Coinbase sued again for $350 million over patented crypto transfer technology

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Coinbase – the largest cryptocurrency exchange in the United States – has been slapped with another multi-million dollar lawsuit.

The company has been accused of patent infringement through several of its services, for which the plaintiff is seeking $350 million in damages.

Another Coinbase Lawsuit

Veritaseum Capital LLC deposit the trial Thursday in a Delaware court.

The firm claims Coinbase infringed a patent granted to company founder Reggie Middleton in December by the US Patent and Trademark Office. The patent surrounded a technology that facilitated low-trust peer-to-peer value transfer “conditioned on the contribution or participation of a third party”.

The filing states that Coinbase violated Middleton’s intellectual property rights by infringing the patent claims through several services on the Coinbase site. These include Coinbase Cloud, Coinbase Pay, Coinbase Wallet, Delegate and Validator software, and other technologies.

Coinbase was apparently “uncooperative” with Veritasium when the latter attempted to settle the case out of court, according to Brundidge Stanger attorney Carl Brundidge.

“Defendant manufactures, uses, sells and/or supports infringing products and services on the Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Solana platforms as well as NFTs for its products and offerings that run on and facilitate said platforms”, the record continues.

As such, the lawsuit seeks to award Veritaseum $350,000,000 in damages, due to the “substantial profits” Coinbase reaped from its alleged infringement, and the “irreparable harm” it continues to cause. at Veritaseum.

Veritaseum, according to its website, “builds blockchain-based peer-to-peer capital markets as software on a global scale.”

Common Ground: History with the SEC

Although opponents in this case, Coinbase and Veritasium share something in common besides their technologies (allegedly): a history of securities litigation with the Securities and Exchange Commission (SEC).

In 2019, Middleton and two of his Veritasium entities paid over $9 million to the SEC to settle the costs of selling a crypto token called VERI in 2017 and 2018. The SEC accused the company of manipulating the price of the token and mislead investors about the information surrounding the potential. earnings.

Similarly, Coinbase was for follow-up by the commission in July for allegedly listing unregistered securities on its platform. Coinbase asserts that the items in question are not securities.

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