00:00 Speaker a
Want to check out Coinbase's stock this week as it began with the platform reaching a major milestone, announcing its addition to the S&P 500. But the worst happened yesterday when the company revealed a serious cybersecurity breach, confirming an ongoing SEC investigation into its past users. Join us now to solve it all, the latest is what he said is the coin, no good, a very bad day. That would be Mark Palmer, managing director of benchmark companies, senior research analyst for fintech and digital assets. Well, Mark, it's great to see you. So Mark has a lot to break up. OK, so they are added to SPX. This is a huge achievement. It's a big milestone, but Mark, we have this title made hacker. Let's start with hack. I mean, your harvest, Mark. What are investors’ concerns about this?
01:34 Mark Palmer
Yes. Well, first of all, thank you so much for keeping me going. You know, Coinbase, well, is indeed one-off. You know, what we're talking about is, um, consultants hired by the company, um, um, customer service, um, abroad. And, uh, cyber hackers, uh, in this case, uh, caught these people and bribed them so they could access Coinbase’s platform. Well, at this point, they are able to access a lot of different material about the customer’s background, but it’s important that there isn’t a login information with the cryptocurrency, uh, um, um, um, what you know, um, um, um, um, um, you know, um, um, you know, um, um, you know, um, um, you know, um, um, um, you know, um, um, um, um, um, you know, a lot of money is being lifted from the platform, as you usually see, um, some of these hacking incidents. That being said, well, this is always a problem when the exchange violates it. Well, but management acted quickly. Well, they came up with all the information about what happened, um, um, um, um, they had a remedial plan, um, that would ultimately help compensate anyone who was affected by this, um, you know, um, you know, to $18 billion to $400 million. Well, so it's a weird story, uh, but, uh, it really doesn't have anything to do, uh, there are all kinds of, uh, cybersecurity, uh, protections, uh, uh, uh, uh, uh, uh, uh, is what the company has achieved. It's really, uh, more of the real world type of events we're talking about here.
