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CoinFlip users in the United States whose data may have been accessed by unauthorized third parties in the Aug. 7, 2023, data breach may qualify to claim up to $5,000 from a class action settlement.
GDP Holdings LLC, d/b/a CoinFlip and CF Preferred LLC d/b/a Olliv, agreed to pay $475,000 to settle a class action lawsuit. The lawsuit alleges the company failed to adequately protect user data, resulting in a data breach that exposed consumers' sensitive information.
Who can file a CoinFlip claim?
- Class members must be one of the 36,646 CoinFlip users in the United States whose data was potentially accessed by unauthorized third parties in the August 2023 data breach.
- There is also a subclass for California residents who are one of the 4,496 CoinFlip users who resided in California at the time of the breach and whose data was potentially accessed.
How much is the data breach payout?
- Reimbursement for Out-of-Pocket Losses: Up to $2,500 for documented expenses directly related to the data breach.
- Reimbursement for Transaction Losses: Up to $5,000 for documented monetary losses directly related to the data breach.
- Lost Time: Up to three hours of lost time at $25 per hour for a total of $75.
- CCPA Payment for California Residents: An estimated $100 cash payment for California residents in addition to the benefits above
How to claim a CoinFlip class action rebate
To receive compensation, class members can file a claim online or download and print a PDF claim form. complete it and mail it to the settlement administrator. The claim deadline is July 15, 2025.
Settlement administrator's mailing address: CoinFlip Data Breach Class Action Lawsuit, c/o Kroll Settlement Administration LLC, P.O. Box 225391, New York, NY 10150-5391
Proof and documentation required
- All claimants must have their Class Member ID provided on their mailed notice.
- For out-of-pocket losses, class members must provide receipts, bills or other third-party documentation, including:
- Credit monitoring or identity theft insurance purchases
- Fees for requesting a credit report or placing a credit freeze
- Costs for canceling or replacing payment cards
- Expenses for closing or opening bank accounts
- Postage and other incidental expenses
- Unrefunded overdraft, late or missed payment fees
- For transaction losses, class members must provide documentation showing the monetary loss was a direct result of the breach.
Payout options
- Electronic payment (online claims only)
- Paper check mailed to the provided address
$475,000 CoinFlip data breach settlement fund breakdown
The settlement fund of $475,000 covers:
- Attorneys' fees: $158,333.33
- Attorneys' expenses and administration costs: Up to $10,000
- Service awards to class representatives: $10,000 each
- Payments to eligible claimants: The remainder of the fund
Important dates
- Deadline to File a Claim: July 15, 2025
- Opt-Out Deadline: July 15, 2025
- Final Approval Hearing: July 24, 2025
When is the CoinFlip Data Breach Settlement payout date?
Payments will be distributed within 35 days of the court's final approval of the settlement or after aall appeals are resolved.
Why was there a class action settlement?
The class action lawsuit alleged that on Aug. 7, 2023, an unauthorized third party gained access to a CoinFlip employee's account through social engineering, potentially exposing user data. The company denies any wrongdoing, and both parties agreed to settle to avoid the cost and risk of further litigation and appeals.
As part of the settlement, CoinFlip implemented enhanced security measures, including improved multifactor authentication and expanded security monitoring.
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