More complaints against Coinbase: Damage for damages due to the drop in stocks
Coinbase and two managers threaten another possible class action on the crypto's share price after they had disclosed a violation of the user data protection in early May and had probably not disclosed an agreement with a British supervisory authority.
Der Coinbase-Investor Brady Nessler explained In a lawsuit dated May 22 at a Federal Supreme Court in Pennsylvania that the data protection violation and the presumably broken agreement with the British financial supervisory authority FCA would have led to a “abrupt decline in the company's market shares”, which would have suffered “significant loss and damage”.
On May 15, Coinbase announced that the compensation could amount to up to $ 400 million after it Four days earlier had given an attempted extortion of $ 20 million, in which several customer supervisors were bribed by criminals to gain access to internal systems and steal some user account details.
Nessler claimed that the shares of Coinbase (coin) fell by 7.2 % and had closed on May 15 at $ 244 after the incident became public. However, the stock experienced a comeback, rose by 9 % and reached $ 266, until the Stock closure on May 16,, Sea Google Finance.
The Coinbase share closed on May 23 with a minus of over 3 % at $ 263 and fell by a further $ 1.62. Coin has risen by almost 6 % this year.
With his complaint, Nessler is the first to claim damage caused by the decline in coin base shares after disclosing the data protection violation.
Against the crypto tour was made in the days after the data breakdown was announced at least six complaints submitted in which she is accused of having handled the incident incorrectly and not protected the user data.
Collective action: Violation of British Agreement damaged share
In July 2024, the FCA imposed a fine of $ 4.5 million against the British branch of Coinbase because it against a voluntary agreement from 2020 had violated. According to the agreement, the stock exchange should not include any customers that the supervisory authority classified as highly risky.
The FCA said that Coinbase has recorded 13,416 customers who classified the supervisory authority as risky Crypto services offered.
Nessler said in the lawsuit that the coin base share was more than 5 % due to the fine and closed $ 231.52 on July 25, 2024.
Nessler also claimed that Coinbase did not disclose that the stock exchange had violated this agreement when the stock exchange for the first time in April 2021 The Nasdaq der wrote down, and that as a result “the company's market price was artificially inflated”.
Nessler further said that he had not bought the shares at the “artificially excessive prices” if he had known about the violation of the agreement.
The class action was submitted on behalf of all people, between April 14, 2021 and May 14, 2025 Bought coinbase sharesand demands compensation and a jury. Coinbase CEO Brian Armstrong and Chief Financial Officer Alesia Haas are also mentioned as defendants.
Another complaint dated May 13 is said that Coinbase has failed to write users in writing about the collection, storage or disclosure of their biometric data as well as the purpose and the schedule for the storage of your data to inform.
