The company is renowned for freezing accounts, abysmal customer service, and questionable actions of all kinds.
Coinbase – A brief overview of its dubious conduct
This isn’t Coinbase’s first run in with the law, and it’s certainly not its first disgruntled customer. The firm has a long history of taking action that’s both legally and ethically problematic. Here’s some of what we’ve reported on over the years.
- Coinbase is renowned for its atrocious customer support. The neutral and user-generated review site Trustpilot has its customer support rated at 1.6/5. It can take weeks or months to get a reply to even the most basic questions.
- In March 2021, Coinbase was fined $6.5 million and ordered to cease and desist from certain behavior by the CFTC.
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For those who follow CoinGeek’s news on Coinbase, these accusations will come as no surprise.
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The lawsuit says the company never revealed the results of that investigation.
Bitcoin cash, the fourth-largest cryptocurrency by market cap, was trading at $1,253 on Monday, according to CoinMarketCap.com, down from its peak above $4,000 on Dec. 20. Bitcoin BTCUSD, -4.03% was trading at $11,319 Monday.
In the second suit, filed Friday, also in federal court in San Francisco, two men say they were unable to redeem bitcoin that had been transferred to them, and accuse Coinbase of fraudulently keeping funds that non-customers were unable to access.
A copy of this complaint is also embedded below:
They claim that when Coinbase members send cryptocurrency to a non-member, they receive an email that gives them no alternative but to open a Coinbase account.
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Class ActionsTwo Coinbase Class Action Lawsuits: Coinbase Insider Trading Allegations Arise
By Consider The Consumer on 03/13/2018
The prominent cryptocurrency exchange, Coinbase is up against two new class-action lawsuits. The Coinbase class action suits accuse the company of both insider trading, and fraudulently keeping funds.
One suit, filed Thursday in federal court in San Francisco, claims Coinbase employees unfairly profited from the December listing of bitcoin cash.
The price of bitcoin cash — which spun off from bitcoin in August — shot up almost $1,000 when Coinbase announced on Dec. 19 it would start trading in the digital currency. While the news came as a surprise to most people, the suit says employees knew about the listing ahead of time, as well as anyone they might have told, and those insiders profited unfairly when the price shot up.
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In case of a hack, Coinbase One subscribers won’t be eligible for any reimbursement “if you engage in unreasonable, offensive, or dishonest behavior in communicating with Coinbase.” This includes contacting Coinbase employees “outside of official customer support channels.”
“Eligibility, determination of the amount of any Reimbursable Losses, and any interpretation of these Coinbase Account Protection Warranty Terms will be determined by Coinbase in its sole discretion.”
What’s more, if you “initiate any action, suit or claim” against the firm, its employees, or “affiliates,” you won’t receive a penny. At press time, no court hearings have been set. However, judge Stuart M.
Rice has been assigned to the case.
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Lead plaintiffs Aramik Tarvirdi and Steve Mintz represent Coinbase users in a 10-page complaint filed with the Los Angeles County Court on Friday. They seek compensation for those who lost money allegedly thanks to the crypto exchange’s own vulnerabilities.
The pair also request a trial by jury to determine whether Coinbase violated California’s Unfair Competition Law and a court order that would ban it from marketing or selling Coinbase One — a $360-per-year subscription that would give updated security and compensate users up to $1 million in the event of a hack.
In the lawsuit, Tarvirdi and Mintz allege that Coinbase purposefully left vulnerabilities in its security systems for “ease of use” and in order to upsell Coinbase One.
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The complaint is embedded below for your convenience:
The suit alleges that when trading began, insiders swamped Coinbase’s system with buy and sell orders at “fair prices.” Coinbase had to suspend bitcoin cash trading until the next day to maintain liquidity.
“When Coinbase’s customers’ trades were finally executed, it was only after the insiders had driven up the price of bitcoin cash, and thus the remaining bitcoin customers only received their bitcoin cash at artificially inflated prices that had been manipulated well beyond the fair market value of bitcoin cash at that time,” the lawsuit claims.
At the time, Coinbase said it would conduct an investigation into whether any employees acted improperly.
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An investor’s ability to share in any potential future recovery of the Coinbase class action lawsuit is not dependent upon serving as lead plaintiff.
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Coinbase accusing the company of offering unregistered securities in connection with 79 assets listed by the exchange.
The suit is brought on behalf of all Coinbase users and complains that the cryptocurrency exchange has been selling securities that are unregistered with the U.S. Securities and Exchange Commission (SEC), amounting to 15 violations of securities laws, including the requirement for those selling securities to register as an exchange.
Coinbase CEO Brian Armstrong is also named as a defendant in the action, which accuses the CEO of knowing “the existence of the facts that give rise to the liability here because he knew that Coinbase was not registered as a securities exchange or as a broker-dealer and that it sold the Tokens, which were unregistered securities.”
The list of 79 alleged securities includes DOGE, LRC and XRP.
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This is because they are the ones who benefitted a lot from the listing of the company. Some of the big investors that the lawsuit has been filed against are Venture capital firms, AH capital management and Tiger Global management.
The lawsuit states that Coinbase knew that it need a cash investment, and the services it provides were disruptible as it increases the scale of its operations. The company made a lot of positive statements about their business and operations, which was misleading for the common investors. This is why after the company was listed, the opening price was $381, but as the truth came out, the price decreased drastically, and now it is trading just above $200.
It is difficult to say whether the court will find Coinbase guilty based on the charges or not. But the shares of the company will take a hit the longer this case is dragged.
Coinbase class action suit
Coinbase user agreement in effect, nor that it addresses the dispute.
Instead, he claims that the arbitration agreement is unconstitutional since it lacks any semblance of bilaterality.
According to court records, Coinbase sought to force arbitration, but Judge William Alsup dismissed the request, ruling that the “broader arbitration provision [is] unconscionable.”
Coinbase was slammed with a new class-action complaint last month, alleging that they offered crypto assets as unregistered securities.
According to three individuals, the crypto exchange platform has been trading digital assets without registering them with the US Securities and Exchange Commission since October of 2019.
According to the Securities Act of 1933, all securities or assets that can be traded between parties and on the open market must be registered with the SEC.