April 20, 2024

Nasdaq Stock market Frauds

Legal action taken against Coinbase for returning SGB and FLR

Hodl Law has sued Coinbase for failing to issue its users promised Flare tokens (FLR) and Songbird (SGB). According to the lawsuit, the primary attorney in the dispute, Fred Rispoli, Coinbase, has not met its commitments to its clients in this matter. Rispoli posted about the complaint and its facts on January 17 for the cryptocurrency market to see.

Dallas Woody, a crypto user, accuses Coinbase of fraud – breach of fiduciary duty, negligent misrepresentation, intentional misrepresentation, constructive fraud, common count, conversion – the money used and received, carelessness, request for declaratory relief, and violation of unjustified competition law, according to the court document.

 

According to the document, Coinbase is facing legal action for its handling of deployed tokens, FLR, and SGB. Despite getting the tokens in 2021 September and guaranteeing distribution to qualified clients, the system is yet to deliver, resulting in a rush of inquiries from dissatisfied individuals. After that, the exchange is yet to respond, prompting the Coinbase community to launch a petition titled “Coinbase users want an explanation on our Songbird airdrop.”

Flare Network, the world’s 1st Turing-complete (FBA) Federated Byzantine Agreement network, intended to airdrop SGB to XRP holders in July 2021. XRP owners involved in the FLR airdrop picture in Late 2020 were qualified for the airdrop of SGB. The attorney, counselor Rispoli, filed the case demanding a civil suit and a jury trial, which was well received by many others and garnered positive replies from the cryptocurrency world.

World fintech news provides insightful analyses of the financial industry and keeps you up-to-date with the latest developments in fintech. To read more news and stories about fintech, visit https://worldfintechnews.com/.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *