Coinbase Hit With Proposed Class Action Over Unauthorized Money Transfers

Digital currency exchange Coinbase and its top security personnel were hit with a class action Friday in California Northern District Court alleging that the company has failed to adequately protect its users from unauthorized money transfers. The suit, brought by the Law Office of Matthew D. Carlson, contends that Coinbase fails to comply with requirements in the Electronic Funds Transfer Act to promptly investigate and correct unauthorized transfers. Counsel have not yet appeared for the defendants. The case is 3:21-cv-07478, Zubin v. Coinbase Global, Inc. et al.