Coinbase recently revealed more concerning details about a data breach affecting 69,461 users, which went undetected for 136 days. This has raised alarms among investors and industry experts about the safety of user data. Meanwhile, MicroStrategy (renamed Strategy) is facing a class action lawsuit over its Bitcoin acquisition strategy, with investors claiming they were misled about the associated risks. Despite this, Strategy plans to issue $2.1 billion in preferred stock as part of its strategy to recover from losses. In related developments, major banks including JPMorgan, Citigroup, and Wells Fargo are exploring a partnership to create a bank-backed stablecoin amidst ongoing legislative discussions. However, these efforts appear limited by the banks’ inclination towards permissioned blockchains, which could detract from the decentralized aspect that attracts users to crypto. Additionally, the SEC has issued a subpoena to PayPal over its stablecoin, emphasizing regulatory scrutiny in the stablecoin space.

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