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Coinbase-Backed Base Network Faces Major Setbacks of Hefty Losses

Coinbase-Backed Base Network Faces Major Setbacks of Hefty Losses

In a 24-hour window, RocketSwap and SwirlLend, both operating on Base, report losses surpassing $1 million due to external threats.

by Emily Tonelli

3 min read

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Coinbase Global, Inc. (COIN) price

Full chart and stats

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Market cap
$42.5B (shares as of 2026-06-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx $161$42.5BNot meaningfulLoss, diluted EPS −3.79
to 2026-06-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx $141UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx $82Unavailable16.3Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx $22$13.0BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

The cryptocurrency community has once again been rocked by security breaches as two top-tier crypto projects, RocketSwap and SwirlLend, on Coinbase’s acclaimed Base layer2 network, report severe financial hits.

SwirlLend, a lending platform that seamlessly runs on both the Linea and Base systems, reportedly saw its funds diminish from $784,000 to $49,200 across dual blockchains.

The platform’s digital footprint appears to be erased overnight, with their official website and social channels going dark.

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Blockchain-centric firm Peckshield weighed in on the event. Their forensic analysts tracked a suspicious transfer of cryptos – $290,000 moving from Base to Ethereum. Additionally, a sizable amount of 94 ETH was flagged as it shifted from Linea to Ethereum, orchestrated via Orbiter Finance Bridge.

Also, RocketSwap’s recent records show that the exchange wasn’t immune to security pitfalls either. On August 15, it acknowledged a brute force breach, with the financial damage are yet to be unveiled by RocketSwap.

External assessment from Peckshield postulates the dent to be in the neighborhood of 471 ETH, translating to around $865,000.

The attackers adeptly reallocated these funds from Base to Ethereum.

Responding to the event, RocketSwap clarified the point of weakness — an inadequately configured proxy contract associated with their primary farm contract. This loophole rendered some high-risk permissions exposed, “there were multiple high-risk permissions that led to the transfer of the farm’s assets.”

The platform swiftly initiated risk-aversion measures and is on track to roll out an enhanced farm contract, tweeting:

“The RocketSwap team is collecting damaged addresses and amounts in the farm We will also discuss compensation options.”

Base launched on August 9, bridging Coinbase onto layer 2 with over 100 DApps and services ready for integration. Projects such as Chainlink and Ramp Network have been onboarding onto Base, bringing new services onto the network for better DApp buildability and functionality:

“This will accelerate the creation of novel apps that capitalize on the powerful network effects afforded by the new layer2.”

Disclosure: This article was edited by Emily Tonelli. For more information on how we create and review content, see our Editorial Policy.

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