Coinbase could be hit with a record fine

350 million dollars: this is in fact the astronomical sum that could have to pay Coinbase after a new trial. The cryptocurrency exchange platform, which is one of the largest in the world with Binance, is being sued by Veritaseum, which accuses it of having used one of its proprietary technologies on its own without authorization. Veritaseum filed a complaint on September 22, the site reported. Cointelegraph September 26.

In the documents of the complaint that could be examined Reuters, we can read that Veritaseum accuses Coinbase of having used its money transfer technology without its authorization. Specifically, the complaint refers to the ‘566 patent, an invention that “allows transactions to be carried out between the devices of two clients, through a transfer mechanism that passes for a decentralized cryptocurrencyThis mechanism makes it possible to secure the transaction, even if the two clients do not know each other, and without the need to resort to a trusted third party, indicate the documents.

The documents also mention the fact that Veritaseum reportedly warned Coinbase as early as July 2022, without the latter reacting. According to Veritaseum’s lawyers, Coinbase “must have known it ‘was infringing’ or was deliberately ignoring the issue.” As a result, Veritaseum claims $350 million from Coinbase, a sum that would correspond to the losses caused by (…)

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