In Brief:
- Sweepstakes is a contest where prizes are given out through a lottery system to users of Coinbase’s products or services.
- The Sweepstakes took place on Jun. 3 and involved prizes worth $1.2 million in Dogecoin.
Coinbase announced the winners’ list of the sweepstakes that it ran in June. The firm gave away over 6000 prices in the form of dogecoins.
The contest awarded prizes of $30,000 in Dogecoin to ten winners. The winner of the grand prize—$300,000 in Dogecoin—was identified as “Richard B” of Florida. Coinbase launched the sweepstakes shortly after it listed the Shiba Inu-themed token early this summer.
The sweepstakes also, resulted in a class-action lawsuit last month. David Suski, a crypto enthusiast, filed a lawsuit against Coinbase seeking $5million in damages. The plaintiff allegedly said that coinbase deceived him into trading $100 of Dogecoin for an entry into a $1.2 million sweepstakes offer on Coinbase.
Sweepstakes is a contest where Coinbase’s users get prizes in the form of dogecoin through a lottery system. The contest aimed to incentivize Dogecoin trading in the days following its Coinbase Pro listing. The sweepstakes outcome is hardly a perfect proxy for identifying Dogecoin buyers.
