Coinbase Stops Multisig Vaults Support

. Support for multi-signature vaults will stop on April 19 this year
23 March 2018   1906

The American cryptocurrency company Coinbase stops multisig vaults support, whose additional level of security is provided by the multi-signature function. This is reported by Bitcoin.com.

Among the main reasons for this decision, representatives of the company call the low popularity of this option among customers, as well as negative feedback from them. Support for multi-signature vaults will stop on April 19 this year.

By removing this functionality, engineering time spent on supporting multisig vaults can be reallocated to continued investment in the security and reliability of our platform, which is of critical importance to our customers.
 

Coinbase Team

Also company explained that the increase in the number of bitcoin hardforks complicates the maintenance of such vaults, as well as ensuring the possibility of withdrawing coins that appear as a result of these events.

For users of multisig vaults, the company recommends making sure that they have two private keys required to manage their assets.

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   129

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.”