According to the news in CoinDesk; Coinbase has agreed to offer a $ 962,500 settlement offer to its currently closed crypto currency exchange Cryptsy customers. The allegations are that the laundering of stolen coins is not prevented.

Cryptsy's first statement on the subject was the alleged hacking event, which then went bankrupt following 13,000 Bitcoins and 300,000 Litecoins. In an official blog post that is currently inaccessible, it was stated that the stock exchange owed the account holders 10,000 Bitcoins.

Following fraud charges and the stock market's collapse after months of ineffectual withdrawals, customers are facing Cryptsy founder Paul Vernon; negligence, unjust enrichment, manipulation of numbers, and violation of Florida's Deceptive and Unfair Trade Practices Act.

The victims of the stock exchange later claimed that the so-called ”attacked crypto money par was actually stolen by Vernon and laundered in Coinbase. In December 2016, victims filed a follow-up complaint against Coinbase, claiming to be a partner in the $ 8.2 million crypto-money theft.

The stock market tried to suspend the case and settle the dispute through arbitration, but US District Judge Kenneth Marra refused. Following Coinbase's failure to appeal this decision, the case is expected to return to a jury hearing.

After all this, at the end of 2019 Coinbase, 27 November and 10 December according to the information in the case files; Cryptsy agreed to pay $ 952,500 to its victims as a solution. This agreement is expected to be ratified or revised at the hearing scheduled for 17 April 2020.

According to the news in CoinDesk; David Silver, a victim lawyer, expressed his appreciation for Coinbase's solution-oriented action and thanked the stock market.


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Manuel has three years of editorial experience, specializing in language translation editing. He has got immense experience in writing about technology, business and finance. His stories have been published and circulated around the globe by various media outlets.

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