CRYPTSY stopping withdraw locking accounts without notifying users! Class Action

[TheTommyD]

The attorneys stated at the time of the original court request that they were concerned that the value of the coins would drop significantly over time and they demanded that the values be locked for the settlement.  That is why this is happening, that was the specific request of the attorney that was representing the clients.

So? That doesn't matter.

[dunja22]

The attorneys stated at the time of the original court request that they were concerned that the value of the coins would drop significantly over time and they demanded that the values be locked for the settlement.  That is why this is happening, that was the specific request of the attorney that was representing the clients.

So? That doesn't matter.

this was for cryptsy? great the price increased so give us our coins back

[Spoetnik]

@Roombot
Coinbase is trying to fight the IRS who they claim made wide sweeping tax info requests of their clients.

What they fail to tell ya all is they have been complying on a smaller scale over & over anyway.
So they look like the big hero for that but in reality they have been handing your ass's over all along
..just like the other exchanges like Cryptsy or Poloniex do.

IF they have a getting "verified" procedure then they are ratting you out and lying to you guys.
I have no interest in ever using exchanges that operate like that.
Shit guys..i am trying to support the damn ideology here HAHAHHAHA  
makes it kind of hard using a "bring down the govt" Free Market decentralized "coin"
on a centralized govt controlled exchange      

Like fuck !! Seriously how fucking fucked up is that ?
Seriously people.. how the hell can you rabble on with this crap on the left hand then shake hands with the Fed's with the right ?

Cryptsy added the verified crap and i left.
I have never been verified on any exchange.. why would i ?
So they can rip you off and you can wonder what underground Russian hacker group now owns your private info ? ROFL  

Sorry guys but the silly ass hypocrisy driven by exchanger profitz coins is silly ass bullshit.
Crypto ideology died in 2013 guys.

RANT OVER

But i mention Coinbase again in response to your comments earlier guys
I would wonder if Coinbase loses that IRS tax court case then it could potentially cause a lot of users to leave..
AND THAT may be a key issue in regards to whether they would want to settle or not. (related to Cryptsy)

..and yeah all this crap is getting flooded hard by new users.. Polo was getting it too i seen.

[Gleb Gamow]

Thanks for heads-up on Coinbase!

Apparently their customers are getting crypto-raped thru their cell phones now.

Did Coinbase neglect to tell their customers to use 2FA?

OMG.

Yikes.

They are really scrambling over there!


And this...

Improving Customer Support
Over the past few months, we’ve seen an unprecedented increase in the number of customers signing up to use Coinbase (4x since January 2017). As a result, our systems have been pushed to the limit. This has caused many customers to have a negative experience.I’m writing today to apologize for the experience you’re having and tell you what we’re doing to improve the situation.

First, it’s worth acknowledging the gravity of the situation. Our goal with Coinbase is to build the product that is the most trusted and easiest to use in the space. It erodes trust when customers can’t get a timely response to customer support inquiries, or when there are delays in pay ins, pay outs, limit increase requests, or getting access to your account.

We’re storing customer funds, and I can understand how incredibly frustrating (and scary) it is when an issue arises and you can’t get a prompt response.

We haven’t done enough to keep up with the growth, and we’re taking steps now to correct it. I want to share with you specifically what we’re doing to improve the situation.

Near Term:

We are doubling overall support capacity by spinning up an outsourced support facility by the end of June. This will allow us to rapidly add level 1 support agents during future surges.
We’re hiring 10 new contractors for our in house team over the next 3 months.
We’re adding new hires on the Trust team (part of the engineering org that helps deal with security questions).
Hired a consultant (former VP Customer Success at larger company) to consult on scaling, and how to introduce phone support.
Several account security improvements are rolling out, including improvements to our two factor authentication, and a new system to flag risky withdrawals.
Q3 Plan

Goal will be < 6 hours first response time for everyone; < 2 hours in cases of large balances
Goal of having first version of phone support introduced for high balance accounts, and/or security related questions by end of September
Q4 Plan

Roll out phone support for a wider % of customer base (potentially a paid option, still TBD)
Introduce additional account security options such as Yubikey support
We understand that trust has to be earned, not given, and that we haven’t done enough lately to earn that trust.

Anyone looking for work?? 

Please provide a link to the quote above. Google only links to your post.

Bruno

[RoomBot]

https://blog.coinbase.com/improving-customer-support-139d99e72876

[Spoetnik]

https://blog.coinbase.com/improving-customer-support-139d99e72876

Support is not the problem.. transparency is LOL

See how all exchanges work the same way ?

[RoomBot]

Do you ever buy BTC and if so, where?

[Spoetnik]

Do you ever buy BTC and if so, where?

Me ? No.
Try Localbitcoins maybe ? (i only sold them there before)

I used to buy them and flip them for profits on BTCe though.

[Gleb Gamow]

https://blog.coinbase.com/improving-customer-support-139d99e72876

Thanks, bud. Google has it indexed now.

Bruno

[virasog]

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.

[JollyGood]

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?

[spamsucks]

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.

[TheTommyD]

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.

Your answer is here:   http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Class-Action-Lawsuit-Against-Coinbase-for-Aiding-and-Abetting-Theft.pdf

[Gleb Gamow]

Your answer is here:   http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Class-Action-Lawsuit-Against-Coinbase-for-Aiding-and-Abetting-Theft.pdf

57. Based on the number of assets deposited and liquidated through CRYPTSY’s
COINBASE account, with full knowledge that CRYPTSY charged its customers a 0.3%
transaction fee on the value of each transaction, COINBASE could not have reasonably believed
that CRYPTSY was conducting nearly $1,700,000,000.00 USD in cryptocurrency exchange
trading business over the stated time period.

