Topic: What is the status of the Cryptsy class action? (Read 1575 times)
Someone bought all the alts - wonder how much they were able to sell those for?
Hello I am involved in class action suit in usa. Fact the firm doing the suit is the person the court appointed to control assets and unravel the mess. All foreign cryptsy people have no case. There are over 300 plus people in suit from usa. Lawyers have seized 100,000 $ from bittrex and 1.5 million home and 80k car so far. I estimate the # now is about 2 million. If 2 million recovered after lawyer takes half, estimate that would leave 1 mill for 300 people but the 300 are split in different classes according to the amount they lost. So if as a group we claim 1 million in losses then we get even , but if we claim 250k in losses we get 4 times our loss. I just talked to a class action lawyer unrelated to this case and he gave me some good info. Oh and a screenshot is recommended it is not required, so if you lost bitcoin and are us citizen please file!! Good Luck to all. Dont trade btc on foreign sites if they lose money you have no recourse. If you arbitrage do it quick and get in and out. Every country treats btc differently good example. why has bitfinex not reported the theft of all there btc to the police?? Because china does not consider stealing btc a crime. They think you took a risk and lost tough luck. Until people are punished for stealing btc why would they stop??
Given there is no company left to sue, I see the class action going exactly no place. The most the class action could have ever recovered was the coins that the users had in the first place, and that would only apply if the coins still existed. Given the company ripped everyone off, and that the majority of the money is gone, the people in the class action will get no more then the users otherwise. The courts would never give the group suing what they are asking for, and leave all the rest of the creditors out in the cold.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
I don't know how I would get less by having a lawyer. Without one I get nothing back, with one I may get 4 cents on the dollar.
If the company in question stole from you and a group of others, you are correct. But since they stole from everyone and then basically went under, its a whole different picture. The receiver will sort out the mess without involving the lawsuit. If there are funds to disperse, he will find them, and give them to the people who lost money. Some magic number will be decided on, and thats where it will go. So when its all done, you might see 4 cents on the dollar. Now, after thats done, the lawyer cant get more after that. There will be no money left for him to go after. If the lawyer is going to get paid for his work, it will have to come out of the amount that his clients would get. not the whole pool, just his clients. He can't collect fees from me I was never a part of it. so... if he gets paid at all, it will be from your 4 cents on the dollar.
I assume that the suit will dissolve anyway as the TOS state you would need to go to arbitration. The receiver is now running the defunct company. His job is to protect the funds for the people that were robbed. He will defend the suit by saying it should have been filed in arbitration, and that the users agreed to such in the tos for the site. That puts down the class action.
Given there is no company left to sue, I see the class action going exactly no place. The most the class action could have ever recovered was the coins that the users had in the first place, and that would only apply if the coins still existed. Given the company ripped everyone off, and that the majority of the money is gone, the people in the class action will get no more then the users otherwise. The courts would never give the group suing what they are asking for, and leave all the rest of the creditors out in the cold.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
I don't know how I would get less by having a lawyer. Without one I get nothing back, with one I may get 4 cents on the dollar.
Given there is no company left to sue, I see the class action going exactly no place. The most the class action could have ever recovered was the coins that the users had in the first place, and that would only apply if the coins still existed. Given the company ripped everyone off, and that the majority of the money is gone, the people in the class action will get no more then the users otherwise. The courts would never give the group suing what they are asking for, and leave all the rest of the creditors out in the cold.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
The whole thing will be resolved by the receiver, and people will be given a small amount based on what they had in the account. The receiver will get paid out of the funds as well, and when all the users have the 4 cents on the dollar they had returned, the class action suit will be useless as there w ill be nothing for lawyer to go after.
I dont see how you expected the lawyer in this case to jump the line of legit creditors and get any one person or people more percent wise than is available... All the users are fighting for a % of the same pot, having a lawyer will not get you more, it would get you less... as that lawyer wants to be paid a % of the small % you got back.
at the absolute best, it will be YEARS before anything is decided in this matter. Think 4-8 years. At the end of that time, imagine if you will collecting (at best) 8 cents on the dollar. The money you are trying to get back from the courts is gone. Cryptsy basically has nothing to offer. Thje assets left over from everything cannot be enough to settle to 10 million + dollars in losses they had do to the "hack". So every user that had coins left in cryptsy will be sharing the remaining leftovers. So if you had $500 in coins in cryptsy, you would be really lucky to see $40 bucks (I bet you wouold see closer to $20.)
