Coinbase Faces Lawsuit Over Alleged Lapses in Security

Coinbase failed to adequately secure the accounts of its users, making them exposed to theft and unauthorized transfers- According to Class Action Lawsuit Filed

In addition, the complainant accuses that by permanently or repeatedly shutting customers out of their accounts, the firm is harming users financially.

A number of lawsuits from disgruntled investors have been filed against Coinbase

A shareholder of Coinbase alleged that the company misled investors about last year's public listing

George Kattula, the lead plaintiff and a resident of Georgia, is a member of a group that the Georgia case represents.

After the SEC declared it was looking into Coinbase's suspected sale of cryptocurrency securities in July, the lawsuits started to mount up this year.

“Coinbase’s user growth has outpaced its ability to provide the account services and protections it promises to consumers,” Kattula's complaint said.

Kattula is suing for damages over $5 million (minus his legal fees and costs), as well as for injunctive relief.