CoinzPress
  • Credit Cards
    • Best Credit Cards 2023
    • Best Rewards Credit Cards
    • Best Cash Back Credit Cards
  • Banking
    How to Save Discord Servers from Hackers

    Ways You Can Save Your Discord Servers from Hackers

    Ethereum Mining Rig

    Ethereum Mining Rig: The Best Ethereum Mining Hardware

    Google in Web3 and Blockchain Technology

    Google is Taking An Interest in Web3 and Blockchain Technology

    Binance

    Binance to Launch Santos FC Fan Token on Its Launchpool

    New Solutions for Cross-Chain Problems

    New Solutions for Cross-Chain Problems

    Blockchain Gaming

    Will The Blockchain Gaming Revolutionise The Future of Video Games?

    Trending Tags

    • Loans
      Tesla sell their bitcoin

      Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

      Bitcoin-Faucets

      Highest Paying Bitcoin Faucets: How to Choose the Right One?

      lightning-network

      Lightning Network: Everything You Need To Know

      What Can You Buy with Bitcoins

      What Can You Buy with Bitcoins?

      Nasdaq’s Record Breaking

      Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

      Voyager Digital USDC Linked Debit Card

      Voyager Digital Launches USDC Linked Debit Card Linked

      Trending Tags

      • Investing
      • Insurance
      • Stock Market
        • US Markets
        • ASX shares
        • Indian Markets
      • Cryptocurrency
        • Price Prediction
        • DeFi
        • NFT
        • Metaverse
        • Trading
        • Crypto Exchanges
        • Crypto Wallet
        • Brokers
        • Gaming
        • Earning Sites
      • Sections
        • Reviews
        • Beginner Guide
        • How To
      No Result
      View All Result
      • Credit Cards
        • Best Credit Cards 2023
        • Best Rewards Credit Cards
        • Best Cash Back Credit Cards
      • Banking
        How to Save Discord Servers from Hackers

        Ways You Can Save Your Discord Servers from Hackers

        Ethereum Mining Rig

        Ethereum Mining Rig: The Best Ethereum Mining Hardware

        Google in Web3 and Blockchain Technology

        Google is Taking An Interest in Web3 and Blockchain Technology

        Binance

        Binance to Launch Santos FC Fan Token on Its Launchpool

        New Solutions for Cross-Chain Problems

        New Solutions for Cross-Chain Problems

        Blockchain Gaming

        Will The Blockchain Gaming Revolutionise The Future of Video Games?

        Trending Tags

        • Loans
          Tesla sell their bitcoin

          Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

          Bitcoin-Faucets

          Highest Paying Bitcoin Faucets: How to Choose the Right One?

          lightning-network

          Lightning Network: Everything You Need To Know

          What Can You Buy with Bitcoins

          What Can You Buy with Bitcoins?

          Nasdaq’s Record Breaking

          Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

          Voyager Digital USDC Linked Debit Card

          Voyager Digital Launches USDC Linked Debit Card Linked

          Trending Tags

          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To
          No Result
          View All Result
          CoinzPress
          No Result
          View All Result
          Home Updates

          Coinbase CSO Comes Public About The $5 Million Lawsuit Claims

          Bidisha Dey by Bidisha Dey
          August 29, 2022
          in Updates
          Coinbase CSO

          Credit: business letigation blog

          Finally, the Coinbase CSO, Phillip Martin, has issued a statement about the $5 million lawsuit claims. The security concern has been a principal one in the crypto market. A group of investors have sued Coinbase due to claims of poor security practices. The allegation against Coinbase is that the platform has exposed the accounts to hackers due to a lack of proper security protocols. This is really a strong allegation and if proved right, it might see the platform getting involved in prolonged legal trouble.

