George Cattula, a resident of the state of Georgia (USA), has filed a class action lawsuit against cryptocurrency exchange Coinbase. He accused the platform of unfair asset protection, freezing funds and blocking client accounts.

According to the plaintiff, he received an email from Coinbase in April asking him to change his account password. After that, almost $6,000 worth of assets disappeared from the account.

“Contrary to its claims, Coinbase does not properly use standard methods to secure user accounts. Coinbase improperly and unreasonably prevents customers from accessing their accounts and funds for an extended period or permanently.”

Kattula noted that the platform did not delay the processing and execution of the suspicious transaction. He also accused the exchange support service of not responding to questions in a timely manner.

“Furthermore, Coinbase does not disclose that the crypto assets on its platform are securities,” the plaintiff said.

In August, two class action lawsuits were filed against Coinbase. The platform has been accused of offering crypto assets that must be registered as securities.

Recall that in July it became known about the alleged investigation SEC It’s about Coinbase. Allegedly, it was possible to provide US residents with access to trading in digital assets that could be considered securities.

Earlier, the US Department of Justice announced the arrest of Ishan Wahi, the exchange’s former product manager, and two accomplices. They were accused of committing fraud using insider trading.

The SEC emphasized that we are talking about securities fraud by filing lawsuits against suspects with similar arguments. Thus, the agency classified 9 out of 25 cryptocurrencies that the defendants allegedly used in their operations.

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