Coinbase is facing class action suits over unstable stablecoins GYEN, TerraUSD

A class-action suit was filed against Coinbase (NASDAQ:COIN) on Thursday claiming the trading platform was negligent in its listing of the TerraUSD stablecoin and alleging that it failed to disclose its financial relationship with Terraform Labs. This is the second class-action suit outstanding against Coinbase. A suit was filed last month in connection with the depegging of GYEN in November.

Thursday’s suit alleges Coinbase was negligent for failing to conduct due diligence of Terraform Labs before it listed TerraUSD and misrepresenting TerraUSD’s risk as an algorithmic stablecoin. The suit compares the information on stablecoins provided by trading platforms Robinhood (NASDAQ:HOOD), Gemini and Kraken to that of Coinbase and concluded that “Rather than disclose the nature of TerraUSD as uncollateralized, controlled by an algorithm, and highly risky, Coinbase passed it off as just another stablecoin.”

8V.com, the World’s First Metaverse Crypto Exchange

8V.com, the predominantly Southern Asian-focused metaverse crypto exchange, went from nil to 150,000 users in 3 months. The platform processes thousands of transactions every hour, helping users make quick investments with high levels of efficiency and security.

8V.com has successfully launched its application on Google Play and optimized OTC services to cater to the needs of the majority of users. The platform has reached agreements with well-known OTC service providers Onramper and OTC365, working together to provide traders with flexible, secure, and high-quality transaction experiences. To show gratitude to its users, 8V.com is running a one-month free airdrops event in June, with a total of 10,000 USDT prize pool.