A Coinbase customer finally agreed to share his account information in a lawsuit, in which he wants $5 million as compensation from the Coinbase exchange.
Coinbase is a Nasdaq listed Crypto exchange, known to provide crypto services under full compliance. The security level of this exchange is better but still many Coinbase users faced hack attacks & lost funds. Reportedly hackers easily accessed the account of a few Coinbase users with the help of a sim swap trick, which was outside the Coinbase’ environment. Despite better security levels, the Coinbase exchange faced significant backlash from customers over account hack-like incidents.
Recently an emergency motion was filed in federal court to confirm that plaintiffs now agree to share the details of his Coinbase account, which includes emails, usernames, and Ethereum addresses. This information will help investigators with the linked scam/hack that happened with the victim.
Through the lawsuit, Plaintiff claimed that $6000 worth of crypto assets drained from his wallet and the linked address was different and he never interacted with that crypto address.
Last month, Coinbase responded to the lawsuit and claimed that Plaintiff failed to provide all the information related to his account and that was not enough to find out the actual incident that happened with him.
“Refusal to provide this basic information is an improper attempt to undermine Coinbase’s right to compel arbitration under the Federal Arbitration Act.”
In August 2022, a group of Coinbase users initiated a lawsuit against the Coinbase exchange. Through the lawsuit, they claimed that Coinbase promises to provide a better level of security to the users but in reality, they don’t provide better security to the users and that helps the hackers to easily interact with Coinbase accounts.
Experts believe that Crypto Investors should get a better education about Crypto & blockchain, before going with any Crypto platform or Crypto investment. Better education among people can help them to fight against hackers, otherwise, no one exchange can stop account hack attacks with 100% perfection.