Gyen crypto suspended: Coinbase facing class-action suits over unstable stablecoins

Gyen crypto suspended

Gyen crypto suspended

I went to withdraw that amount and Coinbase restricted everyone from withdrawing and trading Gyen. I check my gyen today and I have 9.07 and 1040 gyen from an initial 40$ investment. They state it was a glitch but they use that excuse to steal 31$ from my initial investment of 40$. I wonder how many other people they stole from this way. 40$ May not be much but it is still money that was stolen by Coinbase knowing that they can get away with it.

It’s several millions worth.… they owe me quite a bit of money. One theory is that this is all simply a malfunction at Coinbase, but I doubt it. It seems more plausible to me that the GYEN folks are creating a class of newly rich with GYEN Coinbase customers, who will demand that they resume trading the coin. Again, JMHO. Standby, this could get interesting. “I bought some, felt good, read the description on it 30 mins later, googled Yen to USD, traded it quick with a tad profit. This is going to end ugly for some” User 4 wrote.

I wonder how much Coinbase siphoned from us in total. If there is a lawsuit against Coinbase I would like to be included. Everyone counts when it comes to this thievery. GYEN’s overall valuation had risen after being listed by Coinbase and then, later on, had dropped within a week.

Gyen crypto suspended

Twitter users also say that some of them were given free GYEN, in a ratio of 20 to one of what they owned. I owned just $400 worth of GYEN, but it suddenly was worth $8800, after someone sent me around 1 million GYEN. TerraUSD was deemed like every other stablecoin, with a low possibility of de-pegging against the USD. So when the news of the crash of $17.5 billion came to light, everyone was shocked.

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According to the lawsuit, the price of the token, which is pegged to the Japanese yen, collapsed by 80% the day after trading began, Bloomberg reports. The plaintiffs allege that the issuer of the GMO-Z stablecoin misled about the stability of the coin, resulting in investors suffering losses of millions of dollars. And it shows that stablecoins – which are marketed as being pegged to outside assets to avoid the huge price volatility in other crypto currencies – are not always as stable as their name implies. I traded all my 1,600 and put on gyen as I seen the pump. Coinbase let a stable coin become unstable.

“They held my money ransom for two weeks. I could have invested in other coins and had potential gains,” Fleming said. “They need to give some solid, concrete answers, and they need to refund every single person who invested in this and lost money.” The Coinbase cryptocurrency exchange app pictured on the screen of an iPhone on February 12, 2018. As a result, investors started moving their funds off the exchange resulting in a sharp drop in COIN’s price.

Gyen crypto suspended

Kenneth Donovan and Hussien Kassfy filed the potential class-action lawsuit Thursday, accusing the largest US crypto exchange of misleading customers about the stability of the gyen. Coinbase has been sued by customers who allege the crypto exchange misled them about the gyen stablecoin’s stability. “Basically, Coinbase took a stablecoin, but they did not make it a stablecoin during the investment process,” he said. Following the 80% crash, Coinbase halted GYEN’s trading.

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Outraged customers of Coinbase say the company has locked them out of their accounts after “technical reasons” forced it to halt trading GYEN last month. GMO Trust joins about two dozen other companies that have received virtual currency licenses, also called BitLicenses, from the NYSDFS. BitLicenses, which went into effect in June 2015, are required to engage in virtual currency business activities in New York. Other companies based in Asia that hold BitLicenses include Japan’s bitflyer, a Bitcoin exchange, and Hong Kong-based digital wallet Xapo.

During the suspension period, no actions are required on our customer’s side, while our platform for purchasing and redeeming the GYEN and ZUSD stablecoins, will be temporarily unavailable. Now I have noticed they have changed the amount of coins I own by moving the decimal point. Thus making my investment worth less than what I invested. How can this be when the coin value has gone up. I have screen shots of the number of coins I originally bought.

I have screen shots, email confirmations and receipts of the original number of coins I bought and the price I paid. I have noticed coinbase have moved the decimal point on the number of coins I own. Because of this, it has made my investment in gyen worth approximately 25% per cent of the original value of my initial investment despite the coins value being higher now than what I paid. Powr they have moved the decimal point too . It is llegal to move a decimal point and reduce the amount of coins someone owns . Please let me know when this lawsuit is because there are many of us who have been effected by this.

My Company

Did anyone see what happened at the last second? It went up like 10x solid green bar – change in price not reflected. Then the graph disappears, and comes back showing no pump.

I don’t even want the gyen now, I just want my money back! I’m not giving gyen or Coinbase a free 1300 for their mistake. And I bet money Coinbase is going to say sorry. So sign me up for the class action as well!

The complaint alleges that the exchange exacerbated the harm already caused by denying customers the opportunity to sell the asset. As a result, GYEN holders on Coinbase lost millions in a few hours. My 15 million coins went to 150k coins today. This is not right, it’s not a bank they can ask us for the shares back but we own them. The whole basis of crypto currency not to be controlledlike a bank.

In November 2021, investors placed orders on the exchange, believing that the value of the coin, as advertised, would be equal to the yen. But the tokens they bought were worth seven times the value of the Japanese currency, and a day later their exchange rate dropped by 80% from its original level. The issue occurred in mid-November when Coinbase customers were able to buy GYEN, a stablecoin that is pegged to the value of one Japanese yen. Also involved in the mishap was POWR, a cryptocurrency designed to be used in energy trading. We expect to have a period of service downtime to align with the Ethereum upgrade schedule.

It makes me question trading on coinbase at all and their legitimacy. If this can happen with these coins what’s to stop coin base doing it to others. – Coinbase lists ‘stable’coin GYEN, which immediately proves it’s clearly not pegged to anything. – Allows trading to continue, collecting exorbitant fees on trades for ‘stable’coin that’s clearly, massively inflated.

Because of this, gyen buyers collectively lost “untold millions” in a matter of hours, according to the complaint, which is seeking damages. Coinbase has deplorable customer service to begin with. Couple that with the obvious issues they have with dev and then look no further than the shiba fiasco.

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The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $28,106.27 and BTC market dominance is %. The price of Ethereum is $1,817.83 and ETH market dominance is %.

And for them to be so silent on the issue as some people have all their money tied up is disgusting. “My loss was solely caused by Coinbase locking all the users out while they fixed their 100 times glitch,” he said. “In doing so, Coinbase saved themselves and threw customers like myself under the bus.” Chris Fleming, who owns a construction and maintenance company in Ohio, said he bought $1,763 worth of GYEN the night of Nov. 18. But on Nov. 20, when he checked his account, he said he was shocked.

Despite that statement, several Coinbase customers reached by CNBC on Tuesday evening said their holdings on the exchange were still frozen. The statement noted that Coinbase could treat customers as general unsecured creditors in the event of bankruptcy. I have several screenshots showing before and after they moved the decimal places in my Coinbase acoount on GYEN.

The crypto exchange has struggled this week after weak earnings sent its stock plunging. Buyers lost millions of dollars in matter of hours after the gyen lost its peg to the Japanese yen, the suit alleges. Glad I bought a little yesterday 2X with it already but this coin should not be pumping like this it has no use case so I think it’s market manipulation. Apparently, Binance had to stop trading because a stable coin was anything but stable. Idiots buy it thinking it’s a regular alt coin like doge or iotx. Some ppl who can’t be bothered to research what they buy end up with this stablecoin that’s pegged to the Yen.