Coinbase sued over stablecoin

The digital asset trading platform and the issuer of the GYEN token were accused of misleading investors about its stability, leading to millions of dollars in losses, according to the proposed class-action complaint filed in federal court in northern California. (File pic shows Monitors displaying Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.)

NEW YORK: Coinbase Global Inc was sued over its role in the promotion and trading of a stablecoin cryptocurrency that allegedly turned out to be “anything but.”

The digital asset trading platform and the issuer of the GYEN token were accused of misleading investors about its stability, leading to millions of dollars in losses, according to the proposed class-action complaint filed in federal court in northern California.