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Intrigue surrounds lawsuit against Coinbase over $96k hack

intrigue-surrounds-lawsuit-against-coinbase-over-96k-hack
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Intrigue surrounds lawsuit against Coinbase over $96k hack

The crypto community has expressed mixed reactions after a Coinbase client sued the crypto exchange for a $96,000 loss after they faced a SIM-swap hack.

Coinbase sued for $96k by a hacked client

The crypto community has expressed mixed reactions concerning the case of Jared Ferguson, a Coinbase customer who suffered a SIM-swap hack that saw him lose $96,000 to hackers. Jared is suing Coinbase, one of the largest crypto exchanges, after allegedly losing “90% of his life savings” to hackers. 

After the hack, Jared of Staten Island, New York, contacted the exchange hoping that he would be compensated for the loss. However, the exchange refused to refund him the money, after which Jared took to the United States District Court of the Northern District of California to legally battle the exchange.

According to Jared, Coinbase was liable for unauthorized and unapproved withdrawals from customer accounts. However, across several social media platforms, investors have been warned not to trust the security efficiency of SMS 2FA.

Crypto enthusiasts react to the case on Twitter

The crypto community began to react promptly after the news broke out. Some expressed sympathy for the victim, while others stood with the exchange’s decision to refuse to compensate Jared for the loss.

One particular user on Twitter stood with Jared stating that Coinbase was worse than today’s traditional banking sector.

Another user explained that Jared’s phone was hacked, which was not the exchange’s fault.

A user named Jack Adams highlighted an incident last month where the exchange fell victim to cyber criminals and client information allegedly leaked to the dark web.

As previously reported by crypto.news, Coinbase confirmed that the cyber attack was successfully executed, and both customer and employee data may have been breached.

Jack Adams blames Coinbase for the loss citing that Jared could be among the clients whose information fell into the hands of the hackers.

According to Bloomberg, Coinbase has already claimed that “it’s not responsible for losses stemming from security breaches” on the client’s end.