Remember... the lawyer will want to be paid for the efforts in collecting the money, and the receiver will want to be paid for services as well... Lawyers ALWAYS get far more then the clients in suits like this, and there just isnt a large amount of money to go around. The money trapped in that *hacked* wallet will not be recovered. At best it will sot there forever, and if not in ten years someone will steal it and its still gone.
Vern totally screwed everyone, and your only hope for justice now is to hope he is arrested and jailed for life (or found by less honorable people and tortured to death on a youtube video) as the cash is not a viable option.
To summarize, If you are waiting for your cash back, forget it... its gone. If you are looking for justice, you will have to wait till they find vern.
Remember... the lawyer will want to be paid for the efforts in collecting the money, and the receiver will want to be paid for services as well... Lawyers ALWAYS get far more then the clients in suits like this, and there just isnt a large amount of money to go around. The money trapped in that *hacked* wallet will not be recovered. At best it will sot there forever, and if not in ten years someone will steal it and its still gone.
Vern totally screwed everyone, and your only hope for justice now is to hope he is arrested and jailed for life (or found by less honorable people and tortured to death on a youtube video) as the cash is not a viable option.
To summarize, If you are waiting for your cash back, forget it... its gone. If you are looking for justice, you will have to wait till they find vern.
You are probably right that we will get almost nothing back, but the class action lawsuit is only for American customers. So if half of the customers are American, then maybe the payout would only go to half of the customers. The lawyers also asked for screen shots to prove what we have in the account. I'm sure that some of the American customers did not provide that info. So I'm wondering if the settlement will be divided among a small percentage of customers. If so, the we may get more that $20 (out of $500). That's probably just wishful thinking, but it's possible.
PS, I would pay the pay per view thing of vern being tortured to death... if you were looking to recoup costs...Im sure lots of people would ... Just saying... Im sure it would be...umm fake anyway... yea thats it.
at the absolute best, it will be YEARS before anything is decided in this matter. Think 4-8 years. At the end of that time, imagine if you will collecting (at best) 8 cents on the dollar. The money you are trying to get back from the courts is gone. Cryptsy basically has nothing to offer. Thje assets left over from everything cannot be enough to settle to 10 million + dollars in losses they had do to the "hack". So every user that had coins left in cryptsy will be sharing the remaining leftovers. So if you had $500 in coins in cryptsy, you would be really lucky to see $40 bucks (I bet you wouold see closer to $20.)
Remember... the lawyer will want to be paid for the efforts in collecting the money, and the receiver will want to be paid for services as well... Lawyers ALWAYS get far more then the clients in suits like this, and there just isnt a large amount of money to go around. The money trapped in that *hacked* wallet will not be recovered. At best it will sot there forever, and if not in ten years someone will steal it and its still gone.
Vern totally screwed everyone, and your only hope for justice now is to hope he is arrested and jailed for life (or found by less honorable people and tortured to death on a youtube video) as the cash is not a viable option.
To summarize, If you are waiting for your cash back, forget it... its gone. If you are looking for justice, you will have to wait till they find vern.
Remember... the lawyer will want to be paid for the efforts in collecting the money, and the receiver will want to be paid for services as well... Lawyers ALWAYS get far more then the clients in suits like this, and there just isnt a large amount of money to go around. The money trapped in that *hacked* wallet will not be recovered. At best it will sot there forever, and if not in ten years someone will steal it and its still gone.
Vern totally screwed everyone, and your only hope for justice now is to hope he is arrested and jailed for life (or found by less honorable people and tortured to death on a youtube video) as the cash is not a viable option.
To summarize, If you are waiting for your cash back, forget it... its gone. If you are looking for justice, you will have to wait till they find vern.
Does anyone know where we stand on the Cryptsy class action lawsuit? I haven't heard much lately and I'm just wondering whether we are getting close to some kind of payout.
Jump to: