Coinbase Accused of Cheating Consumers

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Coinbase Accused of Cheating Consumers

Coinbase Inc. was slapped with a pair of lawsuits by disgruntled consumers, one alleging insider trading by employees at the giant digital currency exchange and the other accusing the company of failing to deliver cryptocurrencies to people who didn’t have accounts.

The CEO of Coinbase Exchange Brian Armstrong said at the time the exchange would investigate the matter, but the lawsuit statement says that to date, the result of the purported investigation is yet to be disclosed.

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The second court case is accusing the exchange in keeping funds and failing to deliver cryptocurrencies on behalf of customers, who doesn’t own exchange accounts. The case in hand was that two men claimed that they were unable to redeem Bitcoin that has been transferred to them via Coinbase to their email addresses.

 

They claimed, that when they wanted to recover Bitcoin, the exchange’s provided links were broken and regarding the lawsuit. In the same position, they say they “want to represent thousands of other people”.

The first one is still pretty much as obvious as things can be, but it’s highly unlikely that they would get caught in doing so. After all, what regulations are there in place for stuff like these anyway?

Coinbase said it doesn’t comment on pending litigation.

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