---
title: "Coinbase Slapped With Two Separate Class-Action Suits"
description: "Crypto exchange Coinbase got slapped with two class-action lawsuits less than two weeks after it was reportedly under SEC investigation."
date: "2022-08-07"
modified: "2022-08-07"
authors:
  - name: "Lonnie Lee Hood"
    link: "https://futurism.com/authors/ahood"
url: "https://futurism.com/the-byte/coinbase-class-action-lawsuit-blockchain"
categories:
  - "Blockchain"
  - "Future Society"
tags:
  - "blockchain"
  - "crypto"
  - "cryptocurrency"
  - "the digest"
---

# Coinbase Slapped With Two Separate Class-Action Suits

![Crypto exchange Coinbase got slapped with two class-action lawsuits less than two weeks after it was reportedly under SEC investigation.](<https://futurism.com/wp-content/uploads/2022/08/coinbase-class-action-lawsuit-blockchain.png>)
*\<em\>Image: Getty / Futurism \</em\>*

## 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](<https://futurism.com/coinbase-investigation-sec>).

On Friday, [*Decrypt* reported](<https://decrypt.co/106794/coinbase-made-false-and-misleading-statements-about-its-operations-lawsuits-allege>) 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](<https://www.bespc.com/cases/coin>), and the second [in San Diego](<https://www.rgrdlaw.com/cases-coinbase-global-inc-class-action-coin.html>). 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](<https://twitter.com/sunnyriannn/status/1555521743225225217?s=20&t=VSOTg45hM3WGriQSj8UZUw>). "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](<https://twitter.com/GRDecter/status/1555529921283375109?s=20&t=0csNw63WrLk4VASdbKQU6Q>) [Genevieve Roch-Decter ](<https://twitter.com/GRDecter/status/1555529921283375109?s=20&t=0jhRbFaM8knhV57J8UES0g>)[said online Friday](<https://twitter.com/GRDecter/status/1555529921283375109?s=20&t=0csNw63WrLk4VASdbKQU6Q>). "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](<https://futurism.com/coinbase-manager-arrested-flee-country>) the country. In June, the company began [withdrawing job offers to applicants](<https://futurism.com/the-byte/coinbase-rescinding-jobs>) who had already accepted them.

In an industry that's already sucking up [as much electricity as entire US cities](<https://futurism.com/the-byte/us-crypto-miners-power-houston>), there's little room for sympathy from burned, broke investors.

**More on government oversights:** [*Elon Musk Had to Prove He's "Not a Drug Addict" After Smoking Weed With Joe Rogan*](<https://futurism.com/the-byte/elon-musk-weed-joe-rogan-test-drug-addict>)