Crypto Markets Plunge Amidst Security Breach and Coinbase Earnings

Crypto markets took a hit on Thursday due to a major security breach and disappointing second-quarter results from Coinbase. The hack exploited multiple Coldcard hardware wallets, allowing an attacker to steal around $38 million worth of Bitcoin.

The vulnerability allowed the attacker to generate predictable keys instead of random ones, making it easier for them to target single-signature wallets. According to reports, the hacker targeted around 500 such wallets in under 30 minutes.

Coinbase's second-quarter results were also a cause for concern, as they reported their third straight quarterly loss due to slowing crypto trading activity.