Coinbase has been sued for $350 million for allegedly using an infringed patent to run Coinbase Wallet, Coinbase Cloud, and node validators among other things.
Crypto exchange Coinbase has found itself in legal hot water after being accused by blockchain-based software firm Veritaseum Capital of infringing on a patent relating to its blockchain technology — and is now seeking $350 million in damages.to a lawsuit filed on Thursday by U.S. law firm Brundidge & Stanger in the U.S. District Court in Delaware, Veritaseum alleges that Coinbase infringed on its cryptocurrency payment transfer technology patent, known as the “566 Patent.
Veritaseum said the patent revolves around “novel devices, systems and methods” which enable parties to “enforce value transfer agreements” with “little or no trust” in each other, alleging Coinbase used this for many of its blockchain infrastructure services: “Defendant’s infringing activities include but are not limited to its website [...] Coinbase Android mobile wallet [...] iOS mobile wallet [...] its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators.”
The law firm also explained that the patent is applicable with proof-of-stake and proof-of-work blockchains, which could enable the transfer of cryptocurrency payments, trading and staking services on chains supported by those consensus mechanisms. Furthering my many warnings of the risks of poor due diligence, our suit includes infringement of patent claims that cover PoS & PoW Ethereum, transfer of NFTs & Bitcoin. This was public info since 2015, I've been tweeting publicly for almost a year. It should surprise no one!
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