Coinbase falls after NYT report on SEC investigation

Shares of cryptocurrency exchange Coinbase Global COIN.O fall 6.5% to $246.31

COIN says strongly believes this investigation should not continue, after NYT report says the U.S. Securities and Exchange Commission is investigating whether its user numbers in past disclosures were accurate

"This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago" — Paul Grewal, COIN's chief legal officer

COIN separately forecast a hit of $180 million to $400 million from a cyberattack that breached account data of a "small subset" of its customers