An investor suits Coinbase and accuses the crypto exchange of violation of securities laws and ensures that his shares fall in the US.
Brady Nessler has filed a Class Action case in the eastern district of Pennsylvania on behalf of persons and entities that publicly traded Coinbase effects acquired between 14 April 2021 and 14 May 2025.
The legal team of Nessler claims that the stock market has made material false and misleading statements with regard to its subsidiary CB Payments Limited (CBPL).
Last year, the Financial Conduct Authority (FCA) of the United Kingdom imposed a fine of £ 3.5 million ($ 4.5 million) to CBPL for alleged onboarding and the provision of E-money service to 13,416 risky customers. The news of the fine ensured that the price of the ordinary shares of Coinbase fell by $ 13.52 per share according to the court case, or 5.52%.
The Nessler suit also points to the recent data breach of the Exchange. Coinbase says that criminals are bribing a small group of foreign customer service agent to copy the data of less than 1% of the monthly transactions of the company. A recent application at the office of the Attorney General Van Maine indicates that the infringement has hit 69,461 people.
The Exchange comments that hacked information, addresses, telephone numbers, e-mail addresses, masked sofi numbers (only the last 4 digits), masked bank account numbers, single bank account identification data, government images, account details and limited company data comprises.
Coinbase learned about the hack after receiving an e -mail earlier this month that demanded a BTC payment of $ 20 million in exchange for not releasing the illegally obtained info. The company refused to admit the demand from the hackers and estimates that it will pay $ 180 million up to $ 400 million in remediation costs and voluntary customer allowances.
The shares of Coinbase fell by more than 7% on the day that the news broke from the infringement, but it recovered quickly later that week.
The Nessler suit also mentions Coinbase Chief Executive Brian Armstrong and Alesia Haas, the financial director of the company, as defendants.
Nessler asks the court to grant compensation to class members and further exemption as appropriate.
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