Coinbase Finally Settles Dogecoin Sweepstakes Lawsuit

Crypto Exchange Coinbase and Marden-Kane Marketing Company agreed to pay a $ 2,250,000 settlement to resolve all the requests in a multi-year class lawsuit, which he launched a dissatisfied customer who participated in the alleged “false and misconception” Dogecoin wrap, court documents Filed last week.

The settlement, if approved by the US District Court in the North District of California, would compensate for all exchanges in the US who opted for Dogecoin Pracnje and traded meme coins of 100 USD during one week in June 2021.

Together with Coinbase Coinbase trading debts, the promotion promised a major prize of $ 300,000 among smaller prizes and was free to enter. However, the connection on the Exchange website, which describes in detail that the key fact is disguised by using a small and weak text, alleged customer Coinbase David Suski.

Suski claimed that he would not buy Dogecoin at Coinbase if he knew that Exchange competition was free to enter, because he had already owned a crypto currency at Robinhood’s retail broker. His lawsuit sought compensation of $ 5 million.

“We are glad we have reached an agreement on the resolution of the case, with the approval of the court,” said Coinbase spokesman Decipher.

In terms of compensation, each member of the Settlement Class would receive the amount of money they spent on the “expansion” fees charged at the first $ 100 in the amount of Dogecoin store during a one -week period.

Parties of the lawsuit found that Coinbase had ahead of $ 1.3 million at the first $ 100 in Dogecoin stores during the short trail.

The lawsuit also called Marden-Kane as a defendant, a marketing agency Syosset, a New York’s marketing agency that Coinbase was eavesdropping to manage supplies. Both sides “have long refused any abuse”, claiming that “a reasonable buyer would recognize that the payments were unnecessary to enter after reading the language” without buying “in the ad.

Marden-Kane did not immediately respond to a comment request from Decipher.

The dispute was measured by the Supreme Court of the United States last year, and Justices rejected the argument of Coinbase, who sought to force arbitration. The rejection of the court confirmed the verdict of the Appellate Court of the United States for the ninth round.

The price of Dogecoin recently traveled by hand around $ 0.23, which is a 3.2% decrease in the past day, said the Crypto Data Provider Co ringecko. In the midst of coolant tension between the US -Ai China, the price of property has increased 34% in the past week.

June 3, 2021. Less than a month before, the price of property reached around $ 0.69, together with the director of Elon Musk Technology Long -awaited look on Saturday night live.

Men’s dog lunatics, who continue To date, he inspired a separate lawsuit against a billionaire, claiming that his wrong statements left investors with significant financial losses. That lawsuit, which asked for $ 258 billion in damages, was lowered Mid -November.

David Harris, a lawyer who represents Suski, did not immediately respond to the commentary request Decipher.

Edited Andrew Hayward