Coinbase Has Been Slammed With Multiple Class Action Suits Since the SEC Began Investigating It
that their assets could be used as the exchange’s property if it ever went into bankruptcy, and that all the money put into Coinbase should have been registered as securities. A second aspiring class action lawsuit, filed in Delaware district courtover whether the company would use its users crypto as its own assets in case of bankruptcy.
CEO Brian Armstrong went out of his way to tell users they were in “no risk of bankruptcy” but that the SEC disclosure was part of a requirement by the federal agency. He also apologized to users for not making it clear that legal protections of crypto assets “have not been tested in court” and that it’s “possible” crypto would be considered company assets if the company ever went belly up.But the legal carrion birds weren’t done circling.
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