Coinbase is being sued by a customer who says the crypto exchange refused to reimburse him for $96,000 he lost in a hack. By camomileshumba
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Coinbase Inc. is being sued by a customer who says the crypto exchange refused to help him after he lost $96,000 from his Coinbase wallet due to a hack, according to a filing in the United States District Court for the Northern District of California San Francisco DivisionThe plaintiff, Jared Ferguson, lost “90% of his life savings” after his phone was hacked, the court filing said.
The plaintiff immediately contacted Coinbase, which asked him for information about the security of his device, the last authorized transaction and a list of unauthorized transactions. Just over two weeks later, he was told Coinbase could not help him. “Customers … are responsible for any activity that occurs when those devices or passwords are compromised,” Coinbase told Ferguson in an email, according to the court filing. It added, “Please note you are solely responsible for the security of your email, your passwords, your 2FA codes and your devices.”
Now, Ferguson has brought claims against Coinbase alleging the crypto exchange violated state laws by not crediting his account in full for his losses. Ferguson alleges that Coinbase violated the Electronic Fund Transfer Act, which was enacted to protect customers engaging
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