Xapo And Indodax Are Accused Of Stealing 500 BTC

A lawsuit was filed against a Xapo and Indodax crypto service by a German citizen Dennis Nowak. The plaintiff believes that the companies committed the theft of 500 BTC, which at that time amounted to more than $2.3 million (now $4.9 million). 

The lawsuit after a year and a half

A statement was filed with the District Court for the Northern District of California that said the trader put 500 BTC to the balance of an unknown exchange. Three days later, these funds were stolen and then were sent to the crypto services Xapo and Indodax. This occurred at the end of 2018, but the lawsuit was filed only this week.

Lazy fraudsters

Tracking transactions was not very difficult since the attackers did not even bother to cover their tracks. As a result, 19.99 BTC remained on Xapo, and the main amount (479.69 BTC) - on Indodax. Tracked transactions are also included in the lawsuit.

The plaintiff claims that the verification procedures of users on these crypto sites work "inadequate", which makes them accomplices of this crime.

What about compensation?

Nomak requires exchanges to fully return his own funds, as well as monetary compensation for moral damage. It seems that he has a good chance of success since legendary David Silver represents him in court.

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