Topic: CoinLenders Lawsuit - page 7. (Read 25180 times)

If the only real issue here is price, I'd say all we have to do is wait.  The 4100 "hacked" bitcoins are already worth $3.5 million.  The price of bitcoin would have to go up about $269 for this stash to be worth more than $5 million.  If this were a normal stock, I'd say eh, that'll be a while.  But the price of bitcoin has gone up about $170 or so just in the last couple days.

But I think you've got a good point with the rest of what you're saying.  That said, I don't really expect the attorneys to do this case for free.  I remember dwdoc said they do this for 25% - 45%.  I wish that could be clarified a bit, 45% is a rather large chunk out of the stash, but I'd personally happily fork over 25% to the attorneys to be able to have the other 75% back.

Don't get me wrong, I'd much prefer the full 100% back.  But these days, it's looking like a choice between 55% or 75%.  The 45% cut really seems way too high to me, but I think 25% is fairly reasonable.  They'd be making plenty of money here, since that's $1.25 million at ten minutes ago's prices ($971).

This all assumes I can fund my share of the case out of the bitcoins that would be recovered.  If I have to fund them out of pocket, I don't really think it'd be worth the hassle, at least for me.  Might be for others who have more money in Coinlenders, however.

You may be right.  The latest advice from the attorney is to try and get law enforcement involved either prior to or along side a civil action.

I get into it with TF every post we see of eachothers. TF needs to man up and fix problems, I mean when a whole thread is devoted to polling wether or not someone is a scammer and 50% of the people who voted claim hes a scammer...... looks, acts and walks like  a duck

Fuck it, I'm in. TF doesn't seem to even remotely try to resolve the issue and with the current BTC price legal action starts to get worthwhile even for smaller deposits.

CL balance ~2.27 BTC, I also got a couple BTCInvest shares.

Also interested, around 1 BTC on Coinlenders.
Tradefortress hasn't responded to me. No settlement.

Interested  CL 3.0032 coins

Interested.

Now the evidence combined with tf silence is pointing to an outright scam of funds criminal proceedings are far more realistic, regardless of the nature.

Anyone from Australia invested here?

Looking at the interest on here and the interest I have recieved via PM and the price of a single bitcoin...

We have exceeded the target.

I am still waiting to hear back from some of the significant depositors as well. sent you an update doc.

They are gone and have no responded to anyone thus far.

I'm in. My CL Balance is 13.79260958 BTC

If there is anything that can be done about a scam it should be done.
Therefor I'm interested. My balance at CL is 42.78068979.

Class actions are a specialised area and in the end it's the litigation funders you need to convince.

IMF only funds commercial cases where the claim exceeds $5 million (I'm actually part of their class action against Australian banks).

While it's possible that there are lawyers who'd like to become the go-to people for Bitcoin related stuff, I'm not sure this is a particularly attractive case for them.  Class actions are expensive and time consuming and if you want to "make a name" for yourself you need to be able to win large awards which can actually be enforced.  A "victory" in this case could well be pyrrhic because it's not clear that TF would have any capacity to pay by the time the case was settled (especially if evidence of criminal wrong-doing emerges).

If you were a lawyer looking to make your name in the Bitcoin world, it would probably be in the area of fighting financial services regulations being applied in ways which send "legitimate" Bitcoin enterprises broke rather than trying to sue for the recovery of funds from shady businesses and individuals who have lost or stolen user funds.

This bears repeating.  You need to find both a law firm willing to take the case and a litigation funder if you want to avoid upfront fees.  Litigation funders are understandably choosy about what cases they fund and they're not going to fund an action against someone who has no capacity to pay or who is likely to become insolvent before the litigation process is completed (class actions typically take years), either voluntarily or due to claims by creditors outside the class action (in this particular instance, I'd be concerned about the possibility of fines by ASIC if financial services regulations were breached and any debts which might be due to the ATO).

I'm interested. I have 12 BTC in Coinlenders.

IMF is the litigation funder.  In AU, attorneys cannot take cases on contingency.  The litigation funder will pay the attorney fees for the case in exchange for a percentage of the judgement should we prevail.

Oh, IMF is the law firm.  That makes much more sense.

9BTC at CL, I'm in

http://www.imf.com.au/home

The only IMF I'm aware is the International Monteary Fund.  Is that the one you're referring to, or something else entirely?  I'd be surprised if they'd fund the lawsuit, but I suppose it's worth a shot. 

Also, I want to echo what bradyon said.  Thanks for all the work you're putting into this.

Good, Dwdoc. Keep us informed. I personally appreciate your efforts.