Coinbase Exchange Sued for $350 Million for Patent Infringement

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2022-09-30 21:05:47

The largest cryptocurrency exchange in the United States – Coinbase is accused of infringing a patent related to digital trading technology. The lawsuit is worth millions of dollars.

Coinbase exchange is facing a patent lawsuit

On Thursday (September 23), Veritaseum Capital LLC, which has been in legal trouble with the US Securities and Exchange Commission (SEC), filed a lawsuit against Coinbase in the state court of Delaware, USA.

Specifically, it claims Coinbase infringes on a patent the US Patent and Trademark Office awarded company founder Reggie Middleton in December. The filing says Coinbase infringed on intellectual property rights. intellectual property of Middleton for infringing patent claims through multiple services on Coinbase’s site, including: Coinbase Cloud, Coinbase Pay, Coinbase Wallet, Delegate and Validator software, and other technologies.

According to the indictment, Coinbase used patents for several blockchain infrastructures, and the plaintiffs claim at least $350 million in damages.

Remember in early August 2021, the SEC issued an order to freeze the assets of Middleton and Veritaseum and fined $9.4 million for violations in the 2017-2018 ICO deal worth $15 million. The SEC has charged the unit with deceiving investors and manipulating token prices. Soon after, Veritaseum agreed to the fine without saying anything about the allegations.

In fact, this isn’t the first lawsuit calling Coinbase’s name since its business took a hit and its loss of $1.1 billion in the second quarter of 2022 was announced. Coinbase is continuously facing a class action lawsuit for listing TerraUSD (UST), a former insider trading CEO and being touched by the SEC for putting 9 unregistered security tokens on the exchange.

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