Coinbase hit by revived SEC probe as stock sheds monthly gains in single-day drop

The SEC is looking into Coinbase’s claims of having over 100 million users in 2021, which they suspect to be exaggerated. This investigation is ongoing despite Coinbase’s recent legal victories.

Coinbase’s stock dropped 7%, bringing the price to 244.44 USD, eliminating most of its nearly 40% monthly gain. Year-to-date, COIN is down 1.55%, in contrast with the performance of Bitcoin and XRP, which rose 9.44% and 4.57% respectively.