Coinbase customers sue over stablecoin that was ‘anything but’

The complaint came a day after Coinbase shares and bonds plunged to new lows, signaling investor scepticism about the prospects of the crypto exchange in a worsening bear-market. — AP

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 Thursday in federal court in northern California.