Burned Users of South FloridaÍs Cryptsy Bitcoin Exchange may get $1 Million Settlement

October 27, 2016 | Back to News

David Silver Quote :

Mr. Vernon is highly unlikely to return to the U.S. anytime soon, and he’s certainly not returning with any liquid assets to collect.

When his Bitcoin exchange went under last year, Cryptsy CEO Paul Vernon left the company’s headquarters in Delray Beach and fled to China with his mistress. Things weren’t great — his marriage was over, his company was kaput, and his customers were pissed.

Vernon, a former Army intelligence officer, started Cryptsy in 2013 as an online exchange for people looking to trade their Bitcoins for other digital currencies. But beginning as early as 2014, users began having problems withdrawing their funds from the platform. This past January, after the site shuttered and $5 million of their funds had vanished, a group of former customers filed a class-action lawsuit against the company and its owner.

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