Coinbase Uses Lax Measures To Protect Accounts, Suit Says

By Gina Kim (August 1, 2022, 4:30 PM EDT) — Coinbase’s default system that connects to the internet to streamline the process for sending and receiving cryptocurrencies without strong security protections in place has left its customers’ accounts vulnerable to hackers, according to a putative class action lodged Friday in California state court. 

In a 10-page complaint, Los Angeles County residents and Coinbase users Aramik Tarvirdi and Steve Mintz accused cryptocurrency exchange platform Coinbase Global Inc., which offers popular products like bitcoin, Bitcoin Cash and Ethereum, of misrepresenting to its customers that it heavily invests in cybersecurity when it actually cuts corners and employs lax, outdated security protocols with “reckless disregard…

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