Coinbase Tells User Missing $96,000 After Security Breach Is His Problem, Suit Claims - BNN Bloomberg

Jared Ferguson of Staten Island, New York, says he received a text from his mobile carrier describing a SIM card change request. When he restored service to his iPhone the next day, he learned that almost his entire life savings was gone.

Highlights

• Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request.
• When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone.
• Ferguson argues that under state and federal laws, the largest US cryptocurrency exchange, bears responsibility for unauthorized withdrawals.
• The company has refused to reimburse him, saying security of passwords and two-factor authentication codes are his responsibility, according to the lawsuit.Coinbase is reeling from a plunge in trading volume on its exchanges, and revenue and trading volume both plummeted at San Francisco-based company.

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