A recent filing with Maine’s attorney general sheds new light on Coinbase’s data breach, claiming that nearly 70,000 users were impacted and that the incident went unnoticed for nearly six months.

According to the filing submitted by legal firm Latham and Watkins LLP, 69,461Coinbase users were compromised by the breach, 217 of whom are residents of the US state of Maine.

The document also indicates the breach occurred on Dec. 26, 2024, but was only discovered on May 11, 2025 — nearly six months following the cybersecurity incident.

Coinbase now faces a flurry of lawsuits from affected clients, who argue that the exchange failed to notify victims of the security breach in a timely manner. The attack caused $400 million in losses through social engineering scams and remediation costs, Coinbase has said.

Cointelegraph contacted Coinbase for comment, but had not received a response at time of publication.

Coinbase data breach incident details. Source: Maine Attorney General

The data breach sparked debate about the ethics of Know Your Customer (KYC) data collection, which some argue adds risks to crypto holders. The incident also reflects the growing number of cybersecurity incidents plaguing the industry.

Related: Coinbase faces lawsuit over alleged breaches of Illinois biometric privacy law

The Coinbase data breach sends shockwaves through the crypto world

Coinbase became the target of a ransom attempt after scammers convinced several Coinbase customer service representatives to hand over limited user information, including client names, contact information, and physical addresses.

The scammers then attempted to extort the company into paying a ransom of $20 million in exchange for not leaking the data. However, Coinbase refused to negotiate with the threat actors.

The crypto exchange fired the contractors who collaborated with the scammers to hand over the user data and also promised remediation or reimbursements for any impacted clients.

Despite the remediation efforts, shares of Coinbase slid by 7% following news of the data breach and the subsequent extortion attempt.

Later reports revealed that Roelof Botha, a partner at venture capital firm Sequoia Capital, was also a victim of the data leak, suggesting that the incident also impacted other individuals or entities tied to the VC firm.

The United States Department of Justice (DOJ) opened a probe into the leak; it hadn’t published updates on the incident or the extortion attempt as of May 21.

Industry executives, investors, and legal experts have warned that such data leaks threaten the physical safety of crypto investors by making them the targets of extortion attempts, kidnapping, and armed robbery.

Magazine: Pink Drainer creator defends his wallet-draining crypto scam kit

Key takeaways:

Spot Bitcoin ETF inflows and low leverage suggest the BTC rally has room to grow.

US Federal Reserve liquidity and weak bond sales support a Bitcoin push beyond $110,000.

Bitcoin (BTC) was unable to sustain its bullish momentum after reaching a new all-time high of $109,827 on May 21, which led traders to question whether derivatives markets mainly drove the rally. From a broad perspective, the $77 billion in Bitcoin futures open interest has undoubtedly played a role. However, a closer look at the data shows a more positive outlook for further price gains.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

The current 7% annualized Bitcoin futures premium is well within the neutral range of 5% to 10%, which has been typical for the past two weeks. This indicator can easily exceed 30% during periods of strong optimism, so the current level is relatively low. At the same time, the absence of excessive leverage reduces concerns about a rally driven primarily by derivatives.

Balanced order books and spot Bitcoin ETF inflows point to spot-driven rally

For comparison, during the previous Bitcoin $109,346 all-time high on Jan. 20, the annualized futures premium reached 15%, showing a much higher level of leveraged bullish positions affecting the price. Therefore, the current Bitcoin derivatives market appears healthier, suggesting strong demand in spot markets.

During the January bull run, Bitcoin’s price on Coinbase traded at a premium compared to other exchanges. This so-called Coinbase premium is not present now, which means buying pressure is more evenly spread out—a sign of a healthier market.

Coinbase Bitcoin/USD relative to competitors. Source: TradingView / Cointelegraph

While excessive buying pressure on a single exchange is not necessarily bearish, it can make it easier to trigger unsustainable price surges when liquidity is low. This data supports the idea that derivatives markets were not the main driver of the recent price increases. 

Moreover, the $1.37 billion in net inflows to spot Bitcoin exchange-traded funds (ETFs) in the United States between May 15 and May 20 further suggests that spot buyers, rather than derivatives traders, were the primary force behind the rally.

Despite the lack of conviction in Bitcoin futures, several indicators point to further upside. Forced liquidations of bearish BTC futures positions were relatively low at $170 million between May 18 and May 21, cementing the idea of a spot-driven rally. In comparison, the rally to $104,000 on May 9 triggered $538 million in liquidations over three days.

Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decide

Bitcoin options put-to-call ratio at Deribit. Source: Laevitas.ch

On May 21, Bitcoin options markets showed a slight increase in demand for put (sell) options, but nothing unusual. For comparison, the put-to-call ratio at Deribit dropped to 0.4x during the previous bull run on Jan. 20, reflecting lower confidence due to reduced volumes in call (buy) options.

Bitcoin’s upward movement may have been limited by macroeconomic factors, especially as the tariff war continues. Still, the potential for the price to reach $110,000 and higher is partly based on the weak position of the US Federal Reserve. Injecting liquidity could ease recession concerns, but it also reduces the appeal of government bonds, which favors risk-on assets like Bitcoin.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Key points:

Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.

Several altcoins have bounced off their respective support levels, signaling a positive sentiment.

Analysts expect Bitcoin to maintain its positive momentum and surge above $200,000 by the end of the year.

