Coinbase Faces $350M Lawsuit Over Patent Infringement From Former ICO, Veritaseum

2022-9-24 20:00

The biggest crypto exchange in the United States, Coinbase, is being sued by another crypto company that alleges that the firm infringed on its patented crypto transfer technology. 

Reuters reported that the lawsuit was filed on Thursday at a Delaware federal court by Veritaseum Capital LLC. The filing alleged that Coinbase is using a patent issued to Veritaseum founder Reggie Middleton last December by the U.S. Patent and Trademark Office.

The patent technology facilitates low-trust peer-to-peer value transfer and is “conditioned on input from or participation of a third party.”

Veritaseum Capital says some of Coinbase’s services like its Coinbase Cloud, Coinbase Commerce API, Coinbase Pay, Coinbase Wallet, Delegate, and Validator Software, among others, infringe upon its patent.

Veritaseum Capital’s attorney Carl Brundidge also accused Coinbase of being uncooperative in settling out of court, hence the lawsuit.

Veritaseum is requesting $350 million in damages.

Justifying the high damage fee, Veritaseum claimed Coinbase had made a “substantial profit by virtue of the infringement,” adding that this action has led to sustained damages for its businesses. 

Middleton, Veritaseum, and SEC

Previously, Middleton, alongside two Veritaseum entities, paid over $9 million to the Securities and Exchange Commission (SEC) in 2019. The payment was a fine to settle charges for fraudulently selling VERI tokens in 2017 and 2018.

The SEC accused them of manipulating the token’s price and misleading investors.

In their defense, Middleton and Veritaseum claimed not to have made any fraudulent statements. According to them, the tokens were not securities, and the trades were only an experiment.

Coinbase and lawsuits

Meanwhile, Coinbase is faced with a lawsuit from the SEC over allegedly listing securities.

The exchange has vehemently denied this charge, saying it does not list securities.

Also, a recent Wall Street Journal reported that the exchange involved proprietary trading with $100 million of its fund. The exchange also denied this allegation.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Coinbase Faces $350M Lawsuit Over Patent Infringement From Former ICO, Veritaseum appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Доступно / Всего 19.117m EMD / 32m EMD

crypto coinbase veritaseum former ico 350m faces

Источник: beincrypto.com

crypto coinbase → Результатов: 126


SEC Counters Coinbase’s Petition For New Crypto Regulations

The US Securities and Exchange Commission (SEC) has filed a countermotion against Coinbase’s rulemaking petition for the crypto industry. In a brief submitted on May 10, the US regulator argues against Coinbase’s request stating there is no need for creating a regulatory framework for crypto assets in place of existing US securities laws. Related Reading: […]

2024-5-12 10:38


Looking To Build Your Own Crypto Startup? Here Are The Top 10 Ideas From Coinbase’s CEO

As the crypto market heads toward another Bitcoin halving expected to trigger a bull market, crypto founders are gearing up to start launching their startups in a more profitable climate. If you are one of these startup founders interested in crypto, Coinbase CEO Brian Armstrong has outlined 10 ideas that would lead to profitable businesses. […]

2023-9-1 02:00


Bitcoin, Solana community calls out Coinbase CEO on crypto payment vision

The vision for a future where crypto payments are instant, accessible, and global has ignited a spirited debate among industry leaders on the path toward achieving this goal. As reported by Brian Armstrong, CEO of Coinbase, the crypto industry, including Coinbase, focuses on integrating layer 2 solutions, better on-ramps, and simpler user experiences to bring […] The post Bitcoin, Solana community calls out Coinbase CEO on crypto payment vision appeared first on CryptoSlate.

2023-7-28 20:00


Coinbase CEO says crypto will heal, take 15% of global GDP 

Coinbase founder and CEO Brian Armstrong dismissed the current pessimistic approaches to the market and said crypto would take 15% of global GDP in 20 years.  Speaking at Coinbase’s Q1 earnings call, Armstrong said: “In my mind, this  [crypto] is a little bit like the early days of the Internet, where you saw the birth […] The post Coinbase CEO says crypto will heal, take 15% of global GDP  appeared first on CryptoSlate.

2022-5-14 02:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Cryptocurrency Market Update: Crypto Consolidation Continues

FOMO Moments Sleepy Sunday in crypto land; Veritaseum making a move, Ravencoin flapping. It is another slow Sunday in crypto land with markets still slumbering. There has still been no movement for most of the major cryptocurrencies leaving markets at the same level around $210 billion.