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Cryptsy Facing Lawsuit

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Silver Law Group is pursing claims against Cryptsy and Paul Vernon the founder for allegedly buying and selling cryptocurrencies using false and misleading claims of easy profits, high returns, and little risk.

In the action Silver Law Group states they are seeking compensation for the theft of Bitcoin from Skye Bonow via means of an act of complex design, perpetrated upon him by Defendants under the guise of an online cryptocurrency trading platform created and deployed by Defendants specifically to induce the public, including Plaintiff, to transfer Bitcoin to Defendants for Defendants’ later misappropriation and use.

Sky and Silver Law state that contrary to the claims promoted on the Cryptsy website, the website platform was not a secure online cryptocurrency trading platform, but instead was rife with developmental bugs, security issues, lack of protection against fraud, and operated as a general slush comingled account for Defendants to later misappropriate funds for its own use.

Sky and Silver Law are pursuing the action stating that Cryptsy and Paul Vernon violated the FLORIDA’S DECEPTIVE AND UNFAIR TRADE PRACTICES ACT (FLA. STAT. §§ 501.201 – 501.213). They also claim damages for FRAUDULENT INDUCEMENT, VIOLATION OF FLORIDA’S CIVIL THEFT STATUTE (FLA. STAT. §772.11), and VIOLATION OF FLORIDA’S SECURITIES AND INVESTOR PROTECTION ACT (FLA. STAT. §§ 517.011, et seq.)

If you have invested in Bitcoin or any other cryptocurrency and believe you are the victim of a fraud or a theft of your assets, you might have the grounds upon which to assert a claim to recover your losses. Additionally, if you have entrusted your cryptocurrency to Cryptsy or have traded through its website and feel you have been misled, gather your metadata and contact Silver Law Group to find out what rights may be available to you.

The entire filing can be read online at:

Coin Fire is a cryptocurrency news site started on June 6th of 2014. The site focused on hard-hitting investigative stories. Coin Fire was acquired by 99Bitcoins on October 2015.

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