TechFlow news, on December 2, Coinbase shareholders filed a lawsuit in Delaware, accusing company executives and investors—including CEO Brian Armstrong and board member Marc Andreessen—of allegedly concealing for years the company's failures in KYC and anti-money laundering compliance, data breach risks, and regulatory investigations, while selling $4.2 billion worth of company stock at inflated prices. Plaintiffs claim that Coinbase knew as early as January this year that hackers had obtained user sensitive information through a third-party customer service provider, but did not disclose the data breach until May. The shareholders are not only seeking billions of dollars in damages but also demanding board seats and greater influence over company policies. Last month, Coinbase announced plans to move its corporate headquarters from Delaware to Texas, a state more friendly to cryptocurrency.
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