What I would also like to know, is how much money was recovered in total, and what is the amount the lawyers will get for this (at 33%)
In all of the paperwork I have not seen the total amount available.
This settlement leaves open options for going after cryptsy and vern... That makes me happy. Is this figure of 33% going to the lawyers actually stated in the paperwork? If that is the case, is there any connection between the organisers of the class suit asking these lawyers to fight the case and their own link with the lawyers? If there is a conflict of interest then surely that in itself is plain wrong ...Next Coinbase. It's all in here. This is the Motion Approved by the Judge on June 13, 2017 : http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Motion-for-Final-Approval-of-Settlements.pdfYes, the Lawyers get 33%. I read The House will net around $800,000 after the Realtor fees and costs. The total is around 1.5 Million, to be split amongst the Lawyers and the Approved Claimants. A little over 1,600 met the Deadline and filed Claims. They have not stated yet how many were approved. One note of concern, is the Receiver stated that Just One Claimant's Claim is for more the the Entire Settlements Fund so let's hope that one gets Rejected  http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Response-to-Objections-to-Settlements.pdfI didnt read that one persons claim is higher, but then I have only read over the documents quickly once. Then again, cryptocracker was claiming he was out 1750 BTC or so ( the same amount he was claiming for a reward for returning the stolen BTC) so that might be the one in question. If so I am sure the receiver has been informed what happened here, and how he was trying to scam and troll everyone. |
|
|
|
|
What I would also like to know, is how much money was recovered in total, and what is the amount the lawyers will get for this (at 33%)
In all of the paperwork I have not seen the total amount available.
This settlement leaves open options for going after cryptsy and vern... That makes me happy.
|
|
|
|
Just checked my old emails and noted that Cryptsy scammed me long before they shutdown and long before most others were scammed.
I had problems logging in to their website at Cryptsy. They would not let me reset it. They ignored subsequent requests. A few weeks later I received a message from someone saying he was away on leave and just got back and wanted to ask about my logging in problems but even after that they did not allow me to reset my password and log in to Cryptsy.
How many years imprisonment would the owners of Cryptsy get if they returned to the USA?
Is it a fact or a rumour that he is in China?
Does the USA and China have an extradition treaty?
No, no treaty with the US and China. Vern will never return. As for some of the other comments... Verns ex got to keep $250k. This was $250k of stolen money. Please remember that. She keeps that, Vern keeps all the rest that he stole. Cryptsy got away with stealing all the money. The original hack aside, every penny taken in after the fact was stolen by cryptsy for sure. you cannot deny that or spin it in any other way. Vern will never come back, the ex got more money than she would have gotten from any other source (who knows if she could afford to keep that house anyway) Vern ran away. He got away with it. The lawyers make an assload of cash. His ex makes 250k. Vern got whatever he could steal on the way out, and no longer has the responsibility of caring for his family, The investors get raped after they were robbed. This all being said, the only ones who were ever going to get ahead in this were the lawyers and the scumbags. I had VERY little at cryptsy when scumbag legged it. my problem is that it happened, and how it happened. I dont care who you try to convince, I will never believe the employees knew nothing. Never. If you ever worked for a job that wasnt burger related, you know damn well the goings on of such a small company.... |
|
|
|
Being a former Cryptsy guy I saw quite a bit and most of the time I was employed there I have to say at least the employees I knew were really trying hard to make the best exchange possible for the users.
After following this thread for a while there are a few things I wanted to get off my chest. Never were any of us told there had been a hack where funds were never recovered. Numerous time there were incidents where a few coins got stolen here and there but Paul would usually "get them back" or refund them through his own coffers. Working for the guy you never got the sense he was shady until near the end. Once he started going off to China to start another international venture (remember Cryptsy Canada) and would go out of communication with the rest of us things started getting difficult. Hot wallets would go dry and would require him to fill them back up which was always the norm. He would just typically not get it that low and Mullick would bug him until it got fixed. The thing was it took longer and longer for him to do that. The other thing that never made sense out of all this was Paul had money big house lots of cars beyond his incompetence none of us possibly imagined he could be insolvent. We did imagine that he was a horrible CEO and manager of people. Most of the days it was a struggle to keep the place running no one would make a decision they would just wait on the all might Paul to come and fix stuff that they could not control. After reading the 500 pages of this thread I have made a few observations and theories.
