Coinbase Sued by Customers Who Lost ‘Untold Millions’ to Little-Known Crypto Project: Report

Coinbase Sued by Customers Who Lost ‘Untold Millions’ to Little-Known Crypto Project: Report


Top US crypto exchange Coinbase is reportedly being hit with a lawsuit for providing trading for GYEN, a coin meant to act as a stablecoin pegged to the Japanese yen.

According to a complaint seen by Bloomberg, Coinbase is being accused of misleading customers into believing that GYEN was equal to the price of one yen.

After overwhelming buy pressure, GYEN lost its peg to the yen as it rose from $0.008 on November 13th to $0.04 on November 18th, before sharply returning to parity on November 24th.

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According to Bloomberg, some investors on Coinbase didn’t understand that the token was not trading equal to the yen and was designed to come down drastically to reach its peg.

The complaint states,

“Investors placed orders believing

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