• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, January 31, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Coinbase Faces Class Action Lawsuit Over Lapses in Security

August 23, 2022
in Crypto News
Reading Time: 2 mins read
A A
ShareShareShareShareShare

Crypto exchange Coinbase is facing yet another lawsuit, this time over alleged lapses in security. The lawsuit filed in a federal court in Georgia alleges that the exchange failed to secure users’ accounts against hacks and theft.

A complaint filed in the U.S. District Court for the Northern District of Georgia accuses the crypto exchange of causing financial harm to users by locking them out of their accounts permanently or for long periods of time, as well as violating federal law by listing securities on its trading platform. Coinbase allegedly failed to properly secure customers’ accounts, thereby leaving them vulnerable to hacks and thefts. Plaintiff George Kuttula requested a jury trial against the exchange, arguing that Coinbase should be registered as a broker in the country as it handles the transfer of securities. The suit is seeking damages exceeding $5 million, a binding judgement, and injunctive relief.

The lawsuit says:

Coinbase does not disclose that the crypto assets on its platform are securities. Indeed, Coinbase boldly flouts federal and state laws by proclaiming it does not need a registration statement for those securities and by refusing to register as a securities exchange or as a broker-dealer.

The filing adds:

Crypto assets resemble traditional securities because they represent an investment in a project that is to be undertaken with the funds raised through the sale of the crypto (whether it be a “token,” “stablecoin,” or cryptocurrency). Investors purchase crypto with the hope that the crypto’s value will appreciate as the issuer creates some use that gives the crypto value.

The complaint says that the exchange requires customers to first use its support team in the event of any issues, but if it is not resolved in that way, customers have to go through the “Formal Complain Process.” It adds:

If that fails to resolve the customer’s dispute, only then can customers attempt to resolve disputes through arbitration. But Coinbase systemically fails to follow those pre-arbitration dispute resolution mechanisms as set forth in the User Agreement, thereby rendering the provision, including its delegation provision, void.

The suit comes soon after the U.S. Securities and Exchange Commission said that it was investigating the exchange over the listing of securities.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


Credit: Source link

Related articles

Orbeon Protocol (ORBN) Could Match Cardano (ADA) And Solana (SOL)…

January 31, 2023

Dogecoin on the Edge of Massive Explosion! Will DOGE Price Reach $1 This Bull Run?

January 31, 2023
ShareTweetSendPinShare
Previous Post

MetaMask vs Coinbase Wallet – Which Wallet is Better?

Next Post

US Court Allows Use of Crypto Firm’s Records to Identify Tax Cheats

Related Posts

Orbeon Protocol (ORBN) Could Match Cardano (ADA) And Solana (SOL)…

January 31, 2023

Due to the prolonged global beer market, lots of crypto traders and investors have had to abandon big projects like...

Dogecoin on the Edge of Massive Explosion! Will DOGE Price Reach $1 This Bull Run?

January 31, 2023

Dogecoin, the 9th-ranked asset, has jumped more than 10% at the moment and is heading strongly towards the crucial levels...

Addressable raises $7.5M to enable Web3 companies to acquire users at scale

January 31, 2023

Tel Aviv, Israel, 31st January, 2023, Chainwire Addressable, an innovative end-to-end solution for Web3 marketing, announced today that it secured...

VitaDAO – Pfizer Ventures raise millions for research on extending human life

January 31, 2023

  VitaDAO has raised $4.1 million from Pfizer Ventures among other investors. The latest fund raiser will fund longevity research...

veDAO joins hand with Port3 to strengthen Web3 ecosystem

January 31, 2023

veDAO happens to very pleased and takes immense pleasure in the making of their formal announcement of having forged an...

Load More
Next Post

US Court Allows Use of Crypto Firm’s Records to Identify Tax Cheats

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CeFi regulation may create an advantage for DeFi, Bitcoin.com CEO says

January 6, 2023

Gemba, A Leading Enterprise Metaverse Platform, Secures $18 Million in Funding

January 27, 2023

Jim Cramer Expects SEC to ‘Do a Roundup’ of Uncompliant Crypto Firms — Urges Investors to Get Out of Crypto Now – Regulation Bitcoin News

January 7, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Silvergate’s ties to FTX face renewed scrutiny from senators
  • Trevor Jones Takes EthBoy London’s Oxford Street
  • As Bitcoin rallies after FTX collapse, 25% of supply is held between $15.5k and $23k

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$22,977.001.17%
  • ethereumEthereum(ETH)$1,577.991.39%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • binancecoinBNB(BNB)$310.471.80%
  • rippleXRP(XRP)$0.4061863.51%
  • binance-usdBinance USD(BUSD)$1.000.09%
  • cardanoCardano(ADA)$0.3865604.52%
  • dogecoinDogecoin(DOGE)$0.09521110.25%
  • matic-networkPolygon(MATIC)$1.102.37%
  • okbOKB(OKB)$37.310.61%
  • solanaSolana(SOL)$23.800.71%
  • staked-etherLido Staked Ether(STETH)$1,569.101.21%
  • polkadotPolkadot(DOT)$6.221.26%
  • shiba-inuShiba Inu(SHIB)$0.0000122.48%
  • litecoinLitecoin(LTC)$93.153.30%
  • avalanche-2Avalanche(AVAX)$19.761.37%
  • tronTRON(TRX)$0.0620040.01%
  • daiDai(DAI)$1.00-0.09%
  • uniswapUniswap(UNI)$6.521.94%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,923.001.18%
  • cosmosCosmos Hub(ATOM)$13.312.22%
  • chainlinkChainlink(LINK)$6.900.91%
  • ToncoinToncoin(TON)$2.271.04%
  • leo-tokenLEO Token(LEO)$3.52-2.23%
  • moneroMonero(XMR)$176.180.44%
  • ethereum-classicEthereum Classic(ETC)$21.532.02%
  • AptosAptos(APT)$16.66-2.62%
  • bitcoin-cashBitcoin Cash(BCH)$133.122.87%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0903491.14%
  • apecoinApeCoin(APE)$5.811.24%
  • quant-networkQuant(QNT)$140.651.09%
  • crypto-com-chainCronos(CRO)$0.0784721.62%
  • nearNEAR Protocol(NEAR)$2.301.40%
  • filecoinFilecoin(FIL)$5.193.22%
  • lido-daoLido DAO(LDO)$2.156.07%
  • algorandAlgorand(ALGO)$0.2403460.98%
  • vechainVeChain(VET)$0.0230150.68%
  • internet-computerInternet Computer(ICP)$5.821.77%
  • hedera-hashgraphHedera(HBAR)$0.0643661.42%
  • fantomFantom(FTM)$0.5414.87%
  • decentralandDecentraland(MANA)$0.730.37%
  • axie-infinityAxie Infinity(AXS)$10.730.59%
  • aaveAave(AAVE)$82.202.32%
  • eosEOS(EOS)$1.061.44%
  • the-sandboxThe Sandbox(SAND)$0.721.40%
  • flowFlow(FLOW)$1.057.99%
  • elrond-erd-2MultiversX(EGLD)$42.722.40%