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One of the biggest cryptocurrency platforms, Coinbase, is facing a patent infringement lawsuit.

Coinbase, one of the world’s largest cryptocurrency exchanges, is facing a patent infringement lawsuit related to transfer technology. The lawsuit was filed in federal court in Delaware by Veritaseum Capital LLC.

Screenshot of Veritaseum's VERI token which has fallen significantly since its peak in late 2021.
The VERI token has fallen significantly since its peak in late 2022.
Source: Coinbase

The trial complaints that Coinbase infringed a patent that was granted to Veritaseum founder Reggie Middleton by the U.S. Patent and Trademark Office in December 2021. Middleton and Veritaseum paid over $9 million to settle SEC charges linked to a “fraudulent scheme” to sell VERI tokens in 2017 and 2018. Veritaseum and Middleton claimed in 2019 that VERI tokens were not securities and denied any fraudulent claims.

Veritaseum’s attorney said Coinbase was “uncooperative” when the company tried to settle the matter out of court. Veritaseum’s website claims that the company is “building blockchain-based peer-to-peer capital markets as software on a global scale.” Current patent infringement court case claims that Coinbase’s website, app, Pay, Wallet and Cloud services all infringe a patent covering a secure method of digital currency transactions.

Coinbase's stock chart shows what a world of pain equities have been for shareholders.
Coinbase stock has fallen 85% since hitting an all-time high in its first week of trading last year.
Source: TC2000

Coinbase found itself at the center of several legal issues, with the The SEC is still investigating the company on digital asset trading. COIN shareholders have been in for a world of pain over the past year as the stock plummeted over 85% during the so-called “crypto winter”.

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Asif Khan is the Luminary and the majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Asif is a CPA and was previously an Investment Advisor Representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focusing on new private investments. His all-time favorite PC game is Duke Nukem 3D, and he’s a die-hard fan of most things Nintendo. Asif first frequented the Shack when it was Scary’s Shugashack to find all things Quake. When he’s not immersed in investing or gaming, he’s a purveyor of fine electronic music. Asif also has an irrational love for Cleveland sports.

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