Any truth to this? Cryptsy lawsuit?

[defaced]

Doesnt look legit imho

http://www.silverlaw.com/securities-lawyers/2014/10/silver-law-group-files-lawsuits-against-cryptocurrency-exchanges-bitcoin-savings-trust-and-cryptsy/

Silver Law Group has filed two lawsuits, one against Texas-based Bitcoin Savings & Trust (operated by Trendon Shavers) and another against Florida-based Cryptsy (operated by Paul Vernon).  According to the Complaints, investors have been victimized by deceptive and misleading tactics, such as claims of profits of 7% weekly interest or of a safe and reliable platform to trade cryptocurrencies free from excessive fees and commissions.  While Mr. Shavers raised more than 700,000 Bitcoin in principal investments from investors, those Bitcoins have disappeared.  Likewise, investors with Cryptsy, which CoinDesk has touted as “the largest crypto-to-crypto exchange,” have seen their accounts emptied and Bitcoin simply disappear.  On behalf of its clients, Silver Law Group has pursued nearly $12 million in restitution from these online operators.

All this looks so bad. Is there any good exchange at all?  If there will be exchanges scamming people one way or another every month, crypto will not move anywhere at all.

Thing is, cryptsy never scammed anyone.

That's plainly false.  I have seen (and experienced) a few cases where cryptsy:
 Misses a wallet update -> sends out altcoins on the wrong fork -> never reimburses the users.  Read through some old PHS and IFC threads if you're interested- although I can tell you're pretty much a shill for cryptsy and you won't care to look into their faults.

I've had PHS stuck in their glitchy system for over six months, with support ignoring me or shuffling me between "support tiers".  It's the worst experience I've had with anything financial online- and I play money games!  I chalk these up to a loss, aka scammed by cryspty.  I imagine they've done this to hundreds of individuals; "lose" a bit of their coins and keep it forever trapped with shitty support. 

I only hope their incompetence catches up with them )

You call me a shill, I call you a fudrucker, and the cycle of crypto accusations continues! If you think you have a case why dont you contact a lawyer?

First off, a fudrucker?  Feels like you're trying to devalue what I've said with an inaccurate label! This is personal observation and experience through a reasonable scope.  My accusation had validity due to your hugely generalized, naive and trusting assumption ("never scammed anyone").  How could you even begin to make that assumption, are you aware of all deposits, withdrawals, and tickets that go through cryptsy?  

Second- it's under 50 bucks, not worth my time to chase outside of occasionally reminding the support of their incompetence.  Luckily I learned this lesson before investing a few thousand into various crypto though!

Here's the old PHS thread on a page with a few people talking about their coins in limbo btw: https://bitcointalk.org/index.php?topic=292720.1300

Isnt that what you did when you said I was a shill? I was only returning the favor and garnering another bump of the thread.

I believe you btw about the PHS I remember there being a problem with their chain. Im just saying dont call me names and id take you more serious.

[defaced]

Let me reiterate, I dont think they have ever woke up and said "today im going to scam people for some altcoins". Unlike the other blatantly intentional scams that are so coveted by the crypto community.

[Biomech]

did Mullick tell you that ?
i find it odd you would have found that out defaced.
thanks for the info though..

it may be hard for them to prove anything on Cryptsy i think.
and the other guy / service i never heard of..

edit:
in case some guys don't know the OP here has been good buddies with mods on Cryptsy going back at least mid-last year.
i was on a pool defaced ran for example that had me and Mullick on it for example.
and yeah he did a great job running the pool

edit2:
By the way.. you misspelled "Truth" in your topic title, it's actually spelled F U D

Seriously, you never heard of Trendon Shavers and you're supposedly this big crusader in the bitcoin world? FFS, man, he made headlines in the mainstream. Wow, dude, you gotta come up for air once in a while.

[cassieheart]

Looks like some one has an alternative agenda here. The plaintiff and law firm is probably working closely with a competing exchange.

what the law firm and plaintiff did was completely unprofessional and violated the terms he agreed to.

I hope Cryptsy sues them into poverty for damages from the fud they are spreading.

Cryptsy offers the tools and information necessary to secure ones account.

If you don't take your personal pc security seriously that is your fault period....


~Cassie

[defaced]

Looks like some one has an alternative agenda here. The plaintiff and law firm is probably working closely with a competing exchange.

what the law firm and plaintiff did was completely unprofessional and violated the terms he agreed to.

I hope Cryptsy sues them into poverty for damages from the fud they are spreading.

Cryptsy offers the tools and information necessary to secure ones account.

If you don't take your personal pc security seriously that is your fault period....


~Cassie

Finally someone with some sense.
 BTW cassie how you been. Send me your email so I can invite you into the new collective chat.

[cassieheart]

Looks like some one has an alternative agenda here. The plaintiff and law firm is probably working closely with a competing exchange.

what the law firm and plaintiff did was completely unprofessional and violated the terms he agreed to.

I hope Cryptsy sues them into poverty for damages from the fud they are spreading.

