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• UK’s FCA proposes easing 4 core rules for crypto firms while stressing strong operational safeguards.
• Regulator cites $1.5B Bybit hack to justify tougher cyber resilience rules despite lighter principles.
• Crypto ownership in Britain hits 12%; FCA seeks feedback by Nov 12 on new regulatory framework.

Britain’s financial regulator has unveiled proposals that could reshape how cryptocurrency companies operate in the country.

The Financial Conduct Authority (FCA) said on Wednesday that crypto firms might be exempted from four key principles that usually apply to financial services companies.

These rules normally ensure that businesses act with integrity, with skill and diligence, and in the best interests of customers.

The FCA’s consultation comes at a time when Britain is positioning itself as a major player in the global digital assets sector, after signalling in April that it would work with the United States on a coordinated approach.

FCA suggests easing four core principles for crypto sector

The FCA said it is considering removing four specific obligations for crypto trading platforms.

These cover requirements that firms must run their business with integrity, act with care and skill, take account of customer interests, and ensure any advice or discretionary decisions made for clients are suitable.

The regulator noted that while crypto assets remain volatile and risky, the new framework is designed to help firms meet consistent standards without stifling competition.

The regulator stressed that these adjustments are aimed at supporting the growth of the UK’s crypto industry, while still maintaining trust and market stability.

At the same time, it highlighted that crypto assets remain high-risk and consumers must continue to be protected from poor business practices.

Stronger operational risk rules after $1.5 billion hack

While easing some principles, the FCA is also proposing stricter measures on operational risk.

This move follows a $1.5 billion hack on Dubai-based exchange Bybit in February, which the regulator pointed to as an example of why “strong operational resilience controls” are needed.

The FCA wants firms to ensure they have systems in place that can withstand cyberattacks and operational failures, which are becoming more frequent as digital asset markets expand.

The consultation paper also asks whether customer access to the Financial Ombudsman Service should extend to crypto asset firms, giving clients a route to compensation when disputes arise.

In addition, it seeks feedback on whether the consumer duty—requiring firms to put customer interests first—should apply in this market.

Growing ownership of cryptocurrencies in Britain

Crypto ownership has increased sharply in Britain in recent years.

Government data shows that about 12% of adults have owned or currently own cryptocurrencies such as Bitcoin or Ethereum, compared with only 4% in 2021.

This rapid growth underscores the need for a regulatory framework that both protects customers and allows the industry to expand in a competitive environment.

The FCA is asking for feedback on its proposals by 12 November.

Any finalised rules are likely to set the tone for how Britain balances consumer protection with the ambition to build a sustainable and competitive digital asset sector.

The post Crypto firms in Britain may face new FCA proposals on conduct rules appeared first on CoinJournal.

• Coinbase breach traced to TaskUs staff; $400M lost as hackers exploited insider-sold customer data.
• Court docs show TaskUs workers sold records, triggering scams, lawsuits, and 300 employee firings.
• Coinbase tightened controls, cut TaskUs ties, and reimbursed victims after insider-driven data theft.

New court documents have revealed how a data breach at Coinbase, which came to light in May 2025, originated from inside an outsourced customer service firm.

The breach, traced back to TaskUs employees, exposed highly sensitive user data, including Social Security numbers and bank details.

Hackers later used this information to impersonate Coinbase staff and trick users into transferring cryptocurrency into fraudulent wallets.

By Coinbase’s estimates, the total losses reached $400 million.

The revelations highlight how insider threats at third-party providers continue to undermine security in the digital asset industry.

TaskUs employee identified in data theft conspiracy

The amended class action complaint, filed in the US District Court for the Southern District of New York, shows that the breach stemmed from TaskUs, a business process outsourcing company Coinbase used for customer support.

According to the filings, criminal groups began contacting TaskUs employees in 2024, offering payments in exchange for highly sensitive user records.

From September 2024, TaskUs employee Ashita Mishra allegedly started photographing confidential Coinbase customer files and selling them to external hackers for about $200 per image.

Court filings revealed Mishra’s phone stored data on more than 10,000 customers when TaskUs discovered the breach in January 2025. Some days showed up to 200 photographs taken.

The documents describe the plot as wider than one individual.

Multiple TaskUs employees reportedly collaborated in smaller groups, forwarding stolen records to organised criminals.

The breach was uncovered in early January 2025, yet neither TaskUs nor Coinbase disclosed the incident until May 2025.

Coinbase breach scale and ransom demands

When the breach became public in May 2025, Coinbase reported that attackers had bribed support agents to gain access to sensitive records. Reports at the time noted that the attackers demanded a $20 million ransom.