1. The Cryptsy employees did care about the users they were just conned by the same con man. Most of us were not paid very much by the way.
2. I believe Paul embezzled money from the company to fund his personal lifestyle of jet setting to China but I think it was from more than the stolen money that was identified.
3. The incompetence of the thief mirrors some of the incompetence of the CEO meaning whoever it is probably lost the keys to that wallet.
4. Things felt really shady when Marshall Long came on the scene and felt more legit after he left.
5. Jshock after a few years at Cryptsy knew as much about crypto then as he did when it started. Meaning next to nothing. I am also pretty sure he is dead broke and always has been. Basically I do not think he is the mastermind nor profited.
6. Cryptsy at its peak had like 40 employees if there was a conspiracy internally it was well hidden or people would come forward. The employees could only see what Paul let us see on the web gui admin interface. So it always showed balanced or we as employees would try and fix that. That of course does not mean we had access to the wallets only Mullick did and from what I was told he only had access to the ones that Paul let him have access too. Certain ones were "protected from all employees to prevent theft" this actually made sense at the time.
The Class action is only making the lawyers rich probably the worst thing that could have been done. Even more ridiculous is coinbase class action. Efforts I think would be better placed on suing the Bitcoin Foundation and asking them to fork out the stolen millions. There is precedent for that with Ethereum and seems a large enough community to force that issue.
I would be happy to answer other questions that I feel comfortable answering if it helps.
Hmmm... I agree the lawsuit will just make cash for the lawyers, but really what was the other recourse? Oh wait, there was the pay bounty money to eternal / cryptcracker and see how much we could loose again? There was no other way to force the sale of the assets left from cryptsy. No other way we would have gotten some cash from the sale of verns house and car... even then the ex wife got to keep $250k. |
|
|
|
With that ruling, there is actually a chance that many will get paid, the court discovery contains the location of the sealed DB server that was brought into the case and that discovery states that there are around 47,000 users. The total value that was settled upon, based upon the locked amount is around 18% of the value of the sealed holdings that the company still has access to, so it would be silly for them not to pay that out. How would that fit in with people that have not joined the class action against Coinbase or Cryptsy and did not have a Coinbase wallet? On the basis that Coinbase was used by Cryptsy to funnel or defraud their customers and a judgement is made against Coinbase then what would be a good way forward for people like me who live outside the USA who hope to get compensated for Cryptsy collapsing? I dont think this is related to the cryptsy settlement. This is a separate action against coinbase and will be handled differently. If I understand correctly, the suit is abut how coinbase assisted Vern in stealing customer funds through negligence. If that is indeed the case, you would not need to have had a coinbase account to have been affected, just a cryptsy user. Please correct me if I am mistaken. |
|
|
|
I missed the deadline to register for the Cryptsy class action.
Which options are available to people who only have estimates about how much they lost when Big Vern vanished and Cryptsy collapsed?
What about those transactions that people can no longer 'prove' such no longer using the wallets and coins involved and having no backups of addresses?
I have not heard of any requirements for proof at all so far. All I had was screenshots of my balance sitting waiting for a withdrawal that never came. As for missing the deadline for the suit... mail the receiver and see what they have to say Thank you for the reply. What do you think will happen to funds belonging to those people that are not part of the class action? Do you know what options are open to people who are not part of the class action when trying to retreive their funds? And what is going on with action against coinbase? In your view how successful will that be? As far as I know (IANAL) if you didnt get on the settlement bandwagon, you are still free to pursue your own lawsuit against any party you can prove liable. You can sue Paul on your own... good luck getting him to come back the cowardly bastard... you can wait out the coinbase suit... as suing them on your own will never amount to anything... sue everyone... its the american way... Sue the former employees, the company that rented the office space to them, the investors, the users, the place that rented cryptsy the storage units for the leftovers... the manufactures of the hardware the servers was on, the company that wrote the wiping software, the pope, Obama, Bush, hell throw Trump in there too! ... EVERYONE. It might stick.. :-) |
|
|
|
I missed the deadline to register for the Cryptsy class action.
