Good morning Hive Guys👋🏼,
Yesterday, the US Supreme Court decided that the legal dispute regarding Coinbase's Dogecoin prizes must be resolved in court, not through arbitration. The ruling clarifies that only a court can determine whether an agreement between the parties has been replaced by another.
The dispute began in 2021 when David Suski sued Coinbase for not adequately informing users that it was not necessary to purchase Dogecoin (DOGE) to participate in the "Sweepstakes" contests launched by the exchange.
Suski claims that Coinbase's email titled "Trade Doge, Win Doge" misled users into buying DOGE to enter the contest, while in reality, one could participate for free by submitting an information card.
At the time of the lawsuit, the price of DOGE had dropped from a historical high of $0.73 to $0.16. Suski states that he bought DOGE on June 3, 2021, at a price above $0.32, influenced by Coinbase's campaign, only to see the price drop to $0.16 the following month.
Suski then accused Coinbase of false advertising, asserting that the exchange misled users into buying DOGE under the impression that it was necessary to participate in the contest. The class action initiated by Suski has gained many supporters, with total compensation claims exceeding $5 million. 💲
❓ What are the implications of the US Supreme Court's decision on the legal dispute regarding Coinbase's Dogecoin prizes ❓
All images were created by me 📸