Coinbase declined to pay and instead announced a $20 million bounty for information leading to the identification and prosecution of those involved.

Meanwhile, fraudsters used the compromised details to impersonate Coinbase representatives.

Victims were tricked into transferring assets into wallets controlled by criminals.

According to the lawsuit, several customers lost their life savings and retirement funds. The complaint notes that the stolen funds reached as much as $400 million.

The breach also had market repercussions. Coinbase stock declined following the disclosure, leading to further investor lawsuits citing financial losses.

Insider networks and mass layoffs

The lawsuit revealed that TaskUs fired about 300 employees at its India-based centres after identifying the conspiracy.

Investigations suggested that Mishra and an accomplice had established smaller groups within TaskUs to gather and distribute stolen Coinbase user records.

Despite becoming aware of the breach in January 2025, Coinbase and TaskUs did not notify customers immediately.

Both firms disclosed in their Form 10-K filings that they were not aware of any material data breaches, even though the breach had already been identified internally.

During the months of silence, customers continued to be targeted by phishing campaigns and impersonation schemes, escalating the impact of the breach.

Coinbase response and tightening of security

Coinbase has since confirmed that it severed ties with the implicated TaskUs staff and has introduced stricter insider controls.

According to filings and subsequent company statements, Coinbase notified affected users, regulators, and reimbursed impacted customers.

The exchange also moved to limit remote work practices for external support staff, aiming to reduce risks of insider threats and infiltration.

The company referenced concerns about foreign operatives, including North Korean actors, attempting to exploit vulnerabilities through social engineering and bribery.

The case highlights the vulnerabilities of third-party outsourcing in crypto security.

Even as exchanges deploy advanced technical defences, insider risks at service providers remain a critical threat vector.

The ongoing lawsuit will determine accountability between Coinbase, TaskUs, and the networks of employees who enabled one of the most damaging insider breaches in the sector.

The post Coinbase insider breach linked to $400 million crypto theft, court files reveal appeared first on CoinJournal.

• Cardano consolidates near $0.87 as Fed rate cuts loom; bulls eye $1 while bears target $0.70.
• ADA forms descending triangle; upside to $1–$2 possible if bulls break out.
• Market awaits Fed easing signals; ADA’s 150% surge potential hinges on macro and technicals.

Cardano (ADA), with its price around $0.87, remains among the top 10 cryptocurrencies by market cap despite bulls struggling over the past month.

While altcoins like Filecoin and BNB surge, ADA hovers at the current level after bears once again showed determination near $0.88.

The token’s 0.5% decline over the past 24 hours amid broader market bounce signals consolidation with technical indicators painting a potential short term bullish flip.

A cascade of selling pressure may otherwise hasten ADA price crash to the $0.70 level.

Cardano price: what are analysts saying?

Market sentiment and broader macro influences weigh heavily not just crypto but overall risk assets.

This includes the US Federal Reserve’s anticipated rate decisions on Sept. 17 that analysts say could be notable for investor sentiment.

“The Fed is widely expected to begin its next easing cycle tonight, with markets fully pricing in a 25bp cut that will bring the policy rate to 4.00–4.25%,” analysts at QCP wrote. “Given the Fed’s well-telegraphed intention to start cutting in September, investor focus is squarely on the Summary of Economic Projections (SEP) for clarity on the pace and scale of easing through 2026. Current market pricing reflects three cuts in 2025 and an additional three in 2026. Powell’s press conference will provide further details on the Fed’s near-term policy path.”

ADA price: 150% amid bullish technical picture?

Over the past week Cardano’s price action has been characterized by a tight consolidation within a descending triangle pattern.

This is a technical formation that often leads to sharp directional moves.

Whereas ADA hovers just above its 20-day exponential moving average (EMA) at $0.86, the Relative Strength Index stands at 51 to suggest room for both bulls and bears.

Buyers can explore a new leg before hitting overbought conditions.

Conversely, hovering near the neutral mid-point signals that sellers have a similar outlook before ADA likely tips towards the oversold territory.

On the upward, Cardano will target the psychological barrier around $1.00 and then a new leg up.

However, if bulls fail to rally, a dip to the historical floor around $0.80 will offer an opportunity for new buying interest.

The $0.70 area is the other big zone of interest for sellers.

Such a move would mean a 10-15% retracement, before bulls retake control and ADA aims for $0.95 and above $1.00.

A 150% surge from current levels means Cardano could hit $2 or higher in coming months.

Bulls’ aim will also include the all-time high above $3.10 reached in September 2021.

The post Cardano price forecast: Could Fed decision catalyze 150% gains for ADA? appeared first on CoinJournal.