When Matthew Allan realized nearly $100,000 in Bitcoin was missing from his Coinbase account, he wasn’t too worried. He had signed up for Coinbase One, a $29.99 monthly subscription that promised up to $1 million of account protection.
Coinbase’s response? Allan was out of luck. During five months of back-and-forth with the company, Coinbase maintained that “customers are responsible for any activity that occurs on their account, even when those devices or credentials are compromised,” according to court records. And Allan wasn’t eligible for account protection anyway, the firm said, because he hadn’t turned on certain security settings required by the terms and conditions.
Allan ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.