However, he went on to say that users of the new layer-2 network will be subject to transaction monitoring and AML rules. In related news, Coinbase CEO Brian Armstrong made a suggestion that the company’s upcoming layer-2 blockchain network Base might be launched with transaction monitoring and anti-money laundering controls.Īrmstrong stated that Base currently has some centralized components in an interview with Joe Weisenthal on Bloomberg Radio on March 6, but he also said that “it will be more and more decentralized over time.” Coinbase CEO reveals that the new layer-2 network may have AML controls Although the firm is the market leader in the US, it has frequently come under fire for its poor customer service. Once more, the business declined to cover the losses. Additionally, this happened right away after his password was changed from an IP address that had never before been connected to his account.Ī SIM switch assault cost another victim in 2021 $7,200 from a Coinbase account. In less than eight hours, he claims, a new gadget drained the account. The lawsuit claims that Coinbase’s security system failed to identify and hold “clearly fraudulent and unlawful transactions,” which is the case’s key argument. However, America’s multi-billion dollar cryptocurrency exchange disagrees. Also, it held practically all of his savings.įerguson asserts that Coinbase is accountable for unlawful withdrawals under state and federal law. The next day, when his device’s service was restored, he found that his Coinbase account had been empty. The victim claims he never requested a SIM card swap but nevertheless received an SMS from his mobile provider mentioning it. Coinbase Claims it's not Responsible for Losses Stemming from Security Breaches, According to Lawsuit - Bloomberg Crypto March 7, 2023
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