$350M Patent Lawsuit Sued Coinbase From Company Previously Accused of Fraud

Veritaseum Capital LLC filed a $350 million lawsuit against the popular US-based crypto exchange Coinbase for patent infringement.

FinTech company Veritaseum Capital claimed that Coinbase infringed on a patent allegedly owned by them during its blockchain infrastructure services and filed a lawsuit against the company. 350 million dollars sued for compensation. The case in question Thursday, September 22 was initiated in the U.S. District Court in Delaware.

Founder of Veritaseum Reggie Middletonin December of last year “Devices, systems, and methods that facilitate low-trust and zero-trust transfersHe said he had received a patent for The patent in question covers a wide variety of blockchain transaction infrastructure scenarios, and Middleton allegedly infringed on this patent.

According to Middleton’s statement to the court, a feature of this patent licensed to Veritaseum is a feature of Coinbase company in July of this year. as part of blockchain verification mechanisms was used and eventually infringed under the patent.

middleton, 2019 in the year SEC sued and about for fraudulent purposes token supply manipulation lawsuit was filed. As a result of the lawsuit in question, Middleton and Veritaseum were submitted to the SEC. $9.4 million fine had to pay.

Coinbase has not yet made a statement about the compensation case in question.

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