The popular crypto exchange will not pay extortionists $20 million in ransom but will reimburse you for stolen assets.

Coinbase Canada CEO Lucas Matheson passionately argued that Canada’s newly elected Liberal government needs to embrace cryptocurrency—hours after his company revealed it was the latest Web3 victim of a potential multi-million-dollar cyberattack.

Coinbase, the largest cryptocurrency exchange based in the U.S., said Thursday that criminals had improperly obtained personal data on the exchange’s customers for use in crypto-stealing scams and were demanding a $20 million payment not to publicly release the info.

Coinbase said hackers had paid multiple contractors and employees working in support roles to collect information. It has fired those involved.

The SEC is reportedly investigating Coinbase over claims it overstated user numbers in past filings — just days before its entry into the S&P 500.

Coinbase Global shares tumbled Thursday after the company said it had been the victim of a cyberattack, and as a report emerged the Securities and Exchange Commission is investigating the platform.

Shares of Coinbase took another leg lower Thursday afternoon on a report the SEC is investigating whether the crypto exchange has misstated its user numbers.

The company is the first of its kind to join the landmark index. Cryptocurrency skeptics and fans alike say that gives the virtual tender a stamp of legitimacy, but can’t agree if it’s warranted.

US cryptocurrency exchange Coinbase has been targeted by hackers who stole customer data and demanded $20mn to prevent its public disclosure, the company said on Thursday. The group, which next Monday is set to become the first crypto exchange to join the S&P 500, said the cyber demands were made on Monday.