Coinbase Facing Class Action Lawsuits Over Unstable Stablecoins GYEN And TerraUSD

For those who follow coinbase delist gyenGeek’s news onCoinbase, these accusations will come as no surprise. The company is renowned for freezing accounts, abysmal customer service, and questionable actions of all kinds. Our goal is to list every compliant asset possible.

So when the news of the crash of $17.5 billion came to lhttps://coinbreakingnews.info/ht, everyone was shocked. Sign Up NowGet this delivered to your inbox, and more info about our products and services. Lucas Bauer, an Army captain and physician’s assistant, said his investment was small – only about $400 – but what happened infuriated him. Fleming said he still hasn’t gotten access to his funds and started an online petition, which has now attracted more than 1,100 signatures from around the world.

Be Very Aware Coinbase answers to NO…

I don’t even want the gyen now, I just want my money back! I’m not giving gyen or Coinbase a free 1300 for their mistake. And I bet money Coinbase is going to say sorry.

Was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story. I have several screenshots showing before and after they moved the decimal places in my Coinbase acoount on GYEN. It’s several millions worth.… they owe me quite a bit of money. Coinbase maintains they’ve disabled trading in POWR and GYEN while they work out a technical problem.

These allegations are false and reflect a misunderstanding about what GYEN is and how Coinbase works. I made the mistake of thinking Coinbase was a legitimate exchange. I had money invested in it, my account got froze like everyone elses, then was forced to sit and watch a tremendous real loss, not just a perceived loss. I also had money in Powerledger and it was frozen.

The website in now shutdown and I have traced my money to two crypto exchanges where it was likely withdrawn to a bank account. – Coinbase lists ‘stable’coin GYEN, which immediately proves it’s clearly not pegged to anything. – Allows trading to continue, collecting exorbitant fees on trades for ‘stable’coin that’s clearly, massively inflated. – Exacerbates situation by issuing 10x, 100x, and 1000x the qty of tokens purchased by buyers, apparently due to a random internal issue with decimal placement.

GYEN Price Chart (GYEN)

I understand their issue, but when they froze our accounts, it took away the opportunity to minimize our real losses. Multiple users are also reporting on Twitter that they are unable to transfer $GYEN from Coinbase, and trading in GYEN is still suspended. It cannot be transferred anywhere–not even to Coinbase wallet. If it cannot be transferred or traded, it’s unclear what you own. Outraged customers of Coinbase say the company has locked them out of their accounts after “technical reasons” forced it to halt trading GYEN last month. It has repeatedly ignored customer pleas for help when their accounts are hacked or otherwise taken over.CNBC interviewedCoinbase users who were victims of this.

This is not right, it’s not a bank they can ask us for the shares back but we own them. The whole basis of crypto currency not to be controlledlike a bank. Coinbase messed up and not paying their mistakes.

What is the purpose of GYEN?

This seems to be an ongoing issue with Coinbase. My husband had a coin base account in his name. He unfortunately passed away on February 10, 2022. I, as his wife wanted to close the account.

You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. My coinbase account has been disabled for 2 weeks now. I can log in and see my balance but I can’t make any transactions. I would like to withdraw my money and close my account. Coinbase assured me my account was locked and no money could be transferred out but $10,000 worth of BTC went to a fraudulent wallet address.

AND YET my account is still disabled and I can’t use the card that has MY MONEY on it. I have not been able to access my Coinbase account for more than two years. I’ve tried to contact Coinbase support but only get automated replies. We cannot protect your email account, devices, or passwords/2FA codes for you. We cannot take responsibility for any activity on your account that happens as a result of the breach of one or more of these items.

The coins were stolen so I didn’t get that profit. Kelly claims that his Coinbase wallet — containing approximately $18,000 in Ethereum cryptocurrency — was potentially hacked when he called the company to add a feature to his account. He says that instead of helping him get to the bottom of the situation, Coinbase froze him out of his account for months. GYEN’s overall valuation had risen after being listed by Coinbase and then, later on, had dropped within a week. This resulted in the company freezing some of their user’s wallets, and allegedly, as per the lawsuit, users also lost some funds, stating that the amount was “untold millions”.

The recent implosions in the digital asset industry did not faze Bermuda, as it rallies VASPs to set up operations in the country and, at the same time, prepare to launch its first stablecoin. DFX , which received $5 million in funding led by FBG, Polychain and CMS, is focused on building a stablecoin forex trading platform. The price has fallen 88% since peaking last November. CFD Accounts provided by IG International Limited.

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But on Nov. 20, when he checked his account, he said he was shocked. Despite that statement, several Coinbase customers reached by CNBC on Tuesday evening said their holdings on the exchange were still frozen. Arbitrum’s market maker, Wintermute, received $40 million of ARB from Arbitrum as part of the $1 billion allocation.

• GYEN should be worth .88 cents each (less than one U.S. cent), the value of the real Japanese Yen.
• Coinbase should compensate the people at least by returning the money at the price they bought GYEN.
• All donations will go toward improving and scaling our cryptocurrency alerting efforts.
• The recent implosions in the digital asset industry did not faze Bermuda, as it rallies VASPs to set up operations in the country and, at the same time, prepare to launch its first stablecoin.
• This is the second class action lawsuit against Coinbase.

We apologize for any inconvenience caused by this.” The break in parity occurred because of these market conditions specific to the GYEN digital asset unrelated to Coinbase operations. Thursday’s lawsuit alleges that Coinbase was negligent for failing to do due diligence in investigating Terraform Labs before listing TerraUSD and for misrepresenting the token’s risk as an algorithmic stablecoin. This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information.

Please keep this window open and allow some time for the transaction to be confirmed. Once payment is received, your account will be upgraded to Pro. We do not accept payments over the BNB or BSC network, please use ETH when sending ETH, USDC or DAI. Once payment is received, your account will be upgraded to Trader. My account with Coinbase has been “Under Review” for more than three weeks without explanation.

This is completely ridiculous on Coinbase behalf. These funds need to be returned to your clients. Crypto products and NFTs are unregulated and can be highly risky.