Dogecoin Holder Sues Coinbase for $5 Million

Dogecoin holder David Suski has accused the cryptocurrency exchange Coinbase of deceiving users. He filed the suit in a federal court in San Francisco.

“Trade Doge, Win Doge” in honor of the addition of the meme cryptocurrency to the American exchange. The grand prize consisted of 300,000 DOGE, with 10 participants able to receive 30,000 DOGE each, and 6,000 users receiving 100 DOGE each.

Under the terms, participation required a Coinbase account, enrollment in the contest, and ‘executing a trade’.

“Buy or sell $100 or more in DOGE on Coinbase between June 3 and June 10, 2021. You can trade $100 at a time or in small amounts,” — according to the site.

Suski put in $100. He says he already owned more than 1,000 DOGE, which he bought through Robinhood, and would not have invested further in cryptocurrency if he had known about the option of free participation.

Under the law, companies are required to provide such an option — in particular, Coinbase asked users to mail a card with their name, address and date of birth.

The suit claims that the full sweepstakes rules were printed in “small pale font.” In Suski’s view, Coinbase improperly concealed the free-entry option in order to boost liquidity on the exchange.

The plaintiff accused Coinbase and the marketing firm of unfair competition and misleading advertising. He seeks more than $5 million in damages.

Earlier, against the American platform a lawsuit was filed for the sale of XRP tokens after the SEC brought claims against Ripple.

Earlier in April shareholders of Ebang International Holdings accused the mining company of making false or misleading statements and failing to disclose material information.

Suski v Coinbase Global Inc Et Al by ForkLog on Scribd

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