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Customers sue Coinbase for promoting and trading the GYEN token

Coinbase customers have sued the exchange over the promotion and trading of GYEN, a stablecoin that crashed. A report unveiled this news earlier today, noting that the lawsuit targets both Coinbase and the issuer of the GYEN stablecoin, which turned out to be anything but stable.
According to the report, Coinbase’s customers filed a class-action lawsuit yesterday in a federal court in northern California. The lawsuit alleges that Coinbase and Tokyo-based GMO-Z.com, GYEN’s issuer, misled investors about the token’s stability. As a result, investors incurred losses worth millions of dollars.
The complaint pointed out that GMO-Z.com issued GYEN with a 1:1 peg to the Japanese yen. However, GYEN’s value slipped below that of the Japanese yen in November last year after Coinbase listed and started trading it.
The complaint further noted that,
“Investors placed orders believing the coin’s value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up

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