Coinbase GYEN Class Action
The GYEN stablecoin is held out as a unique cryptocurrency, "pegged" to the Japanese yen at a rate of one-to-one. On multiple occasions since its launch, the GYEN has come untethered from the yen and fluctuated over 150% in a matter of hours.
Coinbase, an exchange where most GYEN was sold, froze GYEN transactions at the peak of its volatility, prohibiting sales of the coin as its value plummeted. Investors lost as much as 99% of their investments when the asset returned to its pegged value.
Cryptocurrency is often thought of as an unregulated investment instrument, not subject to the rules that regulate transactions in stocks or commodities. In reality, issuers of cryptocurrency must comply with many of the same laws as other types of investments.
EKO represents investors who lost money when the GYEN destabilized and crashed. If you lost money when the GYEN peg broke, or have information about this case, please contact an EKO attorney.
See the complaint, here.
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