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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
I was hacked for $16000 on 4/6/22. Like everyone else that lost money, Coinbase wants to take no responsibility for their lack of security. For all I know it’s someone that works for Coinbase that’s stealing from customers accounts. Knowing that no one at Coinbase actually investigates these losses. I would like to join a lawsuit too
Oh boy do I have a beef with Coinbase Wallet. The 12-word recovery phrase is supposed to make you feel safe but it does not. A thief does not need to have your 12-word recovery phrase to drain your Coinbase Wallet. Perhaps all they need is your full ENS or a bad contract tied into a dApp. The fact that your Coinbase Wallet can be emptied out without a thief using your 12-word recovery phrase or 2FA (MFA) should be a crime on Coinbase’s part.
Also, I tried to transfer money from my Coinbase to an exchange (which I have done at least once before that with no issues). The transaction was cancelled and flagged. I was told I couldn’t make cryptocurrency transfers for 2 months. To be able to transfer it back to my bank, I had to convert it into a certain currency (therefore losing money on the exchange) and wire it back to my bank (incurring a wiring fee). Just great.
On June 22nd my Coinbase wallet was hacked and I lost 270k in btc and eth. They said it’s because my seed was compromised but I only wrote down my seed. Coinbase said they cannot anything.
Hello! I’m writing this message this evening because I am highly upset at coinbase and how they are letting people compromise my account. My account was compromised on September 21st 2022 and I lost a tremendous amount of money. I lost 160,000 ETH they said because my seed has been compromised. Now I’m thinking about going to lawsuit against coinbase for laying people compromise my account so easily.
June 19th 2022 I had over $18,000 hacked from my account on Coinbase , they take no responsibility , this truly was a lot more since the market is way down , How can they choose to take no responsibility and cover loss since I chose to use Coinbase with a sense of security? I want my money back and all the frustration they caused by not even trying to attempt to resolve or follow the path of hackers that kept trying over and over to get into account for the past weeks , my account is still locked until I can unlock after I’m sure they can not get to bank or any other accounts the Coinbase , I’m lost and don’t know what to do
On March 14, 2022, my Coinbase account was hacked for around a total value of $53000. I call their Customer Service line and they could not even tell me if I still had a balance or any of the transactions that recently happen. All they could do is lock my account then it took over a week for me to gain access to it again just to find out that my account was in fact hacked and cleaned out. After Coinbase ran their investigation all they could tell me is that a Window device was used to complete those transactions for which I have not used my windows PC to gain access to my Coinbase account for about year since this issue. Also that it seems that one of my devices was used to gain access to my info to allow them to gain access to my Coinbase account. Coinbase stated that I should have done a better job with keep my devices more secure and, that all cryptocurrency transactions that are confirmed on the blockchain are irreversible. I don’t how much more secure I have to make my devices put them in lead line box! This is completely frustrating when a company this size can point the finger ate you and they have no accountability. How can I get into this class action suit as well?
Scammers have been hacking crypto and getting away with it for long, i think we all though crypto was safe and its not as safe as we though. I got hacked as well but was lucky to discover in time because the wallet I use tells me about every withdrawal, immediately got assetsrepo. com and they recovered about 90% of all I lost for me, its painful but I was happy to still got some back.
I had my account on Coinbase “hacked” in Feb 2022. I told them i saw that my ETH had been change to BTC and they did NOTHING. The next day I went in and i had .12 cents. Over $20,000 was stolen. THey strung me along for months till I got angry and some guy in his basement, because I could never find the number to a supervisor or litigation department, rudely said well its your job to secure your account too. WTF I am livid!
In November of 2021 my Coinbase account was hacked and I suffered the loss of @ $80,000 in a combination of BTC, ETH and XRP. I have also suffered through their incredibly incompetent and/or incredibly pernicious schemes to blame the client for the hack. Earlier in 2021, 6,000 customers’ accounts were hacked and each customer was reimbursed for the value hacked. The hacking of my account appears to have been pulled off in exactly the same manner as the 6,000 reimbursed customers. However, seven months later, I still have no formal Dispute Resolution Notice after I have followed the required protocol clearly spelled out in the user’s agreement that all Coinbase customers must sign. Please include me as part of the class action lawsuit.
Thanks,
Rich
On April 14 I had $88,422.58 in my account. Now I have $0 and they won’t give me any answers, they keep passing the ball to someone else. I talked to a fraud person with coin base, he didn’t have any answers and they passed it on to some so call “specialists” and all they said by email was your account is locked. I told them I want some answers and I might retain a lawyer to find out what they did with my money. Please add me to the class action lawsuit I think this is very poorly handled.
Hi, my all my crypto’s account also has been hack on 5/20/2022 . I also have the same situation. What should I do