Coinbase Slapped With $350 Million Lawsuit Over Patent Infringement

Coinbase Slapped With $350 Million Lawsuit Over Patent Infringement

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Veritaseum Capital LLC, a crypto firm that specializes in patents meant for encoding smart contracts, on Thursday filed a lawsuit against Coinbase over patent infringement through several of its services.

The $350 million lawsuit also alleged that Coinbase features, including its website, mobile app, and Coinbase Cloud, Pay, and Wallet services, infringed a patent covering a “secure method for processing digital-currency transactions.”

Meanwhile in July, Veritaseum notified Coinbase regarding the infringement but Brian Armstrong’s Coinbase ignored it, the company in the suit required the court to declare Coinbase guilty and pay $350 million for damages and also stop Coinbase from using the patents in question.

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Common History With SEC

Both Coinbase and Veritaseum have a common history regarding securities disputes with the US Securities and Exchange Commission.

Middleton and two of his Veritasium entities in 2019 paid more than $9 million to clear the charges for selling a crypto token VERI in 2017 and 2018 which the SEC alleged that the company manipulated the price of the token and also deceived investors about the information surrounding the potential profits.

Also, Armstrong’s Coinbase was sued by the same commission earlier this year for listing unregistered securities on its exchange, Coinbase in response to the allegation said that the items in question are not securities.

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