Here is a email I received from Johnathan Levy that I got this morning. Not the most positive thing, but gotta keep fighting the good fight!
Hi Steve,
Thanks for the note.
The problem we are facing is that Coinbase has a user agreement that
mandates that any action be an individual arbitration action.
This prevents us from being a class action on behalf of all users in
court. Thus, any damages would only be limited to a single person and
would only be a few hundred dollars. It is thus not worth it for us to
get involved.
We are still trying to see if there is a way around this arbitration
provision but it is not looking good.
unfortunately, a lot of unscrupulous companies use this arbitration
provision to get away with scams they can perpetrate on their customers.
I will let you know if anything new develops.
Thanks
Not looking to bright from them at this point! Figured someone else might be interested in knowing that as well.
Arbitration provisions are standard in most Contracts/Agreements in the US.
You can get around that if it is found that Coinbase did something
willfully fraudulent/negligent or
performed gross misconduct.
If it was a mistake (such as the Press Guy at Coinbase thought they had License, when making the statement) it is not actionable in Court, and would be arbitration.
You have to prove in Court that a willful deception was committed. Evidence of this would be insider emails or past employees stating such.
