Coinbase（硬幣）股票的急劇拋售可能是一種過度反應

根據巴克萊和奧本海默分析師的說法，在同一天，Coinbase（Coin）股票的急劇拋售可能是對兩個壞消息的過度反應。

Coinbase (NASDAQ:COIN) shares may have seen an overreaction to two pieces of bad news that hit on the same day, according to analysts at Barclays and Oppenheimer.

根據巴克萊和奧本海默分析師的說法，Coinbase（NASDAQ：COIN）的股票可能對當天發生的兩個壞消息進行了過度反應。

Coinbase dropped 7.2% on Thursday after disclosing a social engineering-driven data breach and later reports revealed a long-running Securities and Exchange Commission (SEC) investigation into whether the company overstated user numbers in its 2021 initial public offering (IPO) filing. The stock’s intraday dip reached nearly 9% before recovering slightly.

Coinbase在披露社會工程驅動的數據洩露後，週四下跌了7.2％，後來的報告顯示，長期運行的證券交易委員會（SEC）調查了該公司在其2021年首次公開發行（IPO）文件中是否誇大了用戶數量。該股票的盤中下降幅度近9％，然後稍微恢復。

Barclays said the market is likely pricing in too much risk, calling the reaction “somewhat overblown.” The firm emphasized that the cyberattack stemmed from bribed customer support agents rather than a failure in blockchain security.

巴克萊說，市場的價格可能過多，稱這種反應“有些誇張”。該公司強調，網絡攻擊源於受賄的客戶支持代理，而不是區塊鏈安全的失敗。

According to Coinbase’s (NASDAQ:COIN) blog post, a group of overseas agents were paid off to leak customer data, including names, addresses and masked social security numbers, which scammers then used to convince users to send crypto assets.

根據Coinbase（NASDAQ：COIN）博客文章的報導，一組海外代理商還清了洩漏客戶數據，包括姓名，地址和蒙面的社會安全號碼，然後騙子用來說服用戶發送加密資產。

Coinbase refused to pay a $20 million ransom demanded by the hackers. Instead, it has pledged to reimburse affected customers and is working with law enforcement. Less than 1% of transacting users were affected, and no passwords, private keys or customer funds were accessed directly.

Coinbase拒絕支付黑客要求的2000萬美元贖金。取而代之的是，它已承諾報銷影響客戶，並正在與執法部門合作。不到1％的交易用戶受到影響，直接訪問密碼，私鑰或客戶資金。

Oppenheimer added that while the breach damages Coinbase’s (NASDAQ:COIN) brand, it appears to be an isolated incident and not indicative of broader systemic risk. Coinbase estimates it will spend between $180 million and $400 million to cover customer losses, legal expenses and a new bounty program aimed at catching the perpetrators.

Oppenheimer補充說，儘管違規損害了Coinbase（NASDAQ：COIN）品牌，但它似乎是一個孤立的事件，並沒有表明更廣泛的系統性風險。 Coinbase估計，它將花費在1.8億至4億美元之間，以支付客戶損失，法律支出和旨在吸引肇事者的新賞金計劃。

As for the SEC probe, it concerns the 100 million “verified users” figure in Coinbase’s S-1 filing during its 2021 IPO. Coinbase stopped reporting this metric over two years ago, and analysts believe the investigation has been running since the Biden administration.

至於SEC調查，它涉及Coinbase在2021年IPO期間Coinbase的S-1文件中的1億“經過驗證的用戶”數字。 Coinbase在兩年前停止報告該指標，分析師認為，自拜登政府以來，調查一直在進行。

Paul Grewal, Coinbase’s chief legal officer, said the probe should not be prolonged, and that it doesn’t relate to the company’s current performance.

Coinbase首席法律官Paul Grewal說，該調查不應延長，並且與公司目前的表現無關。

The double dose of bad news comes just days after Coinbase stock surged on news it would be added to the S&P 500, which may have made the shares vulnerable to a pullback.

兩次壞消息是在Coinbase股票湧現出新聞的幾天之後，它將被添加到標準普爾500指數中，這可能使股票很容易受到回調。

In a note to clients, Barclays pointed out that investors may be reacting not just to the news itself, but to the rapid rise in the stock in recent days. Oppenheimer called the current weakness in share price “a buying opportunity” and reaffirmed its outperform rating.

巴克萊在給客戶的註釋中指出，投資者可能不僅對新聞本身做出反應，而且對最近幾天股票的迅速上升。奧本海默（Oppenheimer）稱當前的股價弱點為“購買機會”，並重申了其跑贏大盤的評級。

If anything, the episode underscores the thin line crypto firms walk between technological robustness and human vulnerability. And while the fallout may prove manageable, Coinbase’s response — and the market’s memory — will shape how long the shadow of this breach lasts.

如果有的話，這一集強調了細線加密公司在技術魯棒性和人類脆弱性之間行駛。儘管輻射可能可管理，但Coinbase的反應以及市場的記憶將影響這種違規的陰影持續多長時間。

Mark Palmer, analyst at Benchmark, also downplayed the long-term significance of the breach, characterizing it as a targeted, one-off incident rather than evidence of deeper security flaws. He pointed out that the attackers gained access through bribed customer support contractors rather than through Coinbase’s core systems, which remained intact. No passwords, private keys or customer funds were compromised.

基準分析師馬克·帕爾默（Mark Palmer）也淡化了違規的長期意義，將其描述為有針對性的一次性事件，而不是更深層安全缺陷的證據。他指出，攻擊者通過賄賂的客戶支持承包商而不是通過Coinbase的核心系統獲得訪問權限，而Coinbase的核心系統保持不變。沒有密碼，私鑰或客戶資金受到損害。

Palmer also dismissed the SEC’s investigation into Coinbase’s past user metrics as “little more than noise,” noting it relates to a metric the company stopped reporting over two years ago.

帕爾默（Palmer）還駁斥了SEC對Coinbase過去的用戶指標的調查“遠遠超過噪音”，並指出它與兩年前公司停止報告的指標有關。

Despite the headline risk, he reaffirmed his bullish outlook, raising his price target on Coinbase to $301 from $252 and emphasizing the company’s potential to benefit from growing institutional adoption as regulatory clarity improves.

儘管有頭條新聞的風險，但他重申了看漲的前景，將他的Coinbase的價格目標從252美元提高到301美元，並強調了該公司從不斷增長的機構採用中受益的潛力，隨著監管清晰度的提高。