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    <p>Coinbase has been sued by a surgeon in Indiana who claims hackers were able to steal almost $350,000 in cryptocurrencies thanks to inadequate safety measures implemented by the crypto exchange. More concerning, Coinbase allegedly accepted payments from the hackers to settle the surgeon’s outstanding loans.</p>
    <p>Doctor Ricardo Vasquez, a vascular <a rel="noopener noreferrer nofollow" title="surgeon" href="https://thebittimes.com/tag/surgeon.html">surgeon</a> operating in Bloomington, Indiana, filed the lawsuit in San Francisco Superior Court last week. <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> is being sued for breach of contract, breach of the covenent of good faith and fair dealing, negligence, bailment, and unfair competition.</p>
    <p>“Despite repeated promises of advanced security technologies and ‘bank-level’ controls, <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> allowed <a rel="noopener noreferrer nofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> to evade all security measures and empty the account of Ricardo Vasquez without raising any red flags or alerts,” the lawsuit claims. The <a rel="noopener noreferrer nofollow" title="surgeon" href="https://thebittimes.com/tag/surgeon.html">surgeon</a> alleged that password reset delays, device verification, and two-factor authentication weren’t enough to prevent the <a rel="noopener noreferrer nofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a>, nor did <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> alert him in time.</p>
    <p>According to the San Francisco Standard, the hackers converted his holdings into ether and made 217 transfers.</p>
    <p>During the time of the hack, Vasquez had an outstanding loan to <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> for $40,000. Instead of serving as a deterrent, the <strong><a rel="noopener noreferrer nofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> were willing to pay off his debts in order to drain the account</strong>. According to Vasquez, this points to <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> securing its own interests before the welfare of its clients.</p>
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       CFTC demands Coinbase user data in suspected Bybit probe
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“CFTC demands Coinbase user data in suspected Bybit probe” — Protos" src="https://protos.com/cftc-demands-coinbase-user-data-in-suspected-bybit-probe/embed/#?secret=GrG1krnKUx#?secret=pA5p5azEPy" data-secret="pA5p5azEPy" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Supreme Court will hear Coinbase’s Dogecoin sweepstakes case</em></p>
    <p>“Coinbase engaged with, required, and accepted payments from the hackers before allowing them to transfer assets out of the account,” the complaint stated. “In short, <strong>Coinbase implemented controls to protect itself while ignoring risks to its own customers</strong>.”</p>
    <p>The surgeon claimed that Coinbase customer service was unhelpful. Apart from failing to raise red flags, it was nearly impossible to reach the company — when he did, he was met with automated voice messages and employees hanging up on him. Vasquez claimed that it took weeks to get an understanding of what occurred from someone working at Coinbase.</p>
    <p>The crypto exchange, based in Delaware and headquartered in San Francisco, has been asked to compensate Vasquez for $348,407 — the amount the surgeon has lost to the Coinbase hackers — as well as fees to cover interest and legal costs.</p>
    <p><em>Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-surgeon-sues-coinbase-after-hackers-pay-off-debt-steal-350k-tbt73410.html">https://thebittimes.com/us-surgeon-sues-coinbase-after-hackers-pay-off-debt-steal-350k-tbt73410.html</a></p>

US surgeon sues Coinbase after hackers pay off debt, steal $350K

TheBitTimes

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