Coinbase to Pay $1M to Users of Collapsed Cryptsy

Acc/ to the plaintiffs' rep. Cryptsy CEO used Coinbase to launder money of exchange's customers, and Coinbase have should stopped this
14 January 2020   423

Coinbase has settled a dispute with customers of the cryptocurrency exchange Cryptsy that has ceased to exist, CoinDesk writes with reference to documents submitted to the court.

According to the decision, Coinbase will transfer $ 962,500 to the benefit of the escrow agent responsible for resolving the class action lawsuit against Cryptsy. Previously, plaintiffs have already managed to sue 11,325 BTC. A hearing will be held on April 17, 2020, at which it will be decided whether to approve the preliminary agreement or amend its provisions if necessary.

Brandon Leidel, representing the plaintiffs in this class action lawsuit, will receive $ 2,500 compensation for the work done. He sued in 2016, accusing Cryptsy CEO Paul Vernon of using Coinbase to launder millions of dollars owned by trading platform customers.

Leidel, a Cryptsy client in the past, claimed that Coinbase was supposed to actively discourage Vernon’s illegal activities. Coinbase referred to the terms of the user agreement that Vernon signed at the time of registration on the exchange. The court, however, ruled that Cryptsy's customers were not affiliated with Coinbase with the same agreement as Vernon.

When companies go out of business, founders flee the country and the amount at issue is relatively small, most plaintiff law firms would decline to pursue the case. We were the only lawyers in the country to pursue a case against Cryptsy or Coinbase, individually or as a class action, and we were able to obtain multiple meaningful recoveries for victims who would have otherwise been left without any recourse.

 

Marc Vites

Lawyer

Lawyer Marc Vites called the Coinbase and Cryptsy litigation “a tricky business.” 

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   955

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.