Coinbase lawsuit overview:
- Who: In a new lawsuit, Plaintiff Mignon Eugenie Guishard-Pole accuses Coinbase of not protecting her account.
- Why: Guishard-Pole claims Coinbase allowed a hacker to gain access to her account and withdraw 10 Bitcoin, worth $488,260.90 when originally deposited.
- Where: The Coinbase lawsuit was filed in federal court in New York.
Coinbase faces a lawsuit claiming it did not protect a user from a hacker that entered the client’s account and stole 10 Bitcoin.
The Bitcoin were worth $488,260.90 when originally deposited. Plaintiff Mignon Eugenie Guishard-Pole seeks $842,450.10 in damages.
The 70-year-old Guishard-Pole founded Absolute Home Health Care in Mount Vernon, New York, and the lawsuit says, prior to the Coinbase hack, she planned to retire this year.
The plaintiff says she relied on Coinbase’s claims of being “the most trusted crypto exchange” yet her account was allegedly hacked and drained of assets on Aug. 18, 2022.
“Coinbase allowed the transfers to occur even though there were red flags,” the Coinbase lawsuit claims. “For instance, all the transactions pointed to a foreign IP address that Guishard-Pole never used. Furthermore, Coinbase did not require photo identification to withdraw funds, even though this was required to set up and recover an account.”
Plaintiff claims Coinbase platform was safe, secure, lawsuit says
Coinbase is a large corporation that holds $128 billion in assets and $92 billion is traded quarterly on the app, according to the Coinbase lawsuit. The founders made $1.2 billion in share sales as of May 27, 2022, when the platform went public.
The plaintiff says she believed Coinbase would have the “safe, secure,and easy-to-access platform it promised” and she would not be subject to events like the Coinbase hack.
In other Coinbase news, in July, a Georgia federal judge allowed the company to arbitrate a class action lawsuit alleging the cryptocurrency exchange failed to keep customers’ accounts secure and therefore allowed financial losses from account breaches and unauthorized transfers.
Have you ever had money or assets stolen by a hacker? Let us know in the comments.
The plaintiff is represented by Glen H. Shrayer of Shrayer Law Firm LLC.
The Coinbase lawsuit is Guishard-Pole v. Coinbase Inc., Case No. 7:23-cv-08751-PMH, in the U.S. District Court for the Southern District of New York.
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35 thoughts onCoinbase lawsuit claims company failed to protect her from hack
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