Coinbase（硬币）股票的急剧抛售可能是一种过度反应

根据巴克莱和奥本海默分析师的说法，在同一天，Coinbase（Coin）股票的急剧抛售可能是对两个坏消息的过度反应。

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.

根据巴克莱和奥本海默分析师的说法，Coinbase（NASDAQ：COIN）的股票可能对当天发生的两个坏消息进行了过度反应。

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在披露社会工程驱动的数据泄露后，周四下跌了7.2％，后来的报告显示，长期运行的证券交易委员会（SEC）调查了该公司在其2021年首次公开发行（IPO）文件中是否夸大了用户数量。该股票的盘中下降幅度近9％，然后稍微恢复。

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.

巴克莱说，市场的价格可能过多，称这种反应“有些夸张”。该公司强调，网络攻击源于受贿的客户支持代理，而不是区块链安全的失败。

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.

根据Coinbase（NASDAQ：COIN）博客文章的报道，一组海外代理商还清了泄漏客户数据，包括姓名，地址和蒙面的社会安全号码，然后骗子用来说服用户发送加密资产。

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拒绝支付黑客要求的2000万美元赎金。取而代之的是，它已承诺报销影响客户，并正在与执法部门合作。不到1％的交易用户受到影响，直接访问密码，私钥或客户资金。

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补充说，尽管违规损害了Coinbase（NASDAQ：COIN）品牌，但它似乎是一个孤立的事件，并没有表明更广泛的系统性风险。 Coinbase估计，它将花费在1.8亿至4亿美元之间，以支付客户损失，法律支出和旨在吸引肇事者的新赏金计划。

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.

至于SEC调查，它涉及Coinbase在2021年IPO期间Coinbase的S-1文件中的1亿“经过验证的用户”数字。 Coinbase在两年前停止报告该指标，分析师认为，自拜登政府以来，调查一直在进行。

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说，该调查不应延长，并且与公司目前的表现无关。

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.

两次坏消息是在Coinbase股票涌现出新闻的几天之后，它将被添加到标准普尔500指数中，这可能使股票很容易受到回调。

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.

巴克莱在给客户的注释中指出，投资者可能不仅对新闻本身做出反应，而且对最近几天股票的迅速上升。奥本海默（Oppenheimer）称当前的股价弱点为“购买机会”，并重申了其跑赢大盘的评级。

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.

如果有的话，这一集强调了细线加密公司在技术鲁棒性和人类脆弱性之间行驶。尽管辐射可能可管理，但Coinbase的反应以及市场的记忆将影响这种违规的阴影持续多长时间。

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.

基准分析师马克·帕尔默（Mark Palmer）也淡化了违规的长期意义，将其描述为有针对性的一次性事件，而不是更深层安全缺陷的证据。他指出，攻击者通过贿赂的客户支持承包商而不是通过Coinbase的核心系统获得访问权限，而Coinbase的核心系统保持不变。没有密码，私钥或客户资金受到损害。

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.

帕尔默（Palmer）还驳斥了SEC对Coinbase过去的用户指标的调查“远远超过噪音”，并指出它与两年前公司停止报告的指标有关。

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.

尽管有头条新闻的风险，但他重申了看涨的前景，将他的Coinbase的价格目标从252美元提高到301美元，并强调了该公司从不断增长的机构采用中受益的潜力，随着监管清晰度的提高。