Coinbase faces new lawsuit over alleged investor deception
The plaintiffs claim Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM) are securities.
Coinbase, the largest cryptocurrency exchange in the United States by volume and its CEO, Brian Armstrong, is facing a new class-action lawsuit alleging investor deception into buying securities. The lawsuit is from customers who say the company’s business model was illegal. This lawsuit echoes one already faced by the company.
The lawsuit, filed in California’s Northern District by law firm Scott+Scott, representing plaintiffs Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard from California and Florida, alleges that Coinbase’s digital asset sales knowingly violated state securities laws since the company’s inception.
In the filing, the plaintiffs asserted that Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM) are securities.
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Author: Amaka Nwaokocha
