Crypto Exchange Coinbase Faces Suit Over Patent Infringement
Source: Chloe
Coinbase Global (COIN) is being sued by Veritaseum Capital LLC, which alleges that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton.
According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking at least $350 million in damages.
Middleton and Veritaseum in 2019 settled a case with the U.S. Securities and Exchange Commission (SEC), paying nearly $9.5 million over charges surrounding the initial coin offering (ICO) for the company's VERI token.
The lawsuit was filed on Thursday in U.S. District Court in Delaware.
(Source: CoinDesk)
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