58. Likewise, COINBASE could not have reasonably believed that VERNON had
personally mined and owned the $3,300,000.00 USD he deposited and liquidated through his
personal COINBASE account.

XX. Likewise, BitPay could not have reasonably believed that the bitcoin wallet address 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs registered to BFL by BitPay but at one time declared by BFL, Bitpay AND HashTrade to be owned by HashTrade (proof: http://www.prweb.com/releases/2013/10/prweb11283333.htm), was used to ONLY process orders paid via bitcoins by BFL users using the licensed BitPay as the third-person payment provider, oppose to liquidating bitcoins transferred to BFL from BitPay using the exact same address, a course of action in which BitPay IS NOT licensed to conduct such transactions, namely because BitPay IS NOT an exchange, but nonetheless, BitPay preceded to liquidate BFL's bitcoins into fiat, depositing over U$10M in numerous banks accounts controlled by Sonny Vleisides, owner of BFL.

If the latter part of the above sounds familiar, it's because Sonny utilized the same ploy for his Laissez Faire City, online casinos (with Jeff Ownby), and Lottery schemes circa 1995-2008. But don't worry, Sonny's on a new track now, finally taking advice from the person who helped raised him during his high school years, namely Jody Drake. ALL FUCKIN DOCUMENTED!!!

EDIT: I forgot to mention that BitPay liquids it's bitcoins to fiat via Coinbase, an entity having a valuation of U$1B (with a B) but needs to garner another U$100M from investors so to make their platform more robust. It's only a coincidence that Coinbase and BitPay have many of the same deep-pocket investors.

[TheTommyD]

I was meaning to check who the OP was of this thread, and just remembered to check.

Anyone know where he is or what happened?

[JollyGood]

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.

Your answer is here:   http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Class-Action-Lawsuit-Against-Coinbase-for-Aiding-and-Abetting-Theft.pdf

I missed the deadline for the Cryptsy class action. Do you know what other people that missed the deadline are doing to try to get funds back?

[TheTommyD]

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.

Your answer is here:   http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Class-Action-Lawsuit-Against-Coinbase-for-Aiding-and-Abetting-Theft.pdf

I missed the deadline for the Cryptsy class action. Do you know what other people that missed the deadline are doing to try to get funds back?

No I don't

[TheTommyD]

Your answer is here:   http://cryptsyreceivership.com/v1/wp-content/uploads/2016/06/Class-Action-Lawsuit-Against-Coinbase-for-Aiding-and-Abetting-Theft.pdf

57. Based on the number of assets deposited and liquidated through CRYPTSY’s
COINBASE account, with full knowledge that CRYPTSY charged its customers a 0.3%
transaction fee on the value of each transaction, COINBASE could not have reasonably believed
that CRYPTSY was conducting nearly $1,700,000,000.00 USD in cryptocurrency exchange
trading business over the stated time period.

58. Likewise, COINBASE could not have reasonably believed that VERNON had
personally mined and owned the $3,300,000.00 USD he deposited and liquidated through his
personal COINBASE account.

XX. Likewise, BitPay could not have reasonably believed that the bitcoin wallet address 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs registered to BFL by BitPay but at one time declared by BFL, Bitpay AND HashTrade to be owned by HashTrade (proof: http://www.prweb.com/releases/2013/10/prweb11283333.htm), was used to ONLY process orders paid via bitcoins by BFL users using the licensed BitPay as the third-person payment provider, oppose to liquidating bitcoins transferred to BFL from BitPay using the exact same address, a course of action in which BitPay IS NOT licensed to conduct such transactions, namely because BitPay IS NOT an exchange, but nonetheless, BitPay preceded to liquidate BFL's bitcoins into fiat, depositing over U$10M in numerous banks accounts controlled by Sonny Vleisides, owner of BFL.

If the latter part of the above sounds familiar, it's because Sonny utilized the same ploy for his Laissez Faire City, online casinos (with Jeff Ownby), and Lottery schemes circa 1995-2008. But don't worry, Sonny's on a new track now, finally taking advice from the person who helped raised him during his high school years, namely Jody Drake. ALL FUCKIN DOCUMENTED!!!

EDIT: I forgot to mention that BitPay liquids it's bitcoins to fiat via Coinbase, an entity having a valuation of U$1B (with a B) but needs to garner another U$100M from investors so to make their platform more robust. It's only a coincidence that Coinbase and BitPay have many of the same deep-pocket investors.

Yup, me thinks Coinbase is F*cked.

Don't forget this is an Ongoing LawSuit.

They'll pay out the Settlement to Cryptsy Claimants, kinda like a progress payment in Construction.

Too Bad they set the BTC Price at $330.00

[JollyGood]

Yup, me thinks Coinbase is F*cked.

Don't forget this is an Ongoing LawSuit.

They'll pay out the Settlement to Cryptsy Claimants, kinda like a progress payment in Construction.

Too Bad they set the BTC Price at $330.00

Why does the Cryptsy connection apply just to Coinbase? Did Cryptsy not use Kraken or any other company? If so, can they be dragged in to this?

[Gleb Gamow]

Yup, me thinks Coinbase is F*cked.

Don't forget this is an Ongoing LawSuit.

They'll pay out the Settlement to Cryptsy Claimants, kinda like a progress payment in Construction.

Too Bad they set the BTC Price at $330.00

Why does the Cryptsy connection apply just to Coinbase? Did Cryptsy not use Kraken or any other company? If so, can they be dragged in to this?

Somebody correct me if I'm wrong but I think that the lawyers have determined beyond doubt that Kraken wasn't used by the venerable Paul Vernon to launder moneys. Just Coinbase.