Coinbase settles a three-year-old class-action lawsuit for $1 million.

Coinbase has settled the three years old class-action lawsuit brought against it by the victims of crypto exchange Cryptsy for $962,500. The exchange is no longer operating.

According to the CoinDesk report, both parties reached a settlement later last month. Coinbase has agreed to turn nearly $1 million to the plaintiffs. The lawyers of the plaintiffs had earlier won 11,325 BTC from this previous case.


Court yet to approve the settlement.

The settlement between Coinbase and plaintiffs reached the settlement just in time as the case was approaching a jury trial. A hearing will be held on 17th April this year to approve the preliminary settlement agreement or add further modifications if felt necessary. The lawsuit case was originally filed by the Silver Miller law firm and Wites Law Firm. Brandon Leidel designated the class representative in the lawsuit brought the suit in 2016, alleging that Cryptsy CEO used the exchange to launder millions of dollars.


Silver Miller appreciated Coinbase for resolving the case.

Attorney Marc Wites said that the case against Coinbase, as well as the previous lawsuit filed against Cryptsy, “were difficult cases” to resolve. David Silver of Silver Miller appreciated Coinbase for stepping up and resolving the case. He added that the Cryptsy case shows how exchanges that early on that were unregulated like Cryptsy shunned regulators, laws and stole from its own clientele.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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