Coinbase Users Who Sued The Firm Refuse To Reveal Account Information

Key Point:

• Coinbase users were refusing to reveal essential account information, causing the proceedings to be delayed.
• Users assert that criminals stole $6,000 worth of their digital assets and transferred them to unidentified wallets owing to Coinbase’s lax security.

Plaintiffs in a class action lawsuit against Coinbase who suffered damages as a result of unlawful digital asset transfers are apparently delaying the case.

According to a new Bloomberg Law, the users who are suing the leading US-based crypto exchange are refusing to reveal essential account information, causing the proceedings to be delayed.

The plaintiffs have agreed to reveal the information, which includes emails, usernames, and Ethereum (ETH) addresses, in return for a court-ordered protection order, according to Bloomberg Law.

Coinbase, on the other hand, recently stated that it does not agree with the customers’ request to include a provision in the court order stating that the company will waive its right to arbitration, which is included in its terms of service as the standard method for resolving disputes with customers.

According to the company, it is unable to properly match plaintiffs to their separate agreements and force arbitration without the account details, thus putting the litigation on hold.

Refusal to provide this basic information is an improper attempt to undermine Coinbase’s right to compel arbitration under the Federal Arbitration Act.

Coinbase stated in an emergency motion filed in November

George Kattula, a Coinbase user, first brought the class action suit in August. In it, a number of users complain that the cryptocurrency exchange’s security procedures were insufficient and failed to stop unauthorized transfers of their digital assets.

On behalf of the plaintiffs, Kattula filed the case. He asserts that owing to Coinbase’s lax security, criminals stole $6,000 worth of his digital assets and transferred them to unidentified wallets.

On December 31, Coincu reported that Coinbase shares plunged to new lows, while the ARK fund purchased approximately 160,000 shares.

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