DALLAS, May 7, 2025 /PRNewswire/ -- Evan Selik of McCathern, Shokouhi, Evans Law Firm is representing 73 individuals in a class action that was compelled to arbitration. The Claimants allege that Coinbase is able to manipulate and trade on their consumer's account without the consumer's knowledge or consent. They also allege that Coinbase represents that their platform is safe for maintaining and trading cryptocurrency when, in fact, it is not.

According to Coinbase's Privacy Policy, they "process your personal information in order to help detect, prevent, and mitigate fraud and abuse of our services and to protect you against account compromise or funds loss." Our clients placed their faith and trust in Coinbase, Inc. to ensure their currency would remain safe, without any concern that Coinbase or a third party could remove funds from their accounts without the account owner's permission. Unfortunately, this was not the case for these 73 consumers. Once these consumers alerted Coinbase about the missing funds, Coinbase's response was to lock out their own consumers, while they allegedly investigated the situation, preventing them from transacting any of their cryptocurrency during this time.

Attorney Evan Selik, speaking on behalf of the Claimants, raised the question: "How could the largest cryptocurrency exchange platform in the world not have the proper measures in place to secure the currency of their consumers, and then remove them from being able to manage their own accounts, essentially freezing them out of their own currency? It's not right, and we can't allow this to happen to these individuals or any others who may have suffered the same consequences by trusting Coinbase."

For media inquiries, please contact McCathern Law Firm at 214-741-2662 | marketing@mccathernlaw.com and Shore Fire Media at McCathernLaw@shorefire.com

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SOURCE McCathern Law