Crypto exchange Coinbase said it could pay up to $400 million to customers after a group of support agents were bribed by cybercriminals to hand over sensitive user data.

Brandon Lutnick, newly appointed chairman of Cantor Fitzgerald, said he personally verified Tether’s reserves when the firm began working with the stablecoin issuer.

EToro’s stock surged nearly 29% in its first day of trading on Nasdaq, signaling renewed investor appetite for fintech initial public offerings.

Top stories in the Crypto Roundup today:

• Coinbase Faces Up to $400M in Costs After Insider-Driven Data Breach
• Cantor Fitzgerald Chairman Says He Personally Verified Tether’s Reserves Amid Scrutiny
• EToro Shares Jump 29% in Nasdaq Debut, Raising $310M in IPO

Coinbase Faces Up to $400M in Costs After Insider-Driven Data Breach

Crypto exchange Coinbase said it could pay up to $400 million to customers after a group of support agents were bribed by cybercriminals to hand over sensitive user data.

The exchange disclosed the breach in an SEC filing and a blog post on Thursday, saying it would fully reimburse users who were tricked into transferring funds to attackers. The incident occurred on May 11 and exposed names, addresses, phone numbers, masked Social Security numbers, government ID images and account balances. Private keys and two-factor authentication credentials were not compromised, the exchange said.

Coinbase described the rogue employees as acting under the direction of a social engineering ring and said they were fired on the spot. The company has referred the case to U.S. and international law enforcement and plans to press criminal charges.

“Based on facts that continue to evolve,” Coinbase wrote in its SEC filing, it estimates the total cost of cleanup and customer repayments will range between $180 million and $400 million.

Cantor Fitzgerald Chairman Says He Personally Verified Tether’s Reserves Amid Scrutiny

Brandon Lutnick, newly appointed chairman of Cantor Fitzgerald, said he personally verified Tether’s reserves when the firm began working with the stablecoin issuer.

Speaking at Consensus 2025 in Toronto, the 27-year-old executive said there were “a lot of rumors” early in the partnership that Tether was not fully backed—a concern that has dogged the company for years. Lutnick said he reviewed the reserves himself and found the speculation unfounded.

“I personally checked a lot of their reserves, and we proved a lot of those rumors wrong,” Lutnick said, without offering further details about the scope of his review. 

Tether has long claimed its tokens are fully backed and settled with the New York Attorney General’s office in 2021 over past concerns about its transparency.

Cantor Fitzgerald, a global financial services firm, is one of the largest institutions publicly known to have a relationship with Tether, helping manage part of the reserves backing the USDT stablecoin.

EToro Shares Jump 29% in Nasdaq Debut, Raising $310M in IPO

EToro’s stock surged nearly 29% in its first day of trading on Nasdaq, signaling renewed investor appetite for fintech initial public offerings.

The stock and crypto trading platform closed at $67 on Tuesday, well above its $52 IPO price. EToro raised roughly $310 million in the process, selling close to 6 million shares and securing a valuation of around $4.2 billion.

The strong debut comes at a time when many of eToro’s competitors, including Circle, have been holding off on public offerings amid volatile market conditions earlier this year. 

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