Coinbase Dogecoin Sweepstakes Case Now In A Lower Court
Release: 2024/05/25 06:19 Reading: 378
- Coinbase Dogecoin Sweepstakes Case Shifted to District Court Amid Arbitration Involvement.
- The crypto exchange introduced the Dogecoin Sweepstakes promotional event in 2021 to reward users.
- Supreme Court’s exit from the case and Kabosu’s death, the iconic dog behind the Dogecoin meme, are affecting the coin price.
Coinbase's long-pending Dogecoin sweepstakes case has shifted from the Supreme Court to the district court. In 2021, Coinbase introduced the Dogecoin (DOGE) Sweepstakes promotional event, which included conflicting clauses regarding dispute resolution.
Why Supreme Court Snatch Hands From the Coinbase Dogecoin Sweepstakes Case?
On May 23, the US Supreme Court withdrew from the Dogecoin sweepstakes case due to arbitration involvement. Bloomberg Law reported the Supreme Court's decision on the case over X (formerly Twitter).
DOGE, a significant player in the memecoin market, was trading at $0.1617, experiencing a 2.64% downturn in a day, with a market cap of $23,353,923,164.
The US Supreme Court ruled against crypto exchange Coinbase over a 2021 Dogecoin sweepstakes. https://t.co/yme3S8VGsM— Bloomberg Law (@BLaw) May 24, 2024
The court directed district courts to settle the case as Coinbase preferred arbitrators, while users favored court intervention. According to legislation, US courts cannot handle cases involving arbitration clauses alone.
Coinbase Dogecoin Sweepstakes Case
The case originated in June 2021 when Coinbase introduced its Dogecoin sweepstakes system to reward users. The exchange also announced the news on X.
It’s raining DOGE! Dogecoin is now on Coinbase and we’re giving away $1.2 million in DOGE to celebrate. Opt in and then buy or sell $100 in DOGE on Coinbase by 06/10/2021 for your chance to win. Limit one entry per person. Details here 
https://t.co/RU52JrTiqd— Coinbase (@coinbase) June 3, 2021
Under the system, participants who bought and sold $100 in DOGE on Coinbase during a specific period would receive rewards. Different prizes were set for different winners, with the top player receiving $300K in DOGE, the top 10 winners getting $30K in DOGE, and so on.
After several user allegations that Coinbase misled them into paying to participate in the sweepstakes, a class-action lawsuit was filed against the exchange. Users claimed that the exchange charged a fee even though there was an option to participate for free.
Coinbase argued that the users had agreed to resolve all disputes through arbitration. However, a Federal judge in California denied Coinbase's request, despite acknowledging the arbitration clause in the exchange's user agreement.
DOGE Reacts
The combination of the Coinbase Dogecoin sweepstakes case and the death of Kabosu, the dog behind the Dogecoin meme at the age of 18, has impacted DOGE's price. DOGE dropped from $0.1672 on May 23 to $0.1617 at press time, showing a 2.34% decline in a day.
DOGE price I Source: CoinMarketCap
Kabosu, who inspired the viral Doge meme, brought tears to the DOGE community's eyes and countless well wishes on X for Kabosu's soul.
Sumit Gupta, the co-founder of CoinDCX, stated that DOGE had a significant impact on people's lives. He added that it introduced millions of people to the world of crypto in a fun and engaging way.
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