Cryptsy Hit With Class Action Suit in Florida

A class action lawsuit has been filed against digital currency exchange Cryptsy. Paul Vernon, CEO of Cryptsy, has also been named in the suit. The complaint has been filed in the southern district of Florida by Wites & Kapetan P.A. and the Silver Law Group.

The two law firms have filed on behalf of Jinyao Liu, and other plaintiffs, who allege that Cryptsy has been withholding their funds and has refused to allow withdrawals.

According to the suit filed by Silver Law Group: Cryptsy is registered with FinCEN as a money service business, which requires the company to abide by certain standards and practices.

“CRYPTSY, as a Money Services Business, is obligated to keep certain financial records and allow free and unfettered access to consumer accounts. As demonstrated below, CRYPTSY has failed to do that.”

The filing also goes into detail regarding the amount of customer funds that are currently being held by Cryptsy:

“Plaintiff, on December 27, 2015, deposited 84,000,000 Dodge Coin (a commonly-used cryptocurrency) to fund his CRYPTSY account. The value of that deposit, according to CRYPTSY, was approximately 33.6 BTC ($14,100.00 USD).”

Several withdrawal requests were submitted in various amounts, but none of the requests were honored by Cryptsy. The case also alleges violations of Florida’s Deceptive and Unfair Trade Practices Act by Cryptsy.


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