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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
Hey there! I just found out this happened to me in January of this past year and Coinbase is giving me the run around about how it isn’t their fault. I would like to be added to this case and can provide supporting statements to show some individual converted all my LRC to ETH and withdrew it to themselves, about $1100 total.
Please add me to the list.
Same issue 1k lost due to hack, they continually state its my fault, please add me
got hit recently :(
typed in coinbase into my browser…like i do 10 times a day…was just getting started buying for a portfolio. this time a coinbase PRO window popped up when i typed in what i normally do
talked to guy in help/chatbox. he had someone call me from “coinbase” to walk me thru setting up the coinbase pro
next thing you know i am taking new pics? dropping my DL IS into the CB dropboxes
i noticed an email that said my NEW 6000 deposited cash had bought ETH…i said i didn’t do that…he said he would check it out? they closed everything out in 30seconds
i got into my acct…they converted everything to ETH and sent it out
there was one email that said potential activity going on and they would hold the transfer till the 21st? i hit cancel on it. not sure they will?
the next CHAT box i got into…appeared to be the same people and had me lock up the acct.
i thought i was DEALING WITH COINBASE…gave them everything to do what they did
WHY WOULD COINBASE not be more vigilant shutting these websites down? not sure what it was?
supposedly i had a 35k per limit for deposits…but they kept telling me I was at my limit with my ACH purchases…SO TODAY made a big cash deposit….that probably cost me 5k right there….that money would not have been in the acct like that at once
now can’t get back in to the acct…see what’s left
VERY VERY SAD…sick feeling
Same issue to my account and Coinbase is no help, keep getting the run around
I had $33,000 dollars withdrawn from my bank account in to Coinbase. When I called them to get into my account I couldn’t. When I finally did 4 weeks later of countless phone calls I discovered that somebody sold all my XRP and took the money and that $32,000 shares of Bitcoin was purchased. How do I get into this class action suit?
Exactly same thing happened to me this weekend. $29k taken other crypto moved out of my account and they tried to take another $5 out of my bank account. To which Coinbase says I owe them! I have been locked out since I tried to stop this when I saw an odd text message. 5 days and it’s been a run around.
Please add me
Add me please. Same stories as above and coinbase basically says its my fault
I have just lost 88,000 they keep giving me the runaround Did not protect my wallet