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Coinbase's Base Faces Backlash Over $17M Token Crash

4/17/2025

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Summary

Story summary

Coinbase's Layer-2 network, Base, is under fire after a promoted token skyrocketed to $17 million, only to plummet 95% in mere minutes. Critics allege a pump-and-dump scheme, while Base defends it as an unintended experiment with "contentcoins." This incident has ignited fears of insider trading and eroded trust in the volatile crypto landscape.

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Story summary

Coinbase's Layer-2 network, Base, is under fire after a promoted token skyrocketed to $17 million, only to plummet 95% in mere minutes. Critics allege a pump-and-dump scheme, while Base defends it as an unintended experiment with "contentcoins." This incident has ignited fears of insider trading and eroded trust in the volatile crypto landscape.