11/25/2023 0 Comments Coinbase yahoo finance![]() ![]() Both the CEO and chief legal officer said Coinbase disputes the SEC's determination, saying 'Lend' is not an investment contract or note. Appreciate it.In a lengthy Twitter thread, Coinbase CEO Brian Armstrong criticized the agency's handling of the firm's plans to roll out a lending product the SEC has determined to be a security and said the agency had denied him a meeting. This plaintiff, he says it's near his life savings. And, you know, anybody who loses that amount of money unnecessarily due to a hack, my heart goes out to them because trading is hard enough.ĪLEXIS KEENAN: I have talked to many consumers who have lost millions, and not to say that makes this $96,000 any smaller. ![]() All these flags- all these flags, I mean, you would think. JARED BLIKRE: AI should be disrupting this in the very near future. JULIE HYMAN: -like both on an individual and these companies. JULIE HYMAN: Yeah, and it also seems like, bottom line, everybody needs to improve their security. ![]() So look, this is trouble for both the mobile carriers as well as crypto exchanges. This one happens to be a T-Mobile customer here, this plaintiff, but it has happened across all of the carriers in the US at least. And this has happened across mobile carriers too. And so they are able to put in a new SIM card, get it swapped out by the mobile carrier. And that is when the hacker goes- is an imposter posing as the account owner of a mobile device. So it seems that there's some recognition, at least going back a couple years by the company, that they do know that it's tough for people to keep their private information private.īut how this particular hack happened and how this money was drained is the way that it's drained for many, many consumers, and that is by a SIM swap. We've not heard from them yet, though I have been covering these cases for years, talking to plaintiffs/victims of these types of hacks for years.Īnd when I last spoke with Coinbase's chief information officer, he had said, look, it is getting more and more difficult for people to secure their personal information with so much online. Now, we've reached out to Coinbase to ask for a response. Also occurred immediately after a new password had been reset and also without previously activated facial recognition that he had set up. Occurred on a new device that had not previously been associated with his account. This is out of character for Ferguson's account usage. This is the way that the complaint states it. And he says that Coinbase is willfully making itself blind to a confluence of factors that should tip it off to knowing that these transactions are likely fraudulent. ![]() He's making both state and federal claims, a bunch of them, four of them to be exact. This is not the first time we've seen one of these lawsuits.īut some of the claims that this plaintiff is making, Jared Ferguson, are perhaps a bit novel. JARED BLIKRE: And this is maybe consistent with that.ĪLEXIS KEENAN: And that's Coinbase's argument here, we suppose. And, Alexis, I've got to say, I've seen a few of these happen with broker-dealers, and that's kind of the line for these brokers is that 2FA, any kind of authentication is on your end. Yahoo Finance's Alexis Keenan has the details. ![]()
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