Major crypto exchange Coinbase faces a new class action suit alleging the company unauthorizedly transfers and freezes funds and locks consumers out of their accounts for extended periods. Meanwhile, the US Internal Revenue Service (IRS) has been granted permission to look into the customers of crypto prime dealer SFOX Inc., while the US Securities and Exchange Commission (SEC) objected to orders to disclose drafts of a former official's speech in its fight with Ripple.
The complaint, filed on Monday, claims that users of Coinbase Wallet saw their funds transferred without their permission. George Kattula, the lead plaintiff, alleged that the unauthorized transfer occurred after he received an email from Coinbase asking to change his password.
Kattula claimed that close to USD 6,000 worth of cryptocurrency was withdrawn from his account after he attempted to change his password according to the provided instructions. The funds were then transferred to unknown parties.
The complaint...
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