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Coinbase Breach Class Action Lawsuit Overview
- Who: A Texas man is suing Coinbase, the cryptocurrency trading platform.
- Why: The man alleges his Coinbase account was breached to make a $50,000 unauthorized transaction. He says at least 1,000 other Coinbase accounts have also been breached.
- Where: The plaintiff is looking to represent Coinbase users nationwide.
A Texas man says Coinbase violated the law by allowing a breach of his cryptocurrency account that led to a $50,000 unauthorized purchase made with his money, according to a new class action lawsuit.
Lead plaintiff Adam Alfia filed the class action against Coinbase Global, Inc. on Nov. 8 in a California federal court, alleging breach of contract, negligence, and fraud.
Alfia says he formerly used Coinbase as a way to buy, sell and manage his cryptocurrency.
However, on July 19 this year, Alfia says he logged into his Coinbase account to find that $50,000 in Ethereum had been purchased. Alfia says he did not make this purchase.
The same day, the plaintiff says he logged into his Bank of America account to see if the money had come out. It had. “This caused Mr. Alfia great stress and worry,” the lawsuit states.
Alfia lodged a complaint with Coinbase explaining what had happened. He says Coinbase responded by locking him out of his account for two months.
1K Coinbase Accounts — Or More — Breached Due To Lax Security, Claims Class Action Lawsuit
Alfia believes that at least 1,000 have been harmed by Coinbase not properly securing its accounts from breaches.
He’s looking to represent anyone in the United States who had a Coinbase account that was breached in the last four years.
Alfia is seeking certification of the class action, damages, fees, costs, and a jury trial.
Coinbase is facing mounting litigation alleging its lax security measures have left account holders locked out and victims of theft. A pair of cryptocurrency users filed a class action lawsuit in August saying their Coinbase wallets were either hacked or frozen without warning and their pleas to release their accounts so they could access funds went unheeded by the company.
Earlier in the year, another class action lodged in California claimed that Coinbase randomly locked users out of their accounts for months at a time causing them to lose funds, and even erased accounts in their entirety.
Do you have Coinbase? Let us know about any breaches you’ve noticed in the comments below.
The plaintiff is represented by Evan Selik and Christine Zaouk of MaCathern LLP.
The Coinbase Breach Class Action Lawsuit is Alfia et al., v. Coinbase Global, Inc., Case No. 3:21-cv-08689, in the U.S. District Court Northern District of California.
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185 thoughts onMan’s Coinbase Account Hacked, $50K Ethereum Purchased, Class Action Lawsuit Alleges
My account was hacked back in June 2021. Multiple cryptocurrencies were sold and then the money was transferred out to a debit card. I became aware the theft was occurring immediately while the first crypto was being sold and immediately informed coinbase. All they did was freeze me out of my account but let the thief continue to drain it. They then deleted all his info over several days while not responding to me at all. I got no response from Coinbase for days and then only the generic “we are looking at this” email.
Coinbase blamed it first on a SIM swap but Verizon investigated and found that had not occurred. They then said someone got my info and logged in but their own records do not show any other devices then the ones that were in the room with me when this was occurring. My personal belief is this is an employee or contractor to coinbase doing this stuff. In any case, if they had ANY kind of customer service many of these crimes could have been stopped. The worst insult I received from them was when I asked coinbase for information on the debit card that my money was transferred to, I was told via email that they could not share any information about where my money was transferred to because of “security reasons”!!!!! Whose security, the thief’s?
I would like information on this suit and would also like to talk with attorneys about suing them directly.
Please add me to the lawsuit!
I had my Coinbase account drained on 11/29/21. At the time of the hack I had there combination of USD, and several cryptos. The hackers stole about $33,000. They did a SIM SWAP over night and by the time I woke up in the morning, I had no cell reception and shortly after I found out that my Coinbase account was wiped out. Coinbase’s response was that their systems were not breached so as a result there is nothing they can do.
I still cannot believe how a publicly traded company does not have a higher responsibility to their customers especially as so many of us have encountered similar issues.
Coinbase won’t let users close accounts no matter how hard or often that they are asked and they want you to donate you currency to “charity”.
My coinbase account was hacked and the total loss right now if I would had still have my ethereum would been 30k if not more.
Please add me
Please add me
Please add me
My CoinBase account was hacked, all my cryptocurrency was transferred, then hackers attempted to transfer $35,000.00 from my BOA account to purchase crypto. As soon as I got a notification my CoinBase password was changed within minutes i notified CoinBase, yet hackers still did what they can. My bank stopped the pending transaction of $35,000.00 but Coinbase still allowed hackers to purchase more crypto. Now coinbase says i have outstanding balance that i have to pay.
How can i join the class action?
I also was hacked on November 16,2021 of $44000. I was only told the ip address an date and time of the hack. I am awaiting an email back from Coinbase regarding how they plan to deposit the funds but the more I read the more I believe that will not happen. This was my life savings. How is this acceptable?
Type o on the amount. Meant to type $44000
My Coinbase account was hacked, $62,000 removed. I had a recently changed my password, it was a complex password, and used the Google Authenticator codes that Coinbase recommended as secure. Coinbase advertised that my funds were safe and they were covered by insurance. I feel I am the victim of false advertising and negligence in securing my account, since with research I found out that the Google Authenticator is not all that secure. My husband and I placed a $500 withdrawal to cash of Bitcoin and shortly after my account was drained right in front of our eyes. I would like to participate in the class action suit.
Coinbase allowed my account to be wiped out . Nobody to talk to for help , then if your lucky you get a computer generated email that is a generic message .
I have never seen anything like this.