Coinbase Says Stolen $96,000 Is User’s Problem, Suit Claims (1)

Coinbase Global Inc. says it’s not responsible for losses stemming from a security breach, according to an account holder who sued in an attempt to recover $96,000 that he says was stolen from him.

Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request that he hadn’t made. When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone from his Coinbase account.

Ferguson argues that under state and federal laws, ...