Which options are available to people who only have estimates about how much they lost when Big Vern vanished and Cryptsy collapsed?
What about those transactions that people can no longer 'prove' such no longer using the wallets and coins involved and having no backups of addresses?
I have not heard of any requirements for proof at all so far. All I had was screenshots of my balance sitting waiting for a withdrawal that never came. As for missing the deadline for the suit... mail the receiver and see what they have to say |
|
|
|
And coinbase where do they stand they laundered stolen money? Hasn't that been proven already? Why can't we as a collective file a suit with them? They seem to be rolling in cash lately, with any bad publicity they might even settle?
The magic of the US legal system... you can sue them anytime you are ready for anything you want. Finding a lawyer to take the case without wanting to get paid up front.. thats the trick |
|
|
|
so there is still btc coming in the cryptsy wallets?
Sorry Can Someone explain. Why Did he run With only 3 million, if the Exchange was stil operatief today it wod be worth 100s of millions
And why is he so dumb to delete all the servers
He could not have predicted that BTC would go this high, and I assume he thought the ex wife would get a chunk if he did everything legit. He deleted the servers in an effort to keep anyone from finding out how far this actually went. Or... he didnt. A former craptsy employee could just have easily wiped the servers to keep the general public from knowing the level of knowledge they had about the loss. If it was on the servers that the employees knew about the "theft" then there could be criminal liability... Or it could have been the hacker that caused all this in the first place... if you believe thats what happened. In reality Vern had very little reason to care what was on the servers... he ran away to china and was never gonna come back, so nothing on them mattered to him at all. He (mostly) screwed his ex wife by giving her stuff bought with money stolen from the users, and he has / will have no repercussions for any of it. So to recap: All data destroyed to cover something up. You get to guess as to what it might be. Vern gets to live his life in China, and just wont ever come back here Employees move on to other rip off scams jobs in the industry they also got to keep the money they were paid that was stolen from the users. (if they knew it was stolen of not) Vern wife got to keep $250k of the stolen money. |
|
|
|
Lets see this from a different view please.
Vernon run away and loling at this
Cyrptsy workers loling at this because there is nothing against them
Vernon's Ex-wife took 250k and loling at this
Lawyers taking 33.33% and loling at this
We look at this and get scraps crying at this
and the most typed word in these 13 pages is THIS IS FAIR THIS FAIR THIS IS FAIR
"Importantly, had the value of cryptocurrency gone the other way, deceasing in value, the
current objections be without support. And, in such event, and if the valuation date had been the
current date, as the Objectors propose, then Class Members might have objected because the
Settlement did not lock in the perceived value of the cryptocurrency as of the date Cryptsy shut
down and before the market went south."
No! just NO if it went south the number of claimants would go from 1687 to 16 ONLY because it won't be worth the hassle but IT WENT UP, if my grand grad grandfather 300 years ago bought a land with 2 CENTS if it's mine now would I sell you my land for 2 cents or 1,000,000 ?