Bitcoin (BTC) rose to a new all-time high on May 21 on easing macroeconomic fears and continued inflows into the US-based spot Bitcoin exchange-traded funds. Analysts expect the momentum to continue and Bitcoin to surge to $200,000 by the end of the year.

There are some murmurs among analysts about a bearish divergence, leading to a double-top pattern. However, private wealth manager Swissblock Technologies said in a post on X that its Bitcoin Fundamental Index is not showing any bearish divergence, and the onchain strength remains intact.

Crypto market data daily view. Source: Coin360

Bitcoin is on the verge of forming a “golden cross” on the daily chart, which generally is followed by sharp rallies, barring a few instances when the pattern failed. Bitcoin’s strength is expected to improve sentiment in the cryptocurrency sector, pulling several altcoins higher.

What are the possible target levels for Bitcoin? Could altcoins break above their respective overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin rose above the $109,588 overhead resistance, but the bulls are struggling to sustain the higher levels, as seen from the long wick on the candlestick.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the bulls are in control. If the price closes above $109,588, the BTC/USDT pair could pick up momentum and skyrocket toward $130,000.

The 20-day exponential moving average ($101,958) is the critical support to watch out for on the downside. A break below the 20-day EMA will be the first sign that the bulls are booking profits in a hurry. That increases the risk of a break below the psychological support of $100,000. 

Ether price prediction

Buyers are trying to sustain Ether (ETH) above the $2,550 level but are facing significant resistance from the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($2,334) and the RSI near the overbought zone indicate that buyers are in control. The ETH/USDT pair is likely to pick up momentum on a break above $2,739. That clears the path for a rally to $3,000.

Contrary to this assumption, a break and close below the 20-day EMA signals that the bears are back in the game. The pair could tumble to $2,111, which is likely to attract solid buying by the bulls.

XRP price prediction

XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.35).

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the XRP/USDT pair may stay inside the $2 to $2.65 range for a while. 

Instead, if the price turns up sharply from the 20-day EMA and breaks above $2.65, the advantage will tilt in favor of the bulls. The pair could rally to $3 and, after that, to $3.40, where the sellers are expected to mount a strong defense.

BNB price prediction

BNB (BNB) bulls have held the 20-day EMA ($639) support during the pullback, indicating buying on dips. 

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to push the price above $693 but are expected to face solid selling by the bears. However, if buyers bulldoze their way through, the BNB/USDT pair could skyrocket to the overhead resistance at $745.

This optimistic view will be negated in the near term if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. That could sink the pair to the 50-day SMA ($609). 

Solana price prediction

Sellers failed to pull Solana (SOL) below the 20-day EMA ($164), indicating demand at lower levels.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to propel the price above the $185 overhead resistance. If they can pull it off, the SOL/USDT pair could accelerate toward the target objective of $210 and then $220.

If sellers want to prevent the upside, they will have to quickly tug the price below the 20-day EMA. The pair could slide to $153 and later to the 50-day SMA ($145). That suggests a possible range-bound action between $120 and $180.

Dogecoin price prediction

Dogecoin (DOGE) has bounced off the breakout level of $0.21, indicating that buyers are active at lower levels.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.21) is trending up, and the RSI is in the positive zone, signaling that buyers are in command. The DOGE/USDT pair could rally to the $0.26 level, which could attract sellers. If the price turns down sharply from the overhead resistance, the pair could form a narrow range between $0.26 and $0.21 for some time.

Contrarily, a break and close above $0.26 signals the start of the next leg of the up move. The pair could then surge to $0.35.

Cardano price prediction

The bulls have kept Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern during the pullback. 

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA ($0.74) and the RSI in the positive zone indicate the bulls have an edge. Buyers will have to thrust the price above $0.86 to signal the resumption of the uptrend. The ADA/USDT pair could then skyrocket to $1.01.

This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day SMA ($0.69). That suggests the bulls are losing their grip, increasing the risk of a fall to $0.60.

Related: Bitcoin enters ‘acceleration phase’ resembling BTC price gains seen after Trump election victory

Sui price prediction

Sui’s (SUI) pullback has taken support at the 20-day EMA ($3.73), indicating a positive sentiment.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. The SUI/USDT pair could reach the $4.25 obstacle, where the sellers are expected to step in. If buyers do not cede much ground to the bears, it increases the likelihood of a break above $4.25. The pair may then climb to $5.

The 20-day EMA is the critical support to watch out for on the downside. A break and close below the 20-day EMA could sink the pair to the 50-day SMA ($3.04).

Chainlink price prediction

Buyers successfully defended the neckline of the inverse H&S pattern in Chainlink (LINK), indicating buying on dips.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to strengthen their position by pushing the price above the resistance line. If they manage to do that, the LINK/USDT pair could rally to $18. Sellers will try to halt the up move at $18, but the rally could extend to $19.80 if the bulls prevail.

Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 50-day SMA. The pair may then remain inside the channel for a few more days.

Avalanche price prediction

Avalanche (AVAX) took support at the 50-day SMA ($20.88), signaling that the bulls are trying to form a higher low. 

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to drive and maintain the price above the $23.50 resistance to gain the upper hand. The AVAX/USDT pair could then climb to $26.84, which may act as a hurdle. If buyers overcome the $26.84 barrier, the pair could ascend to $31.73 and subsequently to $36.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA, it suggests that the bulls have given up. The pair could then decline to $18.50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.