A company that previously fend off fraud allegations from the U.S. Securities and Exchange Commission (SEC), cryptocurrency The exchange is seeking $350 million in a lawsuit alleging Coinbase infringed on its Blockchain patent.
Veritaseum Capital Claims Cryptocurrency Exchange Coinbase Infringed Its Patents
Veritaseum Capital alleges that Coinbase infringed on a patent it holds on Blockchain infrastructure services. The exchange is filing a lawsuit in Delaware federal court for “at least” $350 million in damages and an order barring Coinbase from further infringing on the patent.
Veritaseum founder Reggie Middleton says he received a patent in December last year for “devices, systems, and methods for facilitating low-trust and zero-trust asset transfers.”
According to Middleton, the patent is thought to cover a wide variety of blockchain transaction infrastructure scenarios. Since then, he has specifically licensed the patent to the company Veritaseum, and in July of this year bitcoin and crypto exchange Coinbase that the company believes its Blockchain verification mechanisms are infringing on its patent.
Middleton and Veritaseum previously settled with the SEC over alleged fraudulent token supply and manipulation schemes in 2019.
The SEC’s complaint alleged that, in addition to transferring some of Middleton’s investor assets to his personal account, Veritaseum manipulated the price of tokens traded on an unregistered cryptocurrency platform.
As part of the agreement, the two companies paid more than $9.4 million in fines together, while Middleton paid $1 million individually for his actions in the alleged process.
*Not investment advice.
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