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Cryptocurrency exchange Crypto.com has petitioned a Florida court to confirm a judgment in its favor through arbitration after the platform mistakenly deposited $50,000 into a user’s account.According to the July 6 court filing, Crypto.com “erroneously deposited” $50,000 into James Deutero McJunkins’ account in June 2022, despite the user seemingly not
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The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the putative class action lawsuit, halting the lawsuit's progress through the federal court system in the meantime. While this marks a win for Coinbase, it has little direct effect on the crypto industry. Source
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In Tuesday’s case, Coinbase Inc. v. Bielski, customer Abraham Bielski had initially accused Coinbase of lax protections when a scammer stole $31,000 from his account. A court found that he could go ahead and pursue that complaint in the courts, which Coinbase appealed. When the matter kept moving in court,
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Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand
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Claimants allege in a filing that Genesis breached its Master Agreement when it became insolvent in the summer of 2022, while hiding its insolvency from lenders like Gemini. Original Source
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The company said it was speaking with depositors looking to help the business by “rolling some of their deposits into equity.” Source
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Crypto investment platform CoinFLEX is moving forward with its plan to reclaim $84 million in funds by starting arbitration procedures in Hong Kong against an individual account holder.Co-Founders Sudhu Arumugam and Mark Lamb acknowledged in their July 9 announcement that the judgment would provide access to the individual’s “worldwide assets”
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Summary: The team at CoinFLEX has stated that they have a deficit of $84 million originating from ‘a large individual customer’ that had earlier been identified as Roger Ver. Initially, the deficit was estimated at $47 million, but this value did not include the significant loss in liquidating his significant FLEX coin
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The U.S. District Court for Northern California found the exchange's arbitration agreement to be "unconscionable and... unenforceable." Original Source
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When does decentralization stop being an experiment in technological democracy and start being a way to avoid accountability?That’s the question at the heart of a potential $100 million arbitration lawsuit against cryptocurrency exchange Binance, where close to 1,000 traders seek damages for losses suffered during the site’s outage on May
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