On May 15, they conveyed news that Coinbase was the purpose of an attempt to force $ 20 million after cyber criminals recruited foreign support agents to leak user data for social engineering fraud.
While apparently it affected less than 1% of busy Coinbase users, expected expenses for repair and reimbursement of costs are between 180 million and $ 400 million, because the exchange undertook to pay off all victims of phishing attack.
Despite the attack on the third largest cryptocurrency exchange in the world, investor’s mood remains hopeful, and the index of fear and greed remains forceful in the “greed” zone above 69, according to Coinmarketcap data.
Adding to the investor’s optimism, Coinbase noticed that Bitcoin with a value of over $ 1 billion withdrew on May 9, which means the highest net outflow registered in 2025 so far, which causes analytics forecasts for the Bitcoin Rally powered by supply.
Coinbase faces $ 400 million of the bill after a phishing attack
Coinbase was affected by an attempt to extortion of $ 20 million after cybercriminals recruited foreign support agents to leak user data, on May 15.
Coinbase said that a group of external entities bribed and coordinated with several customer service contractors to gain access to internal systems and theft of user account data.
“From the outside, they used their access to customer service systems to steal your account details for a small subset of customers,” said Coinbase, adding that they did not affect any passwords, private keys, funds or Coinbase Prime accounts.
The company stated that less than 1% of the monthly transaction data of Coinbase users had an impact on the attack.
After the theft of data, the attackers tried to force Bitcoin worth $ 20 million (BTC) from Coinbase in exchange for not revealing the violation. Coinbase rejected the demand.
Instead, the company offered an award for $ 20 million for information leading to the arrest and conviction of people responsible for the program.
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1 billion dollars of Bitcoins come out with Coinbase during the day, when analysts warn against supply shock
The institutional demand for bitcoins is growing because Coinbase, the third largest cryptocurrency exchange in the world, recorded the highest daily Bitcoin drains in 2025. May 9.
On May 9, Coinbase saw 9739 Bitcoins, worth over $ 1 billion, withdrawn from the exchange, the highest net outflow registered in 2025, according to Bitise European Research André Dragosch.
“Institutional appetite for bitcoins accelerates,” added Dragosch in May 13 x post.
The outflow took place when Bitcoins traded above USD 103,600 and only a few days after the White House announced a 90-day reduction of mutual tariffs between the USA and China, soothing market fears and raising wider moods of investors.
The 90-day suspension of additional tariffs has removed the risk of “sudden re-escalation”, which can facilitate bitcoins, Altcoins and a wider stock market due to a better risk appetite, said Cointelegraph, the main research analyst of Nansen, Aurelie Barthere.
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The DEFI AAVE lender reaches $ 40 billion of blocked value
Aave, a decentralized financial protocol (DEFI), has achieved a fresh record of onchain funds, according to the data from Deflama.
In x postAave said that on May 12 he exceeded $ 40.3 billion of total value (TVL) reveals The fact that Aave V3, the latest version of the protocol, has about $ 40 billion on TVL.
Aave is a DEFI loan report that allows users to borrow cryptocurrency by depositing other types of cryptocurrency as security. Meanwhile, lenders earn from borrowers.
“Thanks to these milestones, Aave proves its dominance in the loan space,” said Defi Jonaso analyst in May 12 x post. TVL represents the total value of cryptocurrency deposited in clever contracts of the protocol.
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SEC delays Solana ETF as decisions regarding Polkadot, XRP Loom
The American Commission of Securities and Stock Exchange (SEC) has pushed its decision on the proposed rotary fund Solana Exchange (ETF), while the cryptocurrency industry is now looking for deadlines for ETF Polkadot and XRP in June.
SEC delayed the decision on the Solana (SOL) Trust list in the Modern York Modern York Stock Exchange (NYSE) until October 2025, in accordance with May 13 filing by the securities regulator.
The decision took place a week after the SEC delay in the ETF case in the ETF in Litecoin (LTC) Canary Capital, James Seyffart, wrote in May 5 x x post.
The ETF spot is the key factors of liquidity and the institutional acceptance of digital assets. In the case of Bitcoins ETF from Bitcoin in the USA it accounted for about 75% of fresh investments after launching, which helped BTC to recover USD 50,000 in February 2024, a month after the ETFS debut on trade.
Although ETF Solana can only generate a fraction of ETF Bitcoin influence, this can boost the institutional admission of sooty in the long term, offering investors a “regulated investment vehicle”, which can still attract billions of capital dollars, Ryan Lee, the main analyst at Bitget Research, said Cointelegraph.
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Starknet strikes the decentralization of “Stage 1”, believes ZK-Rollus for blocked value
The Ethereum Layer-2 Starknet scale platform has reached a milestone of decentralization determined by the co-founder Ethereum Vitalik Buterin and is currently the largest network based on zero knowledge at the total blocked value.
Starknet told CointeLgraph in a press release that it reached the decentralization of “Stage 1”, according to the frame, which was remembered in 2022, which means that the network works with confined supervision or “training wheels”.
Starknet added that the frames were “the Gold Standard Onchain tool to analyze the Ethereum scaling solutions” and said that he achieved a milestone through changes such as creating a security council and mechanisms to avoid censorship.
While the system still enables the intervention of the Security Council, it implemented a fully functional system of evidence that regulates clever contracts.
Starknet is now the only ZK-Rollup network of the layer that reached stage 1 and has become the largest blockchain of ZK-Rollup with a total value blocked $ 629 million, just before $ 610 million ZSync, According to to L2beat.
Starknet is the fifth largest network of layers-2 according to the blocked value, with four best hopeful based on developing, after reaching the decentralization of stage 1 using evidence for fraud.
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DEFI discussion
According to CointeLraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies according to market capitalization ended a week in Zielony.
Memecoin Dogwifhat from Solana (WIF) increased by over 43% as the largest week, followed by a decentralized token Exchange Raydium (Ray), by almost 19% over the past week.
Thank you for reading our summary of the most influential DeFI development this week. Join us next Friday to get more stories, observations and education about this dynamically progressive space.
