that more and more companies are now showing their interest in the area of crypto currency. Banking institutions, asset management companies, and payment services providers are investings heavily in digital assets. According to Armstrong, this will open up more competition in the digital assets space. He said that Coinbase would be able to grab a significant market of the global bull run.

Coinbase CEO Warns of Tether’s USDT Delisting Amid $218B Regulation Shift

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  • Due to evolving U.S. regulations, Brian Armstrong warns Coinbase may delist Tether’s USDT.
  • Tether’s market cap stands at $138 billion, with concerns over compliance and audits.
  • Tether faces ongoing investigations and may be impacted by new U.S. stablecoin bills.

Coinbase CEO Brian Armstrong has indicated that the company could delist Tether’s USDT if compelled by new U.S. legislation. Speaking at the World Economic Forum in Davos, Armstrong highlighted Coinbase’s regulatory compliance commitment, emphasizing the importance of maintaining a secure cryptocurrency trading environment under legal frameworks.

The stablecoin market, valued at $218.7 billion, could change significantly if U.S. lawmakers push for more stringent rules. Armstrong’s comments suggest that Coinbase’s preference for compliance could lead to shifts in the market, especially regarding USDT’s future role in the U.S.

Coinbase and MiCA Regulations Challenge Tether’s Position

According to Armstrong, new stablecoin regulations may mandate that issuers hold 100% of reserves in U.S. Treasury bonds and undergo regular audits. These changes could force Coinbase to remove Tether from its platform, as it must comply with the new rules, similar to the actions taken under the EU’s MiCA legislation.

With a market cap of $138 billion, Tether holds a dominant position in the stablecoin market, ahead of rivals like Circle’s USDC. The company publishes quarterly attestations to prove its reserves, primarily backed by U.S. Treasury bonds. However, critics argue that these attestations fall short of full audits, raising concerns.

The EU’s MiCA regulations have challenged Tether, prompting Coinbase to delist USDT in Europe. Armstrong’s remarks suggest that U.S. lawmakers may adopt similar regulations, requiring stablecoin issuers like Tether to meet more stringent financial reporting standards. Coinbase would follow these rules and delist USDT if necessary.

Despite these hurdles, Tether’s business is largely based in emerging markets outside the U.S. and Europe. Tether also holds reserves in commodities like Bitcoin and gold, making it more complicated to meet proposed regulatory requirements if they expand. Armstrong emphasized that Coinbase’s stance on regulatory compliance remains unchanged.

Tether Faces Ongoing U.S. Sanctions Investigations

Two proposed U.S. bills aim to regulate stablecoins, with one seeking to bar offshore and unregulated issuers like Tether. Although these bills have not progressed, Armstrong predicts future laws will demand stricter compliance. Coinbase is prepared to delist non-compliant stablecoins, mirroring actions taken in Europe.

Tether relocated its headquarters to El Salvador to address regulatory pressures, leveraging the nation’s crypto-friendly stance. The move followed Tether’s Digital Asset Service Provider (DASP) license acquisition. Despite these efforts, Tether remains under investigation by U.S. authorities for potential violations of sanctions and anti-money-laundering regulations.

Kraken’s introduction of USDT0 on its Layer 2 blockchain, Ink, signifies further innovation within the stablecoin ecosystem. The development want to enhance cross-chain asset swapping, integrating the Omnichain Fungible Token (OFT) standard for efficient exchanges. However, Tether’s compliance challenges persist despite its attempts to adapt.

Related Reading: Coinbase CEO Urges Bitcoin Adoption for Economic Freedom

Cathie Wood & Brian Armstrong Say DOGE will Ignite The Spark

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  • Cathie Wood and Brian Armstrong champion DOGE as a tool to limit government overreach and promote economic freedom.
  • Musk’s appointment to lead DOGE initiatives under the Trump administration could accelerate crypto adoption and create favorable regulatory conditions.
  • By limiting government spending, aligning incentives, and empowering individuals, DOGE could reshape the global financial landscape.

Renowned investor Cathie Wood of Ark Invest has echoed the sentiment of Coinbase CEO Brian Armstrong highlighting the potential of Dogecoin (DOGE) to reduce government overreach and promote economic freedom. Both leaders have thrown support behind the new “Department of Government Efficiency” and its potential to revolutionize the digital asset landscape.

Recently Elon Musk made headlines by announcing his appointment to lead DOGE initiatives under President-elect Donald Trump’s administration. The proponents of the meme coin suggest that Musk’s involvement in government may indirectly create favorable conditions for crypto adoption.

