Coinbase Class Act Attorneys – Silver Miller

Silver Miller is acting spil Co-Lead Counsel to the putative class of plaintiffs te a class act lawsuit pending against California-based Money Services Business and cryptocurrency exchange technicus Coinbase, Inc. The case is pending ter the United States District Court for the Southern District of Florida under Case No. 9:16-cv-81992.

According to the lawsuit, Paul Vernon — the former CEO and principal technicus of a cryptocurrency exchange and Money Services Business known worldwide spil Cryptsy — converted approximately $8.Two million ter Cryptsy customer assets overheen a three-year period and liquidated to his own benefit those stolen funds through accounts Mr. Vernon and Cryptsy maintained at Coinbase. Spil alleged te the lawsuit, Mr. Vernon told Coinbase that the $8.Two million represented either a portion of the revenues Cryptsy had generated from its business or represented Bitcoin that Mr. Vernon himself personally possessed. Despite Mr. Vernon’s assertions of business revenue and individual ownership, Coinbase — spil a Money Services Business regulated under the FinCEN division of the U.S. Treasury Department — wasgoed required to reasonably verify those facts. The lawsuit asserts that Mr. Vernon’s claims were untrue, and Coinbase failed to please its regulatory requirements or perform any reasonable investigation into the suspicious activity te Mr. Vernon’s and Cryptsy’s Coinbase accounts. Albeit the precies amount remains undetermined, the lawsuit estimates that the value of the digital funds laundered through Coinbase exceeds $8,200,000.00. Mr. Vernon is believed to have absconded with those funds when he abandoned Cryptsy and fled to China ter late-.

Spil stated ter the lawsuit, the class of victims pursuing ease includes: “All CRYPTSY account owners who: (1) deposited Bitcoins, alternative cryptocurrencies, or any other form of monies or currency at CRYPTSY, (Two) had such currency liquidated by VERNON and CRYPTSY through COINBASE, and (Trio) have bot denied access to their accounts and funds inbetween May 22, 2014 and the present date.” The lawsuit asserts against Coinbase claims for aiding and abetting breach of fiduciary duty, aiding and abetting conversion, negligence, and unjust enrichment.

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Ter June , wij defeated Coinbase’s efforts to have the lawsuit shifted to a private arbitration forum rather than the public forum that the U.S. courts provide. Spil Silver Miller Co-Founder David Silver wasgoed quoted telling at the time: “Coinbase does not want to be exposed te open court about what its business practices were te 2013-. Coinbase had a fiduciary duty to know its customers and report suspicious transactions. Simply stated, they chose not to do that. Wij look forward to litigating thesis claims.”

Te addition to wrongdoing alleged to have occurred at Coinbase ter 2013-, Silver Miller is also actively involved ter investigating several ongoing problems and suspicious activities occurring at Coinbase ter latest weeks/months, including the following:

  • Insider Trading: Ter August , bitcoin “forked” and created a fresh cryptocurrency called Bitcoin Metselspecie. When it wasgoed created, the value of Bitcoin Metselspecie wasgoed relatively low, and Coinbase did not list Bitcoin Metselspecie on its trading toneel (GDAX). Despite publicly announcing that Coinbase would not list Bitcoin Contant on the GDAX until January , the exchange added Bitcoin Contant to its trading exchange te mid-December . The price of Bitcoin Contant skyrocketed instantaneously prior to being listed on the GDAX, which has many te the crypto community speculating that Coinbase insiders tipped off others te advance of the earlier-than-scheduled listing, which produced a phat financial windfall for those who purchased Bitcoin Metselspecie before it wasgoed available on GDAX. Notwithstanding its keuze that it would conduct a thorough internal investigation into whether any of its employees or staff members had violated insider trading rules, Coinbase has not made public the total results of its investigation into this suspect chain of events.
  • Undelivered/Unclaimed Funds: Several Coinbase users have complained of sending cryptocurrency to non-Coinbase users via e-mail, having those deliveries either fail or wind up going unclaimed, but not being advised by Coinbase that the transmittals did not reach their intended destinations and not having the undelivered/unclaimed cryptocurrency returned to them. Instead, Coinbase has allegedly kept those unclaimed funds for itself, which many critics believe represents an unlawful or unfair business practice.
  • Podium Breakdowns: Delayed trades and failed purchase orders can cause accountholders not only undue worry but also significant investment loss. Because cryptocurrency prices fluctuate so frequently, timeliness of executing trading orders is key for a well-run exchange, and any lack of timeliness can prove devastating to an investor.
  • Unexplained and Unwarranted Account Freezes/Inability to Access an Account: Many Coinbase customers have reported an inability to access their accounts despite obeying with all Coinbase security protocols. Spil a result of such account lockouts, customers are incapable to manage their holdings and protect themselves ter the always-volatile world of cryptocurrency.

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If you have lost money at Coinbase, have bot prevented from adequately managing your account holdings, or are worried about activity you deem to be suspicious or unexplainable, please voeling us with information about your keuze and your investment losses.

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3 Responses

  1. Sniffers says:

    Dont postbode non-sense here, i have bot trading on cryptopia for few months and no such things toebijten.

  2. KKsMommy says:

    There have bot a lotsbestemming of speculation about this exchange webpagina lately. just coin volume is puny and currency volumes are generally low. I do not believe it is scam.

  3. awfulgoof says:

    So i attempted to voeling support, i get an email go after this verbinding to see moderator reply and guess what?

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