Coinbase has settled Cryptsy class action case and handed over nearly $ 1 million to victims

Coinbase has settled a class action lawsuit filed by a former Cryptsy cryptocurrency exchange user. Based on a series of court documents dated November 27 to December 10, 2019, Coinbase has agreed to hand over $ 962,500 to a escrow agent that handles class action claims related to a previous lawsuit against Cryptsy. The plaintiff's lawyer announced a settlement on Monday and won 11,325 BTC. According to previous reports, Cryptsy claimed to have failed in early 2016 due to fraud and mismanagement, and claimed to have been hacked and subsequently depleted its funds. In December 2016, Cryptsy investors filed a class action lawsuit against Coinbase, alleging that Coinbase did not prevent Cryptsy CEO Paul Vernon from using Coinbase's services to convert stolen funds into fiat currency.