Cathie Wood, a known personality in the crypto space cited the economic principles of Art Laffer and underscored the negative effects of excessive government spending. She emphasized how overspending leads to increased taxation, future debt burdens, and inflationary pressures. The top exec suggested that cryptocurrencies like DOGE could play a key role in limiting government expenditure and aligning incentives for fiscal responsibility.

Cathie Wood: Crypto Leaders Propose Radical Solutions

In his original tweet, Armstrong doubles down on DOGE as the gateway for economic freedom. He argued that cryptocurrency could significantly curb the size of government and protect individual liberties. He also proposed several innovative solutions such as constitutional amendments, incentive alignment, and sovereign wealth fund.

To future proof this, we may need a constitutional amendment capping total government expenditure (at say 10%), or a way to align incentives (Buffet famously suggested an unbalanced budget makes all members of congress who vote for it ineligible for reelection)….An example would be a U.S. sovereign wealth fund, where every citizen gets a share (maybe people can buy more if they want), and any budget surplus pays a dividend. Every citizen then has skin in the game. Maybe congress gets a slightly larger stake.

Cathie Wood’s endorsement of Armstrong’s vision has ignited discussions about the transformative power of cryptocurrencies. By limiting government overreach, promoting individual financial empowerment, and fostering economic freedom, DOGE and other cryptocurrencies could reshape the global financial landscape.

As the crypto industry continues to evolve, the ideas presented by Wood and Armstrong offer a glimpse into a future where technology and economic principles converge to create a more equitable and prosperous world.

Coinbase Faces Class Action Lawsuit Alleging Securities Violations

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Coinbase, one­ of the leading cryptocurrency e­xchanges, finds itself embroile­d in a new class action lawsuit that threatens to shake­ up the industry. The lawsuit, filed on be­half of a group of investors, accuses the e­xchange of intentionally misleading the­m into purchasing securities, a move that alle­gedly violates both California and Florida securitie­s laws.

The complainants, including Gerardo Aceve­s, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard, claim that Coinbase’s ope­rations, including its prime brokerage and Coinbase­ Earn accounts, promoted higher-yield inve­stments without sufficient disclosure, the­reby violating securities re­gulations.

Furthermore, the lawsuit asse­rts that several digital assets liste­d on the exchange, such as Algorand, De­centraland, Polygon, Near Protocol, Uniswap, Solana, Stellar Lume­ns, and Tezos, should be classified as se­curities.

Coinbase’s Defiant Re­sponse

In response to the­ lawsuit, Coinbase has deeme­d the claims as “legally basele­ss” and expressed confide­nce in the judicial process. The­ exchange’s Chief Le­gal Officer, Paul Grewal, remains optimistic, citing re­cent legal clarity from the US Court of Appe­als for the Second Circuit regarding se­condary crypto sales not being considere­d securities.

This latest le­gal confrontation adds to Coinbase’s ongoing battle with the Se­curities and Exchange Commission (SEC) over the­ classification of tokens sold on its platform. Notably, Coinbase has filed an inte­rlocutory appeal, contesting a judge’s de­cision to allow the SEC case to procee­d.

The lead attorney for the­ plaintiffs, John T. Jasnoch, has a well-established track re­cord of involvement in class-action litigation against cryptocurrency firms. This unde­rscores the increasing le­gal scrutiny faced by the industry as regulators and inve­stors alike grapple with the classification and compliance­ of digital assets.

The Coinbase class action lawsuit is not the­ first of its kind, as a previous case against the e­xchange had also accused it of misleading inve­stors. However, the late­st lawsuit appears to be more e­xpansive, targeting a wider range­ of Coinbase’s operations and the digital asse­ts listed on its platform.

The outcome of this le­gal battle has the potential to se­t a significant precedent for the­ cryptocurrency industry, as it could shape the future­ of digital asset regulation and the re­sponsibilities of exchanges in providing accurate­ information to investors.

As the legal proce­edings unfold, the cryptocurrency community and financial re­gulators will be closely watching the de­velopments, as the re­solution of this case could have far-reaching implications for the­ industry’s evolution and the protection of inve­stor rights.

Related Reading | Bitcoin Strategy Alert: Analyst Targets $64,700 For Key Market Moves

Bitcoin Debate: Coinbase CEO Praises JP Morgan Despite Disagreement

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Coinbase CEO Brian Armstrong has admired JP Morgan CEO Jamie Dimon despite their contrasting opinions on Bitcoin and cryptocurrency. Armstrong revealed that he had met with Dimon and learned a lot from him despite their difference in Bitcoin.

