Coinbase is being sued for patent infringement

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Last Updated on September 25, 2022 by Bitfinsider

Veritaseum Capital LLC has filed a lawsuit against Coinbase Global, alleging that the crypto exchange has infringed on a patent granted to Veritaseum founder Reggie Middleton.

Coinbase has used the patent for some of its blockchain infrastructure, according to Veritaseum, and the company is seeking at least $350 million in damages.

Middleton and Veritaseum settled a case with the Securities and Exchange Commission (SEC) in 2019, paying nearly $9.5 million for charges related to the company’s VERI token’s initial coin offering (ICO).

The lawsuit was filed on Thursday in the United States District Court for the District of Delaware. Reuters broke the story on Friday afternoon.

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