Silver Law Group Files Lawsuits Against Cryptocurrency Exchanges Bitcoin Savings & Trust and Cryptsy
Boca Raton, Florida – October 23, 2014 (GLOBE NEWSWIRE) – Silver Law Group (www.silverlaw.com) is pursing claims against multiple Bitcoin exchanges for allegedly buying and selling cryptocurrencies using false and misleading claims of easy profits, high returns, and little risk. While The Wall Street Journal recently proclaimed that it was time “for some investors – those with stomachs for volatility – [to take] a closer look at cryptocurrencies,” other investors who have already taken a look have seen an entire life’s savings lost.
With the rapid rise and fall of Bitcoin prices (Bitcoin peaked at $1,150 last year and fell to $286 this month), Bitcoin and other cryptocurrencies are drawing increasing interest as potential alternative investments. According to CoinDesk, there will be eight million Bitcoin trading accounts and over 100,000 companies accepting Bitcoin by the end of 2014. Despite new regulatory challenges and the struggles of some Bitcoin-related sites, the New York Times has reported that more than $250 million has been invested
Silver Law Group has filed two lawsuits, one against Texas-based Bitcoin Savings & Trust (operated by Trendon Shavers) and another against Florida-based Cryptsy (operated by Paul Vernon). According to the Complaints, investors have been victimized by deceptive and misleading tactics, such as claims of profits of 7% weekly interest or of a safe and reliable platform to trade cryptocurrencies free from excessive fees and commissions. While Mr. Shavers raised more than 700,000 Bitcoin in principal investments from investors, those Bitcoins have disappeared. Likewise, investors with Cryptsy, which CoinDesk has touted as “the largest crypto-to-crypto exchange,” have seen their accounts emptied and Bitcoin simply disappear. On behalf of its clients, Silver Law Group has pursued nearly $12 million in restitution from these online operators.
If you have invested in Bitcoin or any other cryptocurrency and believe you are the victim of a fraud or a theft of your assets, you might have the grounds upon which to assert a claim to recover your losses. Additionally, if you have entrusted your cryptocurrency to Cryptsy or have traded through its web site and feel you have been misled, gather your metadata and contact Silver Law Group to find out what rights may be available to you.
Silver Law Group is a nationally-recognized securities law firm headquartered in South Florida, with satellite offices in New York and Washington, DC, representing investors worldwide with their claims for losses due to financial misconduct and investment firm negligence in securities litigation and arbitration matters. Scott L. Silver and David C. Silver both have Martindale-Hubbell® Peer Review Ratings™ of “AV” Preeminent for achieving the highest ethical and legal standards. The firm has successfully recovered multi-million dollar awards for its clients. To contact David C. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at firstname.lastname@example.org.