Veritaseum sues Coinbase for $350 million

Veritaseum Capital has accused the cryptocurrency exchange Coinbase of patent infringement and обратилась в суд seeking damages of $350 million.

According to the complaint, the case concerns ‘Patent 566’ for a cryptocurrency payment technology. Veritaseum Capital believes Coinbase used it on its website, in its mobile wallet, and in other services.

The company justified the requested $350 million as ‘the exchange’s substantial profits from the infringement’. Veritaseum itself, it is claimed, ‘suffered direct damage’ as a result.

Lawyers stressed that they warned Coinbase of the alleged infringement as early as July 3. They allowed that representatives of the trading platform could have learned of it earlier ‘from other sources’.

The company did not rule out the existence of other ‘centralized and decentralized exchanges using an unlicensed patent’ from Veritaseum.

Since @coindesk @cointelegraph haven’t reported this, we’ll break this 179 pg @Coinbase suit via our social media accounts. There’s a whole LOT more to follow, in terms of analysis & knowledge. Live AMA to follow, till then see 122 pg forensic analysis https://t.co/NMRxRQDo4e pic.twitter.com/sDVWbEZH8r

— Reggie Middleton DeFi Patent US11196566, JP6813477 (@ReggieMiddleton) September 22, 2022

In the summer of 2021, one of the largest cryptocurrency exchanges in South Korea, Upbit faced a lawsuit filed by a university foundation for infringement of intellectual property rights.

Earlier, Microsoft patented a method for implementing a cross-platform token-management system.

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