Technology

Crypto Exchange Coinbase Faces Class Action Lawsuit Over Alleged Lapses in Security

Coinbase (COIN) failed to properly secure customers’ accounts, leaving them vulnerable to theft and unauthorized transfers, a putative class action lawsuit filed against the crypto exchange last week alleges. The complaint, filed in the U.S. District Court for the Northern District of Georgia, also accuses the company 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, which last year became the first cryptocurrency exchange to go public in the U.S., is facing a string of lawsuits from unhappy investors. In addition to another aspiring class action lawsuit filed in New Jersey alleging the company allowed U.S. persons to trade unregistered securities, earlier this month, a Coinbase shareholder accused the company of misleading investors about last year’s public listing. The platform is also trying to settle two separate lawsuits filed by investors through arbitration.

Full story : Crypto Exchange Coinbase Faces Class Action Lawsuit Over Alleged Lapses in Security.

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