          In response to this allegation, the Coinbase CSO, Phillip Martin, issued a statement on The Evening Standard. In that statement, Phillip stated that there have been various attacks of differing magnitudes on the protocol. He also stated that they have already constructed a team to ensure the security of the protocol. He added that these allegations stem from the users’ unawareness of the users about the working of the platform. In addition, he stated that there are all necessary security protocols in place. It finally depends on the users to make the protocols work properly. If you wish to know more about the case against Coinbase, this article is the perfect stop for you. Keep reading the article to know more about the claims of Coinbase CSO and the allegations against Coinbase.

          Coinbase CSO: The Case Against Coinbase

          The Case Against Coinbase
          Credit: zipmex

          A Georgia state resident named George Kattula is leading the lawsuit against Coinbase. In addition to this, over 100 users have filed a class action lawsuit in the US District Court. The users claim that the company is blocking their accounts illegally. Thereby, they claim that the company is preventing them from selling their underperforming assets. This ultimately made the users suffer loss and rapid liquidations. 

          In addition, the lawsuit also accuses Coinbase of improperly following the security protocols. In addition, there are also allegations of randomly suspending crypto withdrawal and selling options without any prior notice. Kattula claimed that three months after opening an account with tokens of around $6,000 worth, a hacker stole all his funds. As per the allegation, Coinbase succeeded in recovering only $1000 worth of funds and stated the remaining asset as “unrecoverable”. In fact, several other accusers have also accused the platform of similar cases. 

          Concluding Lines 

          Though the Coinbase CSO forcibly stated that there are enough security protocols in place, we cannot deny the fact that crypto heists are increasing day by day. In fact, with the rising popularity of cryptocurrencies, the number of crypto heists is also increasing sharply. Hackers stole $100 million worth of cryptocurrencies from Harmony’s blockchain bridge in the month of June. In addition in the same month, a $200 million hack affected the Nomad blockchain. In total, more than $1 billion has already been stolen from the industry this year. Therefore, the Coinbase CSO should be more concerned with improving the security protocols to avoid such cases in future.

          Also read: Bitcoin Might Have Entered The Worst-Ever Bear Market In Its History

          Share76Tweet47

          Related Posts

          Passive Income Ideas: Best Ways To Make Money Online

          Passive Income Ideas: Best Ways To Make Money Online

          November 8, 2022
          KuCoin Trading Password: How to Reset It?

          KuCoin Trading Password: How to Reset It?

          November 8, 2022
          Preference Shares vs Ordinary Shares: Types Of Shares

          Preference Shares vs Ordinary Shares: Types Of Shares

          November 8, 2022
          Flight Centre Shares: Should You Invest In 2022?

          Flight Centre Shares: Should You Invest In 2022?

          November 8, 2022
          Aldi Share – How To Invest In Aldi?

          Aldi Share – How To Invest In Aldi?

          November 8, 2022
          Ford Stock Forecast

          Ford Stock Forecast 2022, 2023, 2025, 2030, 2040, 2050

          November 7, 2022
          ADVERTISEMENT

          CoinzPress is one of the leading cryptocurrency news services that cover the latest crypto-related news. The news includes a technical analysis of a wide range of digital currencies as well as forecasts for those electronic currencies. Here at CoinzPress , we aim to enlighten anyone having an interest in the world of cryptocurrency with significant information that could keep them informed.

          So, in short, we cover a range of announcements related to a variety of Alt-coins, digital coins, and any significant news that could create an impact on the trading world and economy.

          • News & Updates
            • Cryptocurrency
            • DeFi
            • NFT
            • Metaverse
            • Press Releases
            • Sponsored
          • Sections
            • How To
            • Technology
            • Investing
            • Stock Market
            • Loans
            • Credit Cards
            • US Markets
            • Brokers
            • Gaming Sites
            • Indian Markets
          • Company
            • About Us
            • Advertising
            • Press Release
            • Contact Us
            • Terms of Uses
            • Privacy Policy
            • Sitemap
          • About
          • Contact Us

          © 2022 Coinz Press

          No Result
          View All Result
          • Credit Cards
            • Best Credit Cards 2023
            • Best Rewards Credit Cards
            • Best Cash Back Credit Cards
          • Banking
          • Loans
          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To

          © 2022 Coinz Press