They lose theirs cryptocurrencies by a he harmsnow more than 100 people will try to take revenge on Coinbase, the exchange giant. “Do they want to become a financial institution?” Well, that’s how they behave and compensate the victims of fraud,” say the former clients who joined the class action.
But it can be complicated to apply the same rules to Coinbase that apply to banks. Some flexibility (and imagination) from the judges will be required at the very least. However, as often happens in the United States, Coinbase may prefer to close the case out of court, liquidating the plaintiff with a generous check, precisely to avoid the risk of a conviction that jurisprudence would can cause.
“Over the past year, thousands of people have lost tens, if not hundreds of millions of dollars worth of cryptocurrencies,” writes the Washington Post. All victims of a criminal group with sophisticated methods and fake Coinbase app used to steal their account information. According to the Washington Post, the scam would have resulted in losses of at least 60 million dollars.
“Coibase did nothing to protect us,” complain the former customers who were victims of the scam. “We have warned the exchange and called for action to be taken and a vulnerability in the Coinbase Wallet application to be fixed.” But the company responded by shrugging its shoulders. No compensation.
They want to be a financial institution, but they don’t have the infrastructure and resources to behave like a real financial institution. There are no procedures to assist customers who are victims of fraud. It is clear that the scammers are taking advantage of it
explains one of the attorneys charged with representing more than 100 former Coinbase clients.
Lawyers hope for the same rules that require banks to reimburse customers unauthorized transactions are also applied to exchanges such as Coinbase. This has never happened to date.
Source: Lega Nerd
