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Coinbase Faces Lawsuit After Customers Lose Millions On Stablecoin

Coinbase (NASDAQ:COIN) is staring a lawsuit in the eye after trading and promoting the gyen stablecoin.They are alleging the stablecoin’s issuer, GMO-Z Trust and Coinbase...
Coinbase Faces Lawsuit After Customers Lose Millions On Stablecoin © Reuters Coinbase Faces Lawsuit After Customers Lose Millions On Stablecoin

    • Coinbase (NASDAQ:COIN) is staring a lawsuit in the eye after trading and promoting the gyen stablecoin.
    • They are alleging the stablecoin’s issuer, GMO-Z Trust and Coinbase described the gyen as pegged 1:1 in value to the Japanese yen.
    • Coinbase decided to freeze customer accounts and disabled trading in the stablecoin.

Coinbase is staring a lawsuit in the eye after customest alleged that they suffered losses amounting to millions of dollars over the crypto exchange’s role in trading and promoting the gyen stablecoin.

The potential class-action lawsuit was filed on Tuesday by Kenneth Donovan and Hussies Kassfy. They are accusing the largest US crypto exchange of misleading customers about the stability of the gyen.

They are alleging the stablecoin’s issuer, GMO-Z Trust and Coinbase described the gyen as pegged 1:1 in value to the Japanese yen, even though they were aware of the fact that the peg was prone to break. The people who are involved in the lawsuit claim that this information was withheld from investors.

Very soon after Coinbase started trading the ethereum-based gyen, it lost its peg.The price jumped up to several times the value of the Japanese currency before taking a huge plummet.

After this, Coinbase decided to freeze customer accounts and disabled trading in the stablecoin. The exchange cited technical issues and unusual market conditions as the reason for the decision.

The complaint stated that “investors placed orders believing the coin’s value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up to seven times more than the yen.”

The complainant added to this when he said that “just as suddenly, the gyen’s value plunged back to the pag, falling 80% in one day.”

To make things even worse, “as the gyen’s va;lue was cratering back to the yen, Coinbase compounded the harm by restricting many customer’s ability to sell the asset, then abruptly suspended all trading of the asset without explanation.”

GMO-Z Trust is named as a defendant alongside Coinbase Global and Coinbase Inc. in the lawsuit, which was filed in district court for Northern California.

Continue reading on CoinQuora

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23-05-2022 13:20:22 (UTC+7)

EUR/USD

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 EUR/USD1.0606↑ Buy
 GBP/USD1.2569↑ Buy
 USD/JPY127.89↑ Buy
 AUD/USD0.7116↑ Buy
 USD/CAD1.2786↑ Sell
 EUR/JPY135.65↑ Buy
 EUR/CHF1.0309↑ Buy
 Gold1,852.05↑ Sell
 Silver21.940↑ Buy
 Copper4.3238↑ Buy
 Crude Oil WTI111.28↑ Buy
 Brent Oil111.04↑ Buy
 Natural Gas8.205Neutral
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,504.00↑ Buy
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,880/ 6,980
(5/ 5) # 1,770
SJC HCM6,895/ 6,985
(0/ 0) # 1,776
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,778
SJC Danang6,895/ 6,987
(0/ 0) # 1,778
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,778
SJC Cantho6,895/ 6,987
(0/ 0) # 1,778
Cập nhật 23-05-2022 13:20:24
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E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
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Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 13:17:32 23/05/2022
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