Coinbase (COIN) shares extend 7% slide as the company reveals it was the target of a cyberattack

Shares in Coinbase (COIN) were down in pre-market trading, extending a 7% slide from the previous session, after the US cryptocurrency exchange revealed it had been the target of a cyberattack in which customer data was stolen and a $20m (£15m) ransom demanded to prevent its public release.

Shares in Coinbase (COIN) slid further in pre-market trading on Friday, extending a 7% slide from the previous session, after the US cryptocurrency exchange revealed it had been the target of a cyberattack.

Coinbase (COIN) is set to join the S&P 500 index on 19 May, becoming the first crypto exchange to be included in the US benchmark.

The company disclosed that the extortion demand was made on Sunday and said it is offering a $20m reward — equal to the amount demanded — for information leading to the arrest and conviction of those responsible.

“Their aim was to gather a customer list they could contact while pretending to be Coinbase — tricking people into handing over their crypto. They then tried to extort Coinbase for $20m to cover this up. We said no,” the group said in a statement on its website.

Coinbase’s (COIN) shares had rallied on Tuesday following the announcement of its S&P 500 inclusion, reflecting investor optimism about the firm’s growing mainstream legitimacy. But news of the cyberattack and a separate regulatory issue has tempered some of that enthusiasm.

In addition to the cyber threat, Coinbase (COIN) confirmed that it is facing scrutiny from the US Securities and Exchange Commission (SEC) over whether it overstated user numbers in earlier disclosures.

The investigation, the company said, dates back to a previous SEC administration and concerns a metric it stopped reporting more than two years ago.

“This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public,” Coinbase (COIN) chief legal officer Paul Grewal told Bloomberg.

“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”

Shares in Netflix (NFLX) rose in pre-market trading on Friday after the streaming giant said its advertising-supported tier had reached 94 million users.

The figure, which was disclosed in a regulatory filing, represents a substantial increase from the 70 million ad-tier subscribers reported in November.

The update highlights the ongoing momentum across several key metrics despite broader economic uncertainty.

With more than 300 million global subscribers and spending remaining strong across all tiers, Netflix (NFLX) said it had seen no significant signs of consumers pulling back, despite shifting US trade policies and concerns about discretionary spending.

The filing also revealed that the ad-supported offering accounted for 55% of new sign-ups in markets where the tier is available.

Netflix’s (NFLX) global content strategy continues to underpin its growth. Many of its most-watched titles, including the South Korean thriller Squid Game and Spanish crime drama Money Heist, are produced outside the US.

Investor sentiment was further supporter by commentary from Steve Weiss, chief investment officer and managing partner at Short Hills Capital Partners, who told CNBC that he had increased his holdings in Netflix (NFLX).

Weiss, a noted bear on the broader US economic outlook, said he expects Netflix (NFLX) to “do well in a recession”, describing the company as his “largest position by a wide margin ".

Shares in Cava (CAVA) fell in early trading despite the Mediterranean fast-casual chain reporting stronger-than-expected same-store sales and solid traffic growth in its latest fiscal quarter.

For the three months ending April 20, same-store sales rose 10.8%, exceeding the 10.3% increase anticipated by analysts. The gain was driven by a 7.5% rise in customer traffic, suggesting that growth was not solely the result of price increases.

Revenue also increased 28% year over year. Even after considering 15 net new restaurant openings, Cava (CAVA) posted nearly 11% same-restaurant sales growth, highlighting demand across its footprint.

However, the company reported a slight decline in restaurant-level profit margin, which fell 10 basis points to 25.1% compared to the same period last year. This decrease was attributed to higher food costs, particularly related to the launch of grilled steak.

Looking ahead, Cava (CAVA) maintained its full-year forecast for same-store sales growth of 6% to 8%, indicating a slowdown from the recent quarter and falling short of the 8.4% estimate from analysts. The company also slightly raised its adjusted EBITDA guidance and now expects to open two additional restaurants at the midpoint of its projected range.

Shares in Meta (META) were trading lower ahead of the US market open on Friday following reports that the company has delayed the launch of a major update to its flagship AI model — a move that has raised internal concerns over the strategic direction of its multibillion-dollar artificial intelligence ambitions.

According to The Wall Street Journal, the release of the Behemoth version of