Cryptocurrency exchange Coinbase is sued over security issues

The Federal Court of Georgia (USA) has received a class action lawsuit against Coinbase. It claims that the company is involved in unauthorized transfers of assets, freezes funds, and blocks consumers from accessing their accounts. As a result, customers suffer significant losses due to cryptocurrency volatility.

The lawsuit states that «Coinbase unreasonably blocks access to its customers' crypto wallets for a long period of time or permanently.» The victims emphasize that the exchange failed to respond in a timely manner to customers' requests for support and assistance, and failed to preserve and protect assets. This allowed the hackers to withdraw funds from client accounts.

The cryptocurrency exchange was heavily criticized by its investors for failing to prevent losses from unauthorized activities. This also prompted Coinbase’s management to apply to the Securities Exchange Commission (SEC) for a security classification. However, the exchange itself has not yet provided an official comment on the plaintiffs' complaints.