Four years after the shutdown of an Atlanta crypto exchange, users are still waiting for their bitcoin to be repaid. A federal court ruling favoring one of the unsatisfied consumers described as an industry first provides some solace to the impacted customers.
According to Daniels, one of the complainants, the corporation entirely withheld their property and refused to respond to their inquiries. Daniels claims that this was the driving force behind their decision to initiate the first bitcoin lawsuit in federal court to reclaim what was rightfully theirs.
More than 70,000 people have signed up for the CampBX exchange
CampBX, an Atlanta-based crypto exchange, had attracted more than 70,000 clients before it was shut down. This indicates that the platform had begun to establish popularity among clients before being subjected to government regulations.
According to attorney John Richard, many consumers have not yet gotten their crypto from the exchange, a member of the American Board of Trial Advocates.
The exchange’s creator, Keyur Mithwala, told the media via email that “the vast majority” of clients had received their whole bitcoin and USD balances. He also made it apparent that the corporation did not knowingly refuse to pay its consumers. He also mentioned that just about 200 clients had not received a refund.
On the other side, Richard refuted Mithwala’s claim, claiming that there is no proof that the exchange restored bitcoin to the bulk of its consumers. Additionally, Richard stated that he is only aware of one consumer receiving bitcoin.
In 2018, the Georgia Department of Banking and Finance issued a cease and desist letter to CampBX for engaging in financial transactions without a license.
The exchange ceased operations by the injunction. However, the problem of consumers’ cash remains unsolved to this day.