Agreed about the people laughing all the way to the bank... As the cryptsy employees received paychecks consisting entirely of stolen funds... but that isnt the issue here... When you look at the argument thats being made, the point is this: No matter what the currency WOULD be worth now, the funds are set. For example: 100 dollars is all that's left to take from the remains of craptsy. 100 people have an equal claim to the money (I know this isn't correct as some people had .2 and others had 2 BTC but for math sake... bear with me) Each person has 1 share (or the fraction of a share as explained above) 1 share = 1 dollar If you think your 1 share is worth more than the 1 dollar offered, where should they get it from? Each share cannot be worth more than whats left. you cannot claim that your share should be worth 5 dollars because the value of the stolen goods is higher now. If you don't agree with the settlement, you are free to sue Vern, and I am sure you would win. But you will never collect anything. The goods are gone. There is no place to get more money from. The funds are going to get split evenly by the amount held at the time of closing. If there is a more fair way to do it, let us all know. Yes, the lawyers are gonna take a cut. 30% it looks like. but whatever left over will be split up based on what you had. |
|
|
|
1,683 people submitted claims as of the May 17, 2017 claim deadline. "The price of Bitcoin on November 1, 2015 was approximately $330.00 per Bitcoin. On May 24, 2017, the price of Bitcoin was approximately $2,943.00 per Bitcoin. While it is understandable that Cryptsy users would like to enjoy the benefit of that staggering increase, the Cryptsy Defendants, and not this Settlement, has precluded them from doing so. In the context of this Settlement, the valuation date is of no moment because, as explained earlier, the value of the claims exceeds the available Settlement Funds, whether using a valuation date in November 2015 or May 2017 and, therefore, either valuation date will yield the same result. In other words, the pro rata distribution will be the same based on the type and amount of cryptocurrency held regardless of the valuation date employed. Moreover, the Settlement provides a fair and reasonable valuation method and corresponding date. The valuation method recognizes what a recognized loss amount should have been when Cryptsy stopped servicing clients. On November 1, 2015, Cryptsy effectively stopped allowing users to buy, sell, or trade cryptocurrencies. Therefore, Class Members are being treated equally for where their portfolios stood on that day. This valuation is not intended to be an estimate of, nor indicative of, the amount that Class Members might have been able to recover after a trial. The proposed valuation plan was designed to fairly and rationally allocate the net settlement proceeds across the universe of cryptocurrencies traded at Cryptsy, not act as an insurer as to the price fluctuation of any one particular cryptocurrency." http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Response-to-Objections-to-Settlements.pdfCorrect me if I wrong, but isn't it on record that myriad users of Cryptsy were indeed able to liquidate their positions via the help of staff on chat after Nov 1, 2015? I dont know if it counts. You had to be blowing one of the staff and telling everyone that there was no problem before you would be able to sell... so in all senses that "handjob crew" was working for it. Guss you can call it payment for some service rendered... you know who you are. |
|
|
|
I don't get how he just decided to leave all this I mean he's own family and ignore all these years with them and just go to another country. I hope he comes back and be like here is the money I want my family back my life back and my reputation back...really 30m dollars probably can pay people money back and still have some left for him & family.
He has a man whore he went to live with. While he was married, he could not resist the temptation to do the ghey thing... and found the perfect man to spend his life with... |
|
|
|
|
my honest bet now is that the person who stole the coins lost the keys, and they are gone forever.
So the people left with coins at cryptsy get screwed.
The employees run off to the next scam company in crypto
Vern lives the rest of his life hidden away in China with his man whore
The users go back to making all the same mistakes, and loose money again when the next scam crypto company goes and gets robbed.
This was the perfect setup. Cryptsy lied to everyone, no matter who hacked what. All deposits made AFTER that time were stolen by the employees of cryptsy... under the direction of vern. Did the employees know? Who knows... you would never get them to admit it if they did cause they would go to jail without vern (remember he is with his man whore)
There is no reason any crypto company and its employees wont do the same. They got away with it. The thief was just to stupid to hold on to the keys to actually get the cash. at current value is about $31,909,930...
|
|
|
|
If the plaintiffs receive 66.66% of the funds recovered, say you had $1000 in BTC, what would anyone guess your return will be?
+ will you be paid a portion of the value at the time of Big Cockvern running off?