Cryptsy offers the tools and information necessary to secure ones account.

If you don't take your personal pc security seriously that is your fault period....


~Cassie

Finally someone with some sense.
BTW cassie how you been. Send me your email so I can invite you into the new collective chat.

Been great thnx, just busy as always I will pm you with my email.

[BitJohn]

Coinhumper is realsolid the owner of mcxnow so yes there is an agenda.

[greco]

Doesnt look legit imho

http://www.silverlaw.com/securities-lawyers/2014/10/silver-law-group-files-lawsuits-against-cryptocurrency-exchanges-bitcoin-savings-trust-and-cryptsy/

Silver Law Group has filed two lawsuits, one against Texas-based Bitcoin Savings & Trust (operated by Trendon Shavers) and another against Florida-based Cryptsy (operated by Paul Vernon).  According to the Complaints, investors have been victimized by deceptive and misleading tactics, such as claims of profits of 7% weekly interest or of a safe and reliable platform to trade cryptocurrencies free from excessive fees and commissions.  While Mr. Shavers raised more than 700,000 Bitcoin in principal investments from investors, those Bitcoins have disappeared.  Likewise, investors with Cryptsy, which CoinDesk has touted as “the largest crypto-to-crypto exchange,” have seen their accounts emptied and Bitcoin simply disappear.  On behalf of its clients, Silver Law Group has pursued nearly $12 million in restitution from these online operators.

All this looks so bad. Is there any good exchange at all?  If there will be exchanges scamming people one way or another every month, crypto will not move anywhere at all.

Thing is, cryptsy never scammed anyone.

That's plainly false.  I have seen (and experienced) a few cases where cryptsy:
 Misses a wallet update -> sends out altcoins on the wrong fork -> never reimburses the users.  Read through some old PHS and IFC threads if you're interested- although I can tell you're pretty much a shill for cryptsy and you won't care to look into their faults.

I've had PHS stuck in their glitchy system for over six months, with support ignoring me or shuffling me between "support tiers".  It's the worst experience I've had with anything financial online- and I play money games!  I chalk these up to a loss, aka scammed by cryspty.  I imagine they've done this to hundreds of individuals; "lose" a bit of their coins and keep it forever trapped with shitty support.  

I only hope their incompetence catches up with them )

You call me a shill, I call you a fudrucker, and the cycle of crypto accusations continues! If you think you have a case why dont you contact a lawyer?

First off, a fudrucker?  Feels like you're trying to devalue what I've said with an inaccurate label! This is personal observation and experience through a reasonable scope.  My accusation had validity due to your hugely generalized, naive and trusting assumption ("never scammed anyone").  How could you even begin to make that assumption, are you aware of all deposits, withdrawals, and tickets that go through cryptsy?  

Second- it's under 50 bucks, not worth my time to chase outside of occasionally reminding the support of their incompetence.  Luckily I learned this lesson before investing a few thousand into various crypto though!

Here's the old PHS thread on a page with a few people talking about their coins in limbo btw: https://bitcointalk.org/index.php?topic=292720.1300

Isnt that what you did when you said I was a shill? I was only returning the favor and garnering another bump of the thread.

I believe you btw about the PHS I remember there being a problem with their chain. Im just saying dont call me names and id take you more serious.

You took their side in a way that seemed ignorant and naive (this is how I perceive shills).  Sorry about that, I spose I meant to say it was a...

"shilly thing to say"
https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcSUTAfUwWMIZj-18mBGXzUYP7Py8bK-lPcdzGsIfgAzpyDsI_h_

for the record i'd still play tetherball with you

edit:

Let me reiterate, I dont think they have ever woke up and said "today im going to scam people for some altcoins". Unlike the other blatantly intentional scams that are so coveted by the crypto community.

I agree, but they aren't keen on fixing situations that produce the same outcome of missing funds

[defaced]

Tether-ball it is! Haha. You are right though, everyone has room for improvement. I apologize for coming off as shilling that wasnt my intention but in hindsight I can definitely see why you would say that. I just feel very confident about cryptsy and their track record has been the cleanest of all the exchanges, its been around the longest and hasnt had any catastrophic "hack". They were registered with fincen before anyone else and has made it a priority to stay with in the boundaries of the law.

[bitcoinpete]

New Thread regarding what is going on at Crytpsty right now https://bitcointalk.org/index.php?topic=1326386.new#new

[Blawpaw]

It also says something along the lines of the plaintiff believing that BTC sent to one wallet address should remain in that wallet address in a specifically isolated account from other users BTC, and that this should be a standard on all exchanges.

Taking this logic, your money on your bank account should remain intact 'physically' so bank may not 'borrow' it to give loans e.t.c. Good idea. It would kill the banking business.

Besides all exchanges should have a third party entity to serve as kinda an escrow, or simply by using multisig to prevent exchanges to run away with our money.

[Blawpaw]

Yeah, this is for real. they are having it!
I just hope they BANG those Craptsy Creeps real Good.