A group of cryptocurrency investors is suing Coinbase, alleging that lax security systems at the crypto trading platform exposed their accounts to hackers.
More than 100 Coinbase users, led by Georgia resident George Kattula, filed a class action lawsuit in U.S. District Court for the Northern District of Georgia last week accusing the company of arbitrarily locking them out of their accounts. That prevented them from selling off underperforming tokens, leading to financial losses, they allege.
"Contrary to its representations, Coinbase does not properly employ standard practices to keep consumers' accounts secure," the complaint states. "And Coinbase improperly and unreasonably locks out its consumers from accessing their accounts and funds, either for extended periods of time or permanently."
According to the suit, Kattula opened an account with Coinbase in January and purchased $6,000 worth of cryptocurrency. Three months later, a thief hacked his account and emptied it. Coinbase...
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