- Coinbase reported a surprise net loss of $359 million in Q2, with revenue falling 14% from the prior quarter.
- The New York Attorney General filed a petition to shut down Kalshi, seeking at least $36 billion in damages.
- A critical flaw in Coldcard hardware wallets led to the theft of $38 million in Bitcoin from approximately 500 wallets.
Coinbase reported $1.22 billion in second-quarter revenue on Thursday, down 14% from the prior quarter, alongside a net loss of $359 million. The results severely missed Wall Street expectations, which had modeled revenue of $1.29 billion and a roughly break-even result per share.
Total crypto spot trading volume fell more than 20% from the prior quarter as prices declined and volatility hit multi-year lows. Consequently, transaction revenue dropped 21% to $599 million, and subscription and services revenue also missed targets.
The New York Attorney General filed a petition to shut down Kalshi, calling the prediction market platform an illegal gambling operation. The petition seeks at least $36 billion in damages from the company operating in New York State.
Meanwhile, a catastrophic security flaw in Coldcard hardware wallets drained $38 million in Bitcoin from about 500 wallets. An attacker reportedly exploited a build error that left seeds far more guessable than intended, sweeping 594 BTC in just 25 minutes.
Strategy booked an $8.2 billion Q2 loss as Bitcoin fell below its $75,476 cost basis. The loss was far worse than the $2.15 billion Wall Street expected, though the firm added 11% to its Bitcoin stack.
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