Technology,
Civil Litigation,
Banking
Jun. 20, 2022
Adding to its woes, Coinbase sued over rating of TerraUSD coin
According to the complaint, Coinbase promoted TerraUSD as a “stablecoin,” a designation meant to indicate to investors that the coin itself is less prone to market volatility, and a drastic reduction in value, than other popular crypto currencies such as Bitcoin.
Crypto currency trading platform Coinbase misrepresented the validity and volatility of the coin TerraUSD, causing investors to lose $18 billion “in a matter of days”, according to a proposed class action filed in federal court in San Francisco.
According to the complaint, Coinbase promoted TerraUSD as a “stablecoin,” a designation meant to indicate to investors that the coin itself is less prone to market volatility, and a drastic reducti...
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