Coinbase's Defeat in the Supreme Court: Saska vs. Coinbase
Date: 2024-05-24 Author: Henry Casey Categories: IN WORLD
Judgment
Crypto exchange Coinbase (NASDAQ: COIN) has lost its case against David Suskey and other customers who went to court claiming they were defrauded during a sweepstakes run by the platform in June 2021. The Supreme Court supported the position of the victims, deciding on their side.
The Heart of the Matter
Coinbase customers claimed they were duped into depositing $100 into DOGE for a chance to win prizes worth up to $1.2 million in memcoins. Although Coinbase's lawyers cited the user agreement, arguing that participants in the giveaway were familiar with the terms, Chief Justice Ketanji Brown Jackson sided with the victims.
Next Steps
It is currently unknown what compensation the former participants of the drawing will receive from the crypto exchange. The court's decision caused various reactions in society.
Paul Grewal, Coinbase's chief legal officer, expressed gratitude for the opportunity to present the case to the Supreme Court and praised the court's work. He noted that in life there are both victories and defeats, but he appreciates the opportunity to fight the case in court.
