Coinbase is facing a class action legal case in Georgia, Atlanta, after customers sued the company for illegally blocking access to their accounts.
You’ll recall that during a recent crypto crisis, many users had complained about not being able to access their accounts as well. Although, Coinbase claimed that it was a technical issue and not a way to stop panic sales.
George Kattula is representing the aggrieved customers, claiming that the crypto exchange platform failed to maintain standard practices to secure accounts.
“This is a class action brought by plaintiff on behalf of all Coinbase wallet and account holders who have had their accounts breached and incurred losses arising from the unauthorised transfer of assets – including the unauthorised transfer of ‘crypto’ securities listed on Coinbase’s platform without a registration statement, without Coinbase having registered as a broker or dealer, and without Coinbase having registered as a securities exchange,” the filing read.
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Kattula says that he is a Coinbase client and suffered because he could not access his account and trade, which cost him money.
While the company has not publicly responded to the lawsuit, it is also facing down the SEC after the federal body launched an investigation into some allegedly unlisted securities.
Coinbase remains the world’s largest crypto platform, and despite the issues it is facing, it is getting greenlit by some of the world’s financial leaders. It recently got approval in Italy and the UK.
However, its shares are taking a nosedive as it is plagued with uncertain investors and the general tech financial downturn.
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