Court Freezes Bitcoin Exchange’s Assets, Appoints Receiver

May 4, 2016 | Back to News

David Silver Quote:

My clients have no access to any of their accounts. The lawsuit has to be certified as a class action suit before the court can determine who will be entitled to recovered funds.

A federal court has appointed a receiver for Cryptsy, the cryptocurrency exchange that claims to have lost $5 million in funds to theft. In response to the lawsuit by Cryptsy clients seeking to recover their funds, the U.S. District Court Southern District of Florida appointed James D. Sallah, Esq. as the receiver and given him control of Cryptsy’s assets.

The court has taken possession of Cryptsy’s assets, “of whatever kind and wherever situated.” All powers of the company’s agents, employees, officers and directors are suspended.

The court assigned the receiver in response to a suit by Brandeon Leidel, Michael Wilson and “all others similarly situated,” a group that has also sued to halt the sale of a property that the defendants bought in Delray Beach, Florida.

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