Coinbase sued over listing and promotion of GYEN stablecoin
Coinbase, the biggest cryptocurrency exchange in the United States, has been sued over the listing and promotion of a cryptocurrency called GYEN, a stablecoin running on Ethereum that's intended to maintain a value of one Japanese Yen. Additionally, the lawsuit claims that this stablecoin cost investors millions of dollars.
Coinbase sued over GYEN
Coinbase has been sued by investors over GYEN, as per a new report from Bloomberg. The report has confirmed that investors have suffered millions of dollars in losses over the crypto exchange's role in the growth of the token. Kenneth Donovan and Hussien Kassfy were the people behind the lawsuit, which was filed on Thursday.As per the official lawsuit filing, the stablecoin's issuer, GMO-Z Trust, promoted the GYEN stablecoin as being pegged in a 1:1 ratio to the Japanese yen knowing that the peg was prone to break in the near future. The stablecoin was listed in November on Coinbase and broke the 1 yen price level multiple times before finally plunging below the 1 yen price region.
"Investors placed orders believing the coin's value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up to seven times more than the yen," the complaint said. "Just as suddenly, the gyen's value plunged back to the peg, falling 80 percent in one day."
Unexpected loss
Coinbase has released its earnings report for Q1 2022, wherein the CEO of the firm, Brian Armstrong, confirmed the first net loss for the exchange as a public company worth $430 million. The earnings report confirmed a revenue of $1.165 billion, i.e., a year-on-year decrease of 27.05% and a month-on-month decrease of 53.2%.Armstrong further showed optimism in his statement despite the loss:
"There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running, so the down periods are often sometimes kind of a welcome change from that in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle."
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