The largest cryptocurrency marketplace in the United States is facing a new round of legal challenges from a pair of lawsuits.
Coinbase is being slapped with two class action lawsuits on the heels of the U.S. Securities and Exchange Commission (SEC) scrutinizing the exchange over unregistered securities as a former product manager pleads not guilty to insider trading in a Federal court.
In the first case, the law firm Bragar Eagel & Squire is suing Coinbase Global in the United States District Court for the District of New Jersey on behalf of investors who bought the Nasdaq stock COIN between April 14, 2021, and July 26, 2022.
At issue are two instances where the security dropped in price after news detrimental to Coinbase came out:
A May 10th disclosure that in the case of Coinbase declaring bankruptcy, customers’ digital assets held on the company’s exchange “could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.”...
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