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Ferguson v. Coinbase, Inc

Case Number: 3:2023cv01004

Date Filed: March 6, 2023

  • Case Summary: Coinbase Inc. (COIN) is being sued by a customer who says the crypto exchange refused to help him after he lost $96,000 from his Coinbase wallet due to a hack, according to a filing in the United States District Court for the Northern District of California San Francisco Division. The plaintiff, Jared Ferguson, lost “90% of his life savings” after his phone was hacked, the court filing said. Ferguson lost service on May 9 and T-Mobile technical support told him to get a new SIM card. After restoring service to his iPhone, Ferguson noticed that all the money had been taken from his Coinbase wallet. The plaintiff immediately contacted Coinbase, which asked him for information about the security of his device, the last authorized transaction, and a list of unauthorized transactions. Just over two weeks later, he was told Coinbase could not help him. ○ Ferguson alleges that Coinbase violated the Electronic Fund Transfer Act, which was enacted to protect customers engaging in electronic fund transfers, as well as article 4A of the California Uniform Commercial Code, which states that if a bank authorizes an unauthorized order, then it should refund the customer with interest, even though Coinbase is not a bank. ○ Ferguson filed a federal lawsuit accusing Coinbase (COIN) of deliberately ignoring what he alleges as telltale signs of fraud, following an unauthorized mobile SIM swap that hackers used to drain his account of $96,000.

  • Judgment Result: The lawsuit is still in progress; however, it can be concluded that the outcome of the lawsuit filed by Jared Ferguson may have significant implications for the future of cryptocurrency exchanges and their responsibilities in protecting users’ assets.

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