Armstrong’s statement came in response to a suggestion by Cathie Wood of ARK Invest, who proposed a meeting between Dimon and Armstrong to discuss Bitcoin. Wood proposed after Dimon criticized Bitcoin for being associated with illegal activities and having no intrinsic value.

However, Armstrong did not seem offended by Dimon’s remarks. Instead, he tweeted:

We’ve met, and JPM has been a great partner to us. Even if we don’t fully agree on Bitcoin, I have a lot of respect for Jamie as a CEO and have learned a lot from him. Actually everyone I’ve met from JPM has been top notch.

Armstrong’s tweet showed his appreciation for Dimon’s leadership and JP Morgan’s partnership with Coinbase, one of the largest cryptocurrency exchanges in the world. He also acknowledged that they had different views on Bitcoin, but that did not prevent them from having a constructive dialogue.

The Complex Relationship Between Banks And Crypto

Armstrong’s X post highlighted the paradoxical relationship between traditional banks and the crypto industry. On one hand, banks like JP Morgan have been skeptical and critical of Bitcoin and other cryptocurrencies, questioning their legitimacy and viability. On the other hand, banks have also been exploring and investing in crypto, recognizing its potential and innovation.

For instance, despite Dimon’s reservations, JP Morgan has been involved in the BlackRock BTC Trust, which offers exposure to Bitcoin for institutional investors. JP Morgan has also launched its own digital currency, JPM Coin, used for cross-border payments and settlements.

In this context, Armstrong’s tweet suggested that there is room for cooperation and mutual respect between banks and crypto, even if they have divergent perspectives. He also implied that there is more to learn from each other as both sectors are evolving and adapting to the changing financial landscape.

Bitcoin Vs Traditional Bank: A Continuing Debate

Armstrong’s tweet added another dimension to the ongoing debate between Bitcoin and traditional banks, fueled by the rise and fall of BTC prices and popularity. While some see Bitcoin as a threat to the existing financial system, others see it as an opportunity to create a more decentralized and inclusive economy.

The debate would likely continue as both sides have their arguments and evidence to support their claims. However, Armstrong’s tweet showed that the discussion should not be hostile or divisive. Rather, it can be a source of learning and collaboration, as both sides have something to offer and contribute to the future of finance.

Related Reading | Dogecoin Surges As X Payments Sparks Rally With First-Ever MACD Golden Cross

Coinbase CEO Brian Armstrong Takes a Stand Against AI Regulation

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In a seismic event within the crypto realm, Brian Armstrong, the esteemed CEO of crypto exchange giant Coinbase, has definitively articulated his stance on regulating artificial intelligence (AI). Armstrong conveyed his anti-regulation stance on AI via X, formerly Twitter, advocating its unrestricted growth and development.

Armstrong’s central argument revolves around the belief that AI should remain unregulated. He passionately asserted that the AI sector must flourish without bureaucratic constraints, citing critical reasons such as national security. In his eyes, regulation, despite its well-meaning intentions, often spawns unintended consequences that stifle innovation and stymie competition.

Drawing an intriguing parallel, the Coinbase executive invoked the “golden age of innovation” that blossomed on the internet and in software during their unregulated infancy. Armstrong firmly advocates for applying the same laissez-faire approach to the burgeoning field of AI technology. Furthermore, Armstrong proffered an alternative strategy for safeguarding the AI realm.

Coinbase CEO Promotes Open Source For AI

Armstrong’s viewpoint is a persistent call for non-interference, numerous jurisdictions worldwide have taken a different path, either initiating AI regulations or expressing apprehension about its potentially disruptive influence. Rather than shackling it with rules and red tape, he champions the decentralization and open-sourcing of AI. He said, “The best protection is to decentralize it and open source it to let the cat out of the bag.”

China, a global tech powerhouse, recently implemented provisional AI activities and management guidelines on August 15. These regulations, a collaborative effort involving six of the country’s governmental bodies, mark China’s first comprehensive set of AI rules and come amidst the backdrop of a booming AI industry.

Across the pond, the United Kingdom’s Competition and Markets Authority conducted a comprehensive study on the implications of AI for competition and consumers. On September 18, the authority delivered its verdict, cautioning that while AI holds immense potential to transform lives and industries, the rapid pace of change may pose substantial challenges to competition.

Amid these global debates and regulatory maneuvers, Brian Armstrong’s outspoken stance against AI regulation adds a compelling voice to the ongoing discourse, leaving stakeholders and observers eagerly anticipating the evolving landscape of AI policy and innovation.

Related Reading:| Coinbase CEO Urges CFTC To Refrain from DeFi Enforcement Actions