Coinbase, a major cryptocurrency exchange platform, is facing another major hit in a series of lawsuits. Brady Nessler, an investor in Coinbase Global Inc. (COIN), filed a class action lawsuit with the United States District Court for the Eastern District of Pennsylvania. He claims that the exchange hid important knowledge about a data hack.
It was previously said that cybercriminals who pilfer private consumer data, including names, addresses, and identity details, were attempting a $20 million extortion against Coinbase. The lawsuit seeks information on class certification, monetary damages, reimbursement of legal fees, and a jury trial. Coinbase has not yet issued a public statement regarding this lawsuit.
The lawsuit states,“As a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s common shares, Plaintiff and other Class members have suffered significant losses and damages.”
Earlier this month, Coinbase faced six major lawsuits after it revealed a security breach in which hackers bribed outside support agents to acquire consumer data, including names, addresses, and partial Social Security numbers. Coinbase anticipates incurring between $180 million and $400 million in remedial and refund costs due to the incident.
Since the data breach news, Coinbase’s stocks (COIN) have been declining. As of latest market data, COIN is priced at $261.16—down 3.23% from the previous close.
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