If you can prove you had that coin in there? Estimate about 50-60 bucks. Being facetious or serious? That would be my honest guess... I have no proof to back it up, but keep this in mind.. at the time of the theft, 13k bitcoins were "stolen" with a value of 6 million or so at the time... This is not including all the other coins stolen their value is unknown. Vern deleted all the data on his way out to be with his man whore in China. Everyone and their grandmother will try to get a piece of whatever was recovered. ( Even cryptocrapper is saying cryptsy owes him 1750 BTC, the same amount his "bounty" was for returning the stolen coins) They will have to accept claims based on sworn statements, as most will not have proof of funds. The only funds they will be able to give back are those gained from selling off the crap Verns wife had to give up. The house (still unsold I think) a diamond ring, a car and a few other things... so about 3 mil will get recovered. Not knowing exactly what people are claiming for losses, and knowing they will be exaggerated... then subtract the 20-30% in fees the lawyers will get... the math starts to look REALLY bad for anyone waiting for a payout. I dont know how many users cryptsy had, but most of them will say they lost something... So if you see 50 bucks from your 1000 I would be impressed. I doubt very much that the Receivers Contractor is accepting claims based on "Sworn Statements". Nor would they accept "Exaggerated" Claims. We may be surprised. This is how most class action suits are paid out... |
|
|
|
If the plaintiffs receive 66.66% of the funds recovered, say you had $1000 in BTC, what would anyone guess your return will be?
+ will you be paid a portion of the value at the time of Big Cockvern running off?
If you can prove you had that coin in there? Estimate about 50-60 bucks. Being facetious or serious? That would be my honest guess... I have no proof to back it up, but keep this in mind.. at the time of the theft, 13k bitcoins were "stolen" with a value of 6 million or so at the time... This is not including all the other coins stolen their value is unknown. Vern deleted all the data on his way out to be with his man whore in China. Everyone and their grandmother will try to get a piece of whatever was recovered. ( Even cryptocrapper is saying cryptsy owes him 1750 BTC, the same amount his "bounty" was for returning the stolen coins) They will have to accept claims based on sworn statements, as most will not have proof of funds. The only funds they will be able to give back are those gained from selling off the crap Verns wife had to give up. The house (still unsold I think) a diamond ring, a car and a few other things... so about 3 mil will get recovered. Not knowing exactly what people are claiming for losses, and knowing they will be exaggerated... then subtract the 20-30% in fees the lawyers will get... the math starts to look REALLY bad for anyone waiting for a payout. I dont know how many users cryptsy had, but most of them will say they lost something... So if you see 50 bucks from your 1000 I would be impressed. |
|
|
|
If the plaintiffs receive 66.66% of the funds recovered, say you had $1000 in BTC, what would anyone guess your return will be?
+ will you be paid a portion of the value at the time of Big Cockvern running off?
If you can prove you had that coin in there? Estimate about 50-60 bucks. |
|
|
|
|
still going I see... I gave up watching this for a while and I got bored so I thought to check back in and see what was happening.
Too bad Vern has not been dragged back to the states in handcuffs... or bits of him haven't been washing up on a beach someplace.
I did see that that cryptocrack / eternal insolent person was back in Feb. That was amusing. Not only that but claims that he has over a million in losses... 1750 in BTC + alts.
He got caught trolling Vern and JShock with his "ill get the coins back in 24 hours if you pay me" crap, and then went on to ask the users here for money as a bounty so he could hunt down the money...
He lost millions on cryptsy but needs a few grand from the users here to help him get the coins back for everyone?
I really hope someone informs the receiver that this guy is going to try to scam the process, and that they should look extra hard at any claims he puts forward.
This whole thing just keeps getting better and better.
|
|
|
|
what provider , its a link listing bomb , please google it
the email provider. You know... the place your email gets delivered... |
|
|
|
this service is for people who have been scammed , I really don't see your problem with people making themselves feel better by getting a little payback.
Its the actual group that will bear the brunt of it. You will not be doing anything to the scammer at all 99% of the time. Just the provider. I think it would be wrong as the scammer will almost never notice... but do as you will I guess... |
|
|
|
our hosting is located in a special country , our account is setup using btc , we are bulletproof .
best wishes
Ok, that may have addrssed that part of my statement... what about the rest? you know... the part about bombing an address with no more use in it... and forcing the provider to deal with it, and the fact that namecheap doesnt allow what you are doing, and will shut you down on a single complaint... |
|
|
|
|
Show Posts
