Coinbase faces class action lawsuit

Coinbase faces a class action lawsuit for failing to secure its customers’ accounts properly leaving them vulnerable to theft and unauthorized transfers.

The complaint was filed in the US District Court for the Northern District of Georgia for inadequate security of its user’s accounts and violating deferral law by listing securities on its trading platform.

The crypto exchange also faced further accusations from the same complainant of financial concern to its users by blocking them out of their accounts and sometimes even permanently.

A 2019 incident was cited regarding an alleged six-month wait to allow a customer back into their own account.

The complaint made last week represents more than 100 people including Georgia resident and lead plaintiff George Kattula.

Herman Jones lawyer John Herman, representing Kattula, said: “We are aware of a large number of fraudulent transactions in the accounts of Coinbase customers, are encouraging all Coinbase account holders to review their accounts carefully and advise us promptly of any irregular activity.”

This is not Coinbase’s first encounter with a lawsuit from a disgruntled investor. The exchange has faced several allegations leading to class action lawsuits.

To avoid facing another court case, Coinbase is currently in the process of settling two additional lawsuits filed by investors through arbitration.

As well as this, earlier this month, a shareholder of the company claimed it to have misled investors in last year’s public listing.

You can safely use your crypto at great crypto gaming sites such as Bitcasino, 1xBit or FortuneJack.

 

Source

Updated: 08/23/2022 — 12:00