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Active Investigation: Kraken


Did you have Ethereum on margin at KRAKEN? Did KRAKEN freeze and liquidate your Ethereum on May 7, 2017? According to news reports, on the afternoon of May 7, 2017, a “flash crash” perceived on KRAKEN’s servers caused the price at which KRAKEN valued Ethereum — one of the most widely-traded and popular cryptocurrencies in circulation — to dramatically plummet by more than seventy percent (70%), only to see that value almost fully restored to its previous position by the end of the business day.

Between the moment when KRAKEN perceived the Ethereum market crash and when the market was restored, however, KRAKEN locked all of its users out of their accounts, thus denying the users of the ability to manage their positions. While KRAKEN customers were locked out of their accounts, KRAKEN liquidated the Ethereum holdings of all customers who held Ethereum in their margin accounts.

The Law Offices of Wites & Kapetan and Silver Law Group are investigating these events, and may be able to help you recover your losses. 

Wites & Kapetan and Silver Law Group are currently co-lead counsel in a Class Action case against Coinbase related to its conduct in liquidating over $8,000,000 for the now defunct exchange Cryptsy. 

If you lost money or Bitcoin, Ethereum, Litecoin or other cryptocurrencies at KRAKEN or any other exchange, contact Wites & Kapetan and The Silver Law Group for a free consultation.



If you lost money or Bitcoin, Ethereum, Litecoin or other cryptocurrencies at KRAKEN or any other exchange, contact Wites & Kapetan and The Silver Law Group for a free consultation.

What is a class action?

A class action is a lawsuit brought by one person that has a claim that is the same or similar to a larger group of people.  The person bringing the lawsuit is commonly referred to as the "Class Representative” or the "Named Plaintiff".  The larger group of people is called the "Class"

How many people are necessary to begin a class action?

Only one. A class action may be initiated by only one person, who serves as the Class Representative and files the class action lawsuit on behalf of the Class. The Class in some class actions may include tens of thousands, or even hundreds of thousands of persons. Class actions may also involve much smaller groups, where the Class has only a few hundred people, and even as few as 40 or so.  In either event, only one person is required to come forward to begin the class action lawsuit by serving as the Class Representative and filing the class action complaint with their lawyer.

What types of cases may be class actions?

The law of class actions, and the rules of civil procedure that govern class actions, applies to virtually all cases, provided that such case satisfies the requirements to be a class action. For example, class actions may involve defective products; fraud in the sale of securities (i.e., stock); antitrust violations; overcharging for products and services such as insurance or fees in real estate transactions; charging a fee when no service is provided; unfair and deceptive trade practices; and pharmaceuticals.

Do I have to pay a lawyer to start a class action?

No. Class action lawyers work on a contingency fee basis, which means that you, as the Class Representative, are not obligated to pay your lawyer’s attorney’s fees or costs.  If the case is successful, the lawyers will ask the Court to award them, from the recovery obtained for the Class, attorney’s fees and the reimbursement of their costs.  

How long does a class action take?

Class action lawsuits are complex and difficult to litigate. While some class actions may be resolved in a year or two, it is not uncommon for class actions to remain in court for many years.

Does Wites & Kapetan only handle class actions?

Marc A. Wites has worked on class action litigation for the past 20 years, and has done so at Wites & Kapetan since 2001. Marc and the firm also represent individuals with significant injuries in cases other than class actions.


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Wites & Kapetan, P.A. 4400 North Federal Highway Lighthouse Point, FL 33064