Coinbase Slapped With Two Separate Class-Action Suits

Here we go again.

Hot Water

Crypto exchange Coinbase got slapped with two separate class-action lawsuits this week, less than two weeks after the announcement that the company was reportedly under SEC investigation.

On Friday, Decrypt reported that two separate law firms filed the cases and said Coinbase investors suffered losses because of the bankruptcy clause in its SEC filing, as well as recent reports from the SEC probe that found the company was offering trading services that should've been registered as securities.

Sound Off

The first suit was filed in New Jersey, and the second in San Diego. In tweets about the filings, multiple crypto netizens sounded off about Coinbase's recent string of mess-ups and scandals.

"Imagine using Coinbase after all that crazy stuff," one Twitter user said online Friday. "I mean, there are many other exchanges like CoinEx, Bitfinex, etc."

Some investors apparently do plan to continue using the exchange, though, because one took to Twitter to advocate for what is, essentially, day trading.

"Remember, Jim Cramer and Cathie Wood panic sold Coinbase last week at $51, today it’s $88," Twitter personality and investor Genevieve Roch-Decter said online Friday. "Investing is hard."

Not Based

Coinbase has been on thin ice for a while now. In late July, one company manager was arrested as he tried to flee the country. In June, the company began withdrawing job offers to applicants who had already accepted them.

In an industry that's already sucking up as much electricity as entire US cities, there's little room for sympathy from burned, broke investors.

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