Settlement Structure: Claims Made
Active: OpenCase Summary:
This settlement is the result of a “clawback” action filed on behalf of Cryptsy account holders who were unable to access their cryptocurrency Cryptsy.
In the original case, Leidel, et al. v. Project Investors, Inc. d/b/a CRYPTSY, Paul Vernon, and Lorie Ann Nettles, Case No. 9:16-cv-80060- MARRA, was brought by Cryptsy account holders, alleging unlawful behavior against Cryptsy and its founder, Pual Vernon, for the theft of their cryptocurrency. Vernon had closed Cryptsy and moved to China and refused to participate in the case or return the cryptocurrency. A receiver was appointed to recover money and assets, and a distribution was made to class members.
A second, related case, Leidel v. Coinbase, Inc., Case No. 9:16-cv-81992-MARRA, was filed against Coinbase. This resulted in a settlement and distribution to class members.
This third action was brought by class counsel and the receiver against Vernon’s girlfriend, Xiuxia Liu, and has recovered additional money for class members. Unfortunately, no class member is likely to be made entirely whole.Docket Number:
Company: Project Investors
Filing Deadline: January 12, 2022Proof of Purchase:
If you (1) filed a claim in the Cryptsy or Coinbase settlements, (2) your claim was approved, and (3) you received a distribution, you do not have to submit a claim to receive a distribution. If you did not submit a claim in those earlier cases, or if your claim was not approved, you may file a claim form in this case. If you are submitting a claim now, you should include supporting documentation.Eligibility:
You may be eligible if you were a Cryptsy account who held Bitcoin, other cryptocurrencies, or any other form of money or currency at Cryptsy as of November 1, 2015 and you were unable to access your cryptocurrency.Typical Settlement Amount:
The same plan of allocation will be used as was used in the Cryptsy and Coinbase cases. Each class member will receive a pro rate share of the money based on their claim in comparison to the total of all valid claims. No class member has yet received 100% of the value of their losses with prior distributions and this distribution will also not likely make any class member entirely whole.
Total Settlement Amount: $874,391.24Class Representative Proposed Incentive Fee:
Wites Law Firm
Case Name: James D. Sallah, Esq., not individually, but solely in his capacity as the Court-appointed Receiver for Project Investors, Inc., d/b/a Cryptsy. v. Xiuxia Liu
Settlement Website: Cryptsy Additional “Clawback” Action Settlement Website
Cryptsy Claims Administrator
1801 Market Street, Suite 660
Philadelphia, PA 19103