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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-08-24T22:36:00
Coinbase is the subject of a class-action lawsuit alleging cybersecurity failures at the cryptocurrency exchange are to blame for customer accounts losing thousands of dollars in crypto, with the company not doing enough to prevent further thefts.
Coinbase charged significant fees to customers to safeguard their accounts, but it did not protect them from their assets being stolen, according to the lawsuit, filed in U.S. District Court for the Northern District of California on Tuesday. Coinbase holds cryptocurrency assets for customers and provides a platform through which crypto is traded.
One of those claiming harm by poor security at Coinbase was Manish Aggarwal, lead plaintiff in the lawsuit, who had $190,000 stolen out of his cryptocurrency accounts in April. The company has refused to repay Aggarwal, his attorneys at Braunhagey & Borden alleged.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2023-02-07T20:13:00Z By Aaron Nicodemus
Ishan Wahi, a former Coinbase product manager, pleaded guilty to wire fraud conspiracy in the first cryptocurrency insider trading case.
2023-01-04T19:46:00Z By Adrianne Appel
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
2022-07-22T19:37:00Z By Aaron Nicodemus
The Department of Justice and Securities and Exchange Commission charged a former product manager at Coinbase with insider trading for allegedly passing on tips to his brother and friend regarding when certain cryptocurrency assets would be made available on the platform.
2024-06-27T16:37:00Z By Aaron Nicodemus
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
2024-05-21T19:27:00Z By Adrianne Appel
The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.
2024-05-07T21:21:00Z By Adrianne Appel
Verizon’s annual data breach report shows trends in cybersecurity incidents, including more ransomware and extortion attacks last year.
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