PRESENTED BY

NEWS
Giddyup Bounty Hunters 🤠 

The market climbed Thursday, as uneven retail earnings met with warnings from Powell that rates might not reach 0% any time soon. Coinbase faced a hack and called a bounty hunt, Walmart warned they were raising prices, and Jamie Dimon said recession might still be on the table. 👀

Today's issue covers: Yeehaw! Get Ready For A Coinbase Crypto Hacker Round-Up! Macro Looks Fine, But Fed Is Fed Up and More. 📰 

CLOSING BELL

With the final numbers for indexes and the ETFs that track them, 6 of 11 sectors closed green, with health care $XLV ( ▼ 0.3% ) leading and discretionary $XLY ( ▲ 0.77% ) lagging.

S&P 500 $SPY ( ▼ 0.11% ) 5,917

Nasdaq 100 $QQQ ( ▼ 0.11% ) 21,336

Russell 2000 $IWM ( ▼ 0.32% ) 2,095

Dow Jones $DIA ( ▲ 0.49% ) 42,323

STOCKS
Yeehaw! Get Ready For A Crypto Hacker Round Up! 🪢 

Right after enjoying a win after snagging the much lauded S&P 500 listing spot, Coinbase shares fell early Wednesday after disclosing a security breach. Hackers bribed their way into the possession of Coinbase customer data and demanded $20M from the firm to delete it. They had access to names, addresses, government-issued IDs, and even BANKING DETAILS.

A Bloomberg report said the hackers basically had open access to client data for months. Don’t worry, though crypto bro: the attack exposed sensitive user data, though the firm claims no passwords or private keys were compromised.

$COIN ( ▼ 7.05% ) rejected a $20 million ransom demand issued this Sunday, and instead launched a $20 million reward fund for tips leading to the attackers' prosecution. The breach affected less than 1% of monthly transacting users, but Coinbase said it might cost $400M.

In a double hammy, the firm also faced allegations from the SEC that it had misrepresented its verified user counts. It was not the only multi-year SEC case against the firm: one was dropped after Trump took office, which alleged that they had sold securities illegally.

This other case revolves around their user count. Before the firm went public, it calculated 100M users with email address accounts, not verified traders. The firm said this allegation is old news, and they already said sorry, and changed the user numbers (after clearing $86B in valuation during their IPO).

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