Good morning. Coinbase Global said Thursday that it has refused to pay a $20 million ransom demand from cybercriminals who bribed the company’s overseas customer support agents to steal sensitive user data.

The cryptocurrency exchange estimated that the incident could cost from $180 million to $400 million, between fixing the underlying issues and reimbursing customers, according to a regulatory filing.

• The ransom: The company said it received an email on Sunday from an unknown party who claimed to have obtained information about certain customer accounts, adding that the threat actor appears to have obtained the information by paying multiple contractors or employees working in support roles outside the U.S.
   
• Info stolen: Coinbase said it determined that the email was credible, and that while customer funds weren’t accessed, the stolen data included personal information such as names, addresses, phone numbers and email addresses; masked Social Security and bank-account numbers; government‑ID images such as driver’s licenses and passports; and account data such as balance snapshots and transaction histories.
   
• The impact: The disclosure sent the company’s stock down more than 7% on Thursday. The data breach is a setback for the largest U.S. crypto exchange, which has cultivated a reputation for safety and largely avoided the type of attacks and thefts that have crippled many overseas exchanges.

Democrats want answers from Trump on Binance founder’s pardon push.

Three top Democratic senators are asking the Trump administration to detail its interactions with crypto exchange Binance and billionaire founder Changpeng Zhao as he seeks a presidential pardon, the latest inquiry into potential conflicts of interest in the industry.

Sen. Elizabeth Warren (D., Mass.), Sen. Dick Durbin (D., Ill.) and Sen. Richard Blumenthal (D., Conn.) pushed administration officials to explain how they have discussed a potential pardon with Zhao, widely known as CZ, according to their letter, a copy of which was reviewed by The Wall Street Journal.

Trump’s memecoin dinner to draw crypto high rollers.

A few weeks ago, President Trump’s memecoin looked moribund, its price tumbling toward zero. Then it was suddenly imbued with something of real value: access to the president.

The cryptocurrency’s creators invited the 220 biggest holders of the coin, known as $TRUMP, to a gala dinner with him next week. The top 25 will have a chance to hobnob with Trump at a special VIP reception. The news set off a frenzy of buying, and the winners—an eclectic group of crypto luminaries, MAGA fans and speculators—are now set.

Blockchain data suggests that many of the attendees of the VIP reception will be foreigners.

Government-watchdog groups have condemned the dinner, saying it potentially violates federal rules that bar officials from soliciting gifts. If any attendees are linked to foreign states, the dinner could also violate the Constitution’s emoluments clause, which bars federal officials from accepting gifts from foreign governments, they say.

• European Union officials said that TikTok might be breaking the bloc’s Digital Services Act rules on advertising, exposing the popular video-sharing app to a hefty fine if the EU’s allegations are substantiated.
   
• The Trump administration is ramping up attacks on Europe’s digital rules, opening a new front in Washington’s pressure campaign on longtime allies that combines assertions of defending free speech with efforts to protect commercial interests.
   
• The Justice Department is investigating UnitedHealth Group for possible criminal Medicare fraud, people familiar with the matter said.
   
• The U.K.’s financial sanctions reporting requirements for high-value dealers and art market participants came into force this week, imposing the same compliance obligations as financial institutions and legal firms.

EU wants more in U.S. trade deal than U.K. or China got.

The European Union wants a trade deal with the U.S. that sees a larger reduction in tariffs than negotiations with the U.K. and China have so far yielded, officials from the bloc said Thursday.

President Trump imposed a series of tariffs that affect Europe’s makers of automobiles, steel and aluminum. On April 2, he announced a sharp rise in tariffs on all imports from Europe, but a week later reduced the increase to 10% for 90 days to allow for negotiations.

Meanwhile, trade war price increases are coming for American shoppers. Retail goliath Walmart on Thursday said it plans to raise prices this month and early this summer, when tariff-affected merchandise hits its store shelves. Some prices already have increased.

• American negotiators for the first time pitched a nuclear proposal to their Iranian counterparts, according to people briefed on the matter, days before President Trump said the U.S. was close to an agreement on the matter on Thursday.
   
• Ukrainian President Volodymyr Zelensky authorized the first direct peace talks with Russia in three years, aiming to persuade President Trump that he was sparing no effort to end the war.
   
• President Trump has extended the national emergency declaration for Iraq for another year, preserving the legal foundation for U.S. sanctions as the administration continues to cite “unusual and extraordinary” threats to national security.
   
• The European Union has agreed on its 17th package of sanctions against Russia, European Council President António Costa confirmed Wednesday, marking the first official acknowledgment of the deal focusing on Moscow’s oil smuggling.
   
• Japan’s real gross domestic product declined 0.2% in the January-March period from the previous quarter, preliminary government data showed Friday, putting the risk of a technical recession in play.

• House Republican committees mixing the ingredients for the tax-and-spending policy megabill are focusing on ending green-energy tax credits and trimming Medicaid to find hundreds of billions in cost cuts, to help offset the extension of expiring 2017 tax cuts and further tax relief. But the same GOP lawmakers are also scanning for ways to pull in small bits of new cash to help make the math work.
   
• The mystery around how the Bayesian disappeared under the waves in a matter of minutes last August—leaving seven people dead, including British tech millionaire Mike Lynch and his daughter Hannah—is the focus of investigations by both Italian and British authorities. The boat, which is still at the bottom of the sea off the coast of Sicily, is being salvaged.
   
• President Trump’s bid to abolish birthright citizenship sparked more than two hours of oral argument Thursday at the Supreme Court, where justices wrestled less with the legality of his decree than with the propriety of federal judges blocking administration policies nationwide.
   
• President Trump wants an American-made iPhone. Apple Chief Executive Tim Cook has no plans to deliver one any time soon. 
   
• A lawyer for Sean “Diddy” Combs on Thursday argued that singer Cassie Ventura was so deeply in love with the music mogul that she willingly participated in dayslong, drug-fueled sex parties.

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