Coinbase Customers Refuse to Share Account Info, Seek $5M in Damages

• Coinbase customers are refusing to share account information in a lawsuit against the crypto exchange.
• They are seeking at least $5 million in damages for unauthorized crypto transfers.
• The plaintiffs have agreed to provide the necessary information, such as emails, usernames, and Ethereum addresses, in exchange for a protective order.

Coinbase customers are continuing to fight the crypto exchange in a lawsuit over unauthorized crypto transfers. The plaintiffs are seeking at least $5 million in damages for the incident and have refused to share their account information in a bid to block efforts to move their case to arbitration. The renewed emergency motion filed in federal court revealed that the plaintiffs have agreed to provide the necessary information, such as emails, usernames, and Ethereum addresses, in exchange for a protective order.

The plaintiff alleged that $6,000 worth of cryptocurrency was drained from his wallet to an address he had never interacted with before with Coinbase facilitating the transfer. The customers have accused the exchange of negligence and breach of contract, claiming that Coinbase failed to inform customers of a security breach that allowed hackers to access their accounts and steal their funds.

The motion requested that the court order Coinbase to provide the account information in a protective order and that the exchange should be held liable for the unauthorized transfers. Coinbase has argued that the case should be moved to arbitration since the customers agreed to the exchange’s terms and conditions when they opened their accounts.

The plaintiffs claim that Coinbase’s terms and conditions are unfair and not in line with California’s laws. They have argued that the exchange should not be allowed to force customers into arbitration since the terms and conditions are one-sided and do not provide customers with any protection.

The court has yet to rule on the motion and it remains to be seen if the case will be moved to arbitration or if Coinbase will be forced to provide the account information in a protective order. In either case, the case is likely to set a precedent for other similar lawsuits involving crypto exchanges and customers.