Coinbase sued over lost crypto

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OVERVIEW OF NEW COINBASE CLASS ACTION LAWSUIT

In this episode, Attorney Steve® discusses the new lawsuit against Coinbase over the loss of funds.

KEEP YOUR CRYPTO SAFE

Cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. While cryptocurrency is a relatively new phenomenon, it has grown rapidly in recent years. As of 2021, the total market value of all cryptocurrencies was over $2 trillion.

One of the most important aspects of owning cryptocurrency is keeping it safe. Crypto wallets come in two main types: hot wallets and cold wallets. Hot wallets are software wallets that are connected to the internet. These wallets are convenient for day-to-day use but are at a greater risk of being hacked due to their connectivity. Cold wallets are hardware wallets that are not connected to the internet. Cold wallets are much more secure but can be inconvenient to use for everyday transactions. Many people choose to keep their cryptocurrency in both hot and cold wallets for maximum security.

Another important thing to keep in mind is that you should never store your cryptocurrency on an exchange. Exchanges are central points of failure and are much more likely to be hacked than individual wallets. Coinbase, one of the largest US-based exchanges, has been hacked multiple times, resulting in the loss of millions of dollars worth of crypto. If you own crypto, it's important to store it in a safe place such as a cold wallet or an offline storage device such as a USB drive.

If you have a legal issues involving Coinbase or Crypto.com that is over $100,000 in losses, call us to discuss your case.

OTHER RESOURCES

1. Overview of the California Legal Remedies Act ("CLRA"): https://youtu.be/W9TiJ0_AsoQ

2. Link to the Coinbase lawsuit: https://www.vondranlegal.com/coinbase-sued-in-class-action-brought-before-california-northern-district-court