Coinbase tells user missing US$96,000 after security breach is his problem, suit claims

Ferguson claims Coinbase’s security procedure fails to flag and hold ‘obviously fraudulent and unauthorised transactions’. — Reuters

Coinbase Global Inc says it’s not responsible for losses stemming from a security breach, according to an account holder who sued in an attempt to recover US$96,000 (RM429,600) that he says was stolen from him.

Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request that he hadn’t made. When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone from his Coinbase account.