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Coinbase class action lawsuit by Cryptsy users settled at $1M

TL;DR

Coinbase class action lawsuit has been settled at one million dollars ($1M). Cryptsy, a former cryptocurrency exchange, users filed the lawsuit against Coinbase, which related to the takeover of Cryptsy and default in some of the services.

As per the official documents, the cryptocurrency exchange has settled the Coinbase class action lawsuit for approximately one million dollars ($1M). The amount will be transferred in an escrow account of an agent handling other relevant Cryptsy class action claims. For now, the matter seems to have been settled as far as Cryptsy users are concerned. The lawyers involved in the case have already been given around eleven thousand Bitcoins (11,325 BTC) in other Cryptsy case.

Coinbase class action lawsuit is just the beginning

Cryptsy victims launched a webpage to create a platform for fellow Cryptsy users to join. Any person who was a Cryptsy user before 2015 can join the webpage. Here, they get information about filing and submitting the lawsuit against Coinbase.

The present Coinbase class action lawsuit sees the end of a three-year-long legal battle that almost went the jury trial route. The next hearing is scheduled for 17th April 2020, where the preliminary settlement agreement will be approved or modifications can be added as necessary. The designated class representative for Coinbase class action lawsuit, Brandon Leidel, will get two thousand five hundred dollars ($2,500) for his contributions to the case. In 2016 he launched the suit against Cryptsy CEO Paul Vernon alleging he laundered millions of dollars of exchange user’s funds for many years.

Wites Law Firm and Silver Miller Law Firm were originally the designated class counsel in this case. As per Marc Wites, the case was ‘difficult’ and involved considerable legal acumen. In cases where businesses have defaulted, and owners have fled, most law firms won’t pursue the case if the amount involved isn’t substantial. However, we were able to get compensation for many victims and meaningful help for others in the Coinbase class action lawsuit.

Featured Image by Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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