Cryptsy case is reopened with charges against Coinbase

On June 4 the judge in the U.S. District Court for the Southern District of Florida has reopened the case of Cryptsy exchange with charges against Coinbase
06 June 2018   444

In early 2016 then-prominent cryptocurrency exchange service Cryptsy collapsed with claims that it had been hacked and the funds had been stolen. The clients were experiencing problems with access to their accounts and fund withdrawals for several month before that, so the charges of mismanagement and fraud were pressed and the class-action lawsuit was filed against Cryptsy's CEO Paul Vernon. In the end, it led to an $8.2 million judgment against him.

And the story continues with the new player, this time more familiar to recent market players – Coinbase. December 2016 was the time for class-action investors of Cryptsy to file the next lawsuit against Coinbase. The focus being that Coinbase should have prevented Vernon from funneling investors' money through their service. Coinbase tried to argue that the clients are alrady bound by the arbitration on Vernon's case, but the initial judgement and two appellate courts' decisions were against Coinbase, which led to the order to reopen the case by US District Judge Kenneth Marra on June 4.

According to the plaintiff's motion to reopen the case, Coinbase didn't oppose the fact. We'll see the details of the proposed schedule before the end of the week, if the alleged phone conference between the defendant's and plaintiff's counsel worked out to mutual agreement.

You can read the full text of the motion to reopen the case on the following link.

Coinbase to Present Toshi

Company believes that it can be a starting point for decentralized Internet
16 August 2018   180

Coinbase announced the launch of Coinbase Wallet called Toshi, which the company's specialists have been working on for the past year and a half.

According to the company's representatives, Coinbase Wallet should be viewed not simply as a tool for accessing cryptocurrencies, but as a starting point for decentralized Internet.

We believe that the applications of the future will be built on a decentralized internet (the blockchain). Everyone will own a crypto wallet that allows them to access decentralized applications (dapps) and that wallet will be their gateway to the open financial system.


Tooshi development started back in April 2017 under the Ethereum messager Token name. Last months the product development was headed by Peter Kim, the founder of the startup Cipher Browser, which was acquired by Coinbase in April this year.

Toshi features:

  • ERC 20 tokens and Ethereum support
  • Airdrop and ICO tokens support
  • Purchasing and storing crypto collectibles
  • Exchange trade

Coinbase Wallet also allows users to send payments anywhere in the world, giving them access to leading decentralized exchanges and decentralized third-party applications.