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The cryptocurrency swap is back in hot water , exacerbating an already tenuous relationship with users. A class action lawsuit was filed against Coinbase in San Francisco in recent days in the US District Court in the Northern District of California, claiming that the main exchange of cryptocurrency in the United States illegally kept cryptocurrences sent by email and remained unclaimed for years


The plaintiffs Timothy G. Faasse and Jeffrey Hansen are residents of the United States and have filed a lawsuit on behalf of themselves and on behalf of others believed to be thousands, all represented by Restis Law in San Diego.

William R. Restis of the law firm that bears his name told CCN:

“These types of problems are simply growth problems for a mature industry that is settling into the mainstream.” The failure of Coinbase to deliver was probably an oversight. this lawsuit encourages the company to quickly do things right. “

As regards the trials, this one is not hostile. Both complainants say that they will use Coinbase if their bitcoins are restored.

Unclaimed bitcoin

Faasse and Hansen would have missed 0.10 bitcoin and 0.01 bitcoin, respectively, sent in 2013. The price of the BTC was mostly less than $ 1,000 in 2013 until the end of the year. Year, when he experienced a brief rise of more than $ 1,000. The pair did not claim their funds until this year in the middle of a recall, but encountered a faulty link that would not allow them to buy back the funds.

Depending on the deposit, Coinbase’s blatant behavior is apparent to a bank keeping funds from an undisbursed cashier’s check. In the case of Coinbase, users can send Bitcoin, Ethereum, Litecoin and Bitcoin Cash by e-mail, informing the recipient that they receive the funds and providing a link to create their own user account to redeem funds.

Unfortunately, many of these emails have been forgotten before the rise of cryptocurrencies in 2017. Instead of returning the funds to their original owners, the exchange has stayed on them, says the pursuit.

The California Property Law is on the investor side, according to the lawsuit.

“This class action seeks to recover these unclaimed cryptocurrencies and deliver them to the intended recipients, as well as all their” ranges “(eg bitcoin fork bitcoin cash), and” parachutings “which reported there, “the state of prosecution

According to the complaint, Coinbase should have notified the recipients of the new bitcoin within two and a half years of receipt of funds that, if not exchanged, would be forwarded to the state. crypto-currencies plus interest and dividends. California. Complainants whose email addresses have since “disappeared” want their property to be returned to the state.

Send cryptocurrency by e-mail

The Coinbase email feature is a convenient way to send cryptocurrencies, like Bitcoin, especially to other trading members for whom funds are automatically deposited into their accounts. For non-users, however, it’s a different story, and the latest allegations highlight another possible loophole in Coinbase’s infrastructure.

It also opens the door to similar lawsuits to emerge among users of other exchanges where cryptocurrency funds still have to be claimed.

Coinbase, meanwhile, has just faced an equally delicate situation in which he blames a technical problem on Visa for unauthorized charges that the exchange has promised to reverse.

Image from Shutterstock to photo

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