Coinbase is being sued for $350 million for patent infringement

Veritaseum has sued the most significant U.S. cryptocurrency exchange for illegally using patents to facilitate payments and stealing.

Cryptocurrency exchange Coinbase is in the hot seat after Veritaseum Capital accused it of patent infringement related to blockchain technology. It is now seeking $350 million in damages. 

If you look at the prosecution files, however, you can find the cause and name of the patent that was the subject of the altercation. Coinbase infringed the company's cryptocurrency payment transfer technology patent, known as the "566 patent." 

"Defendant had prior knowledge, should have known, or was unaware of the '566 patent. The defendant was aware of the '566 patent at least as early as July 3, 2022, if not earlier, from other sources or parties."

In July, Vertiaseum published a study, "Coinbase: Forensic Analysis & Deep Dive," which concluded that there may be other "centralized and decentralized digital asset exchanges" that use Veritaseum's "unlicensed patented intellectual property" besides Coinbase.

Veritaseum Capital has also requested a jury trial in Delaware state court as its preferred dispute resolution method.