The charges leveled against Coinbase include breach of fiduciary duty, intentional misinterpretation fraud, negligent misrepresentation, constructive fraud, conversion, common count, negligence, and violation of unfair competition law among others. 

Dallas Woody, an XRP digital token holder, filed this class action lawsuit against Coinbase and its Chief Executive Officer Brian Armstrong on Friday, individually and on behalf of all others similarly situated.

In 2020, the Flare Networks team promised FLR airdrop to XRP holders whose balances were recorded at the time of the December 2020 snapshot exercise. Likewise, the team also announced its plans to airdrop another token Songbird (SGB) to XRP holders in July 2021. XRP holders eligible for the SGB airdrop are those who were part of the FLR airdrop snapshot in December 2020.

The long-anticipated FLR airdrop was finally released on January 12 after two years to several supporting crypto exchanges including Binance and Coinbase to distribute to their qualified users. But following the amount of FLR tokens airdropped to eligible XRP holders, several XRP holders including Ripple CTO David Schwartz frowned at the Flare Networks team.

Related: Ripple CTO David Schwartz: There Is No Remaining FLR Airdrop Balance For XRP Holders Anymore

Notably, while Binance and other exchanges have completed the distribution of the FLR and SGB airdrops to its eligible users, the U.S.-based crypto exchange Coinbase is yet to do so. As earlier reported by Timestabloid, most supporting exchanges disclosed that the FLR airdrop will be distributed to qualified users within two weeks of the FLR Token Distribution Event (TDE). 

But Coinbase said that it would issue the FLR airdrop tokens within the first half of 2023, adding that FLR trading will be available to only its supported jurisdictions excluding Germany, Japan, New York, and Singapore. 

Concerning the Songbird (SGB) token airdrop, Coinbase has been mute too. This compelled an XRP holder named Preston Newsom to launch a petition against the popular U.S.-based crypto exchange in November 2022.

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The post Coinbase Sued for Refusing to Airdrop Songbird (SGB) and Flare (FLR) to XRP Holders appeared first on Times Tabloid.

The world’s first Turing complete Federated Byzantine Agreement (FBA) network, Flare Network, announced its plans to airdrop Songbird (SGB) to XRP holders in July 2021. XRP holders eligible for the SGB airdrop are those who were part of the Spark (FLR) airdrop snapshot in December 2020. 

Per the update by Flare Network, eligible XRP holders were to receive their appropriate SGB tokens before the end of September 2021. While some exchanges like Binance issued the SGB airdrop to qualified users, the U.S-based Coinbase exchange is yet to do so. 

To this end, Ben Armstrong, the creator of BitBoy Crypto took to Twitter on Thursday to drag Coinbase and its CEO, Brian Armstrong, over the SGB airdrop non-issuance to its qualified customers. He wrote, “Wait. Coinbase didn’t give XRP holders their Songbird SGB token distribution? Uncle Brian Armstrong, What’s the deal?”

Wait… Coinbase didn’t give $XRP holders their Songbird $SGB token distribution?

Uncle @brian_armstrong WHAT’S THE DEAL?!?!@Ripple #xrparmy

— Ben Armstrong (@Bitboy_Crypto) November 24, 2022

XRP Holders Launch Petition Against Coinbase

Following that the exchange is yet to give a response to the longstanding matter, a certain XRP holder, Preston Newsom rolled out a petition with the caption saying “Coinbase users demand an answer on SGB (songbird) airdrop.” 

Part of the petition read; 

“Coinbase has been aware for months that they would be receiving free $SGB (Songbird) on behalf of every Coinbase user who took part in the December 12 2020 XRP snapshot. In that time, they refused to answer whether they would delegate those coins to their customers.”

“Now they have actually received the coins and still refuse to answer whether they will give their customers the $SGB (Songbird). These coins represent an enormous amount of monetary value in a time where many are in need. We demand that Coinbase makes a public statement of their intentions as well as a public apology!”

At the time of writing, 4,717 users have signed the petition but for the issue to be picked up by local news, 5000 signatures are needed. 

Read Also: Flare Surpasses Decentralization Threshold, Next Is Distribution Event for XRP Holders: Details

Amid the ongoing SGB saga, Coinbase is among the 14 third-party entities to file an amicus brief in support of Ripple’s Motion for Summary Judgment in the XRP lawsuit with the SEC.

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The post Coinbase Fails to Distribute Songbird Tokens (SGB) To XRP Holders, Community Launches Petition appeared first on Times Tabloid.