Coinbase (NASDAQ: COIN) threatens to sue up to 1000 individuals for allegedly exploiting a "pricing flaw." Result: On Aug. 29, approximately 1,000 Coinbase customers from Georgia
exploited a pricing mistake when the lari (GEL) was valued at $290 instead of $2.90. Coinbase blamed "a third-party technical fault" for the misplaced decimal point, reported Coindesk.
Bug permitted 100x greater withdrawals. Some Coinbase customers allegedly withdrew $10,000 in lari. A business spokeswoman called Coinbase's losses "immaterial."
Following: The bitcoin exchange told CoinDesk it is working with Gvinadze & Partners to recover the cash. The firm official said, "We can't comment on individual requests or lawsuits
Users who return erroneously credited payments won't face legal action.
Coinbase's cryptocurrency exchange lets customers trade and keep Bitcoin and Ethereum. Coinbase shares have risen 9.71% in 24 hours. Coinmarketcap's current Coinbase price is $69.60.