He is yet to access his funds.īeavers says that he was locked out of his account after contesting a “mistaken” $100 fee. Reece deposited previously-owned cryptocurrency into his Coinbase account, and after making the deposit he logged into his account to find it had disappeared, according to the class action lawsuit. Treseder, who had $30,000 in his account, was locked out arbitrarily in January and has failed to regain access to his account despite numerous attempts. Leone, who had $15,000 in his account, was locked out of his account in January for no reason, and despite sending more than 100 emails he has never received a response from the company, the claim states. The lack of access resulted in the group’s accounts losing value, the class action lawsuit alleges. However, the groups of cryptocurrency traders say that in reality the company prevents its users from accessing their accounts and funds for arbitrary reasons and arbitrary amounts of time, stopping them from investing, spending, saving, earning, and using, or even withdrawing their funds. According to the claim, the company proclaims that it is “building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto.” It also says that it is a regulated and fully compliant entity, registered with the United States Department of the Treasury’s Financial Crimes Enforcement Network as a Money Services Business. The group of Coinbase users allege the company locked them out of their accounts for no reason, stopping them from trading, investing or selling their funds, and even deleted accounts completely.Ĭoinbase users can store their cryptocurrencies in a digital “wallet,” as well as buy, sell, spend, and trade cryptocurrency. The nationwide class action lawsuit was filed in California on June 4 by lead Plaintiffs Michael Leone, Joseph Treseder, Travis Reece, David Beavers, Fazal Us Saboor Ali, and Keisha Pinkey. Cryptocurrency exchange Coinbase randomly locks users out of their accounts for months at a time causing them to lose funds, and even erased accounts in their entirety, a new class action lawsuit claims.
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