Frequently Asked Questions

The Court authorized a Notice because you have a right to know about the Settlement, and all of your options,  before the Court decides whether to give final approval to the Settlement. This Notice explains the nature of the Lawsuit that is the subject of the Settlement, the general terms of the Settlement, and your legal rights and options.

Judge Gabriel Fuentes of the United States District Court for the Northern District of Illinois is  overseeing this case  captioned  as Braman et al. v. GDP Holdings, LLC et al., Case No