TechFlow news, May 15 — According to Decrypt, cryptocurrency exchange Coinbase and its marketing partner Marden-Kane have agreed to pay $2.25 million to settle a class-action lawsuit regarding a 2021 Dogecoin giveaway promotion.
The lawsuit stemmed from a Dogecoin trading promotion launched by Coinbase in June 2021. Plaintiff David Suski alleged that Coinbase misled users by hiding the "no purchase necessary" information in small font on the website, causing users to believe they needed to make at least a $100 Dogecoin trade to enter the drawing for a $300,000 prize.
Under the settlement agreement, all U.S. users who made their first $100 Dogecoin trade during the promotion period will receive compensation covering transaction fees and bid-ask spreads.
