Former Cryptsy account holders who lost access to their cryptocurrency could recover funds through a court-supervised class action — the claim period is now closed and approved claims were paid out in September 2022.
What Is This Settlement About?
The Cryptsy case was based on allegations of unlawful conduct by Cryptsy and its founder, including the alleged misappropriation of cryptocurrencies belonging to Cryptsy account holders, who are known as the “Class.” According to the lawsuit, the founder allegedly closed Cryptsy, relocated overseas, and did not participate in the case or return the cryptocurrency at issue. The allegations were not admitted, and the recovery was pursued on behalf of account holders through court-supervised litigation.The claim period is now closed. The claims administrator distributed class action payments to valid class members on September 19, 2022. This page is kept online for reference; there is nothing left to file.
Who Qualified?
In general, individuals who were Cryptsy account owners and held bitcoin, alternative cryptocurrencies, or any other form of money or currency at Cryptsy as of November 1, 2015 — and were unable to access their cryptocurrency — could be class members eligible for a payment from the settlement when funds were distributed.Account holders who were unable to access their cryptocurrency at Cryptsy were also potentially eligible to receive compensation from additional monies recovered through the ongoing litigation on behalf of victims of the now-defunct exchange.
Class members who had already made an approved claim in the class action against Cryptsy — or in the related class action against Coinbase — did not have to take any action to submit a new claim. Their approved claim from the Cryptsy and/or Coinbase case was reviewed, and they received an additional settlement payment. Class members who did not make a claim in the first recovery against Cryptsy or in the Coinbase case, or whose claim was denied, were able to make a claim or supplement a previous claim while the window was open.
How Claims Were Filed
Claimants were asked to submit all proof that they held a Cryptsy account and the coins held there. This could include emails received from Cryptsy and screenshots from the Cryptsy account. Many Cryptsy account holders submitted such information in the prior settlements and received payments in the earlier Cryptsy and Coinbase recoveries.The claims administrator paid out class action payments to valid class members on September 19, 2022. Because the claim period is closed, no further claims can be submitted.
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Cryptsy Settlement FAQs
Can I still file a Cryptsy settlement claim?
No. The claim period is closed and the claims administrator distributed payments to valid class members on September 19, 2022. If you submitted an approved claim before the deadline, there was nothing more to file.
Who qualified for the Cryptsy settlement?
In general, Cryptsy account owners who held bitcoin, other cryptocurrencies, or any other form of money or currency at Cryptsy as of November 1, 2015 and were unable to access their cryptocurrency could be class members eligible for a payment.
Was proof required to claim?
Yes. Claimants were asked to submit proof that they held a Cryptsy account and the coins they held there, which could include emails received from Cryptsy and screenshots from the Cryptsy account.
How were Cryptsy settlement payments calculated?
Payments varied. The recovery was a court-supervised fund distributed among approved claims based on each claimant's documented holdings and the final distribution formula, rather than a fixed per-person amount.
How does the related Coinbase case fit in?
There was a related class action connected to the Cryptsy matter. Class members who already had an approved claim in the Cryptsy case or in the related Coinbase case did not have to submit a new claim — their approved claim was reviewed and they received an additional settlement payment.
