Coinbase Stops Multisig Vaults Support

. Support for multi-signature vaults will stop on April 19 this year
23 March 2018   204

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.

Cryptsy-Coinbase Lawsuit to Head to Jury Trial

In the case a former Cryptsy client claims that Coinbase had to prevent Paul Vernon (CEO of Cryptsy) from laundering stolen money through a wallet at Coinbase
24 April 2018   66

The appeal court of the US state of Georgia approved the lower court's decision to reject the appeal of Coinbase on the suit, according to which the company is accused of not being able to prevent Cryptsy CEO from hiding with the money of his clients. This is reported by CoinDesk.

In the case, plaintiff Brandon Leidel, a former Cryptsy client, claims that Coinbase had to prevent Paul Vernon (CEO of Cryptsy) from laundering money through a wallet at Coinbase.

Vernon used Coinbase to launder millions of dollars he stole from his clients before the collapse of Cryptsy.

Coinbase tried to negotiate the suit in an arbitration court, pointing to the custom agreements that Vernon signed when he started using the purse of the exchange. However, last year the judge ruled that the clients of Cryptsy are not bound by the same agreements as Vernon, and therefore - in this case it is not necessary to make an arbitration award.

Coinbase appealed to this decision, but the district court rejected it.

Leidel does not seek to enforce the terms of the User Agreements, nor does he allege any tort rooted in an allegation that Defendant breached or facilitated a breach of any obligation uniquely imposed by those agreements. In other words, Leidel's claims are viable, if at all, without reference to the User Agreements, as the duties Defendant allegedly breached were not imposed by those agreements.
 

The Eleventh Circuit Court of Appeals

As a result, the case now turns into a jury trial in the form of a class action.

We are pleased, though not surprised, the appellate court affirmed the trial court's decision to keep this dispute in the public view ... We look forward to having Coinbase answer for its role in the millions of dollars in harm suffered by our clients; and we look forward to resolving these claims in court.
 

David Silver

Plantiff

Coinbase did not immediately respond to a request for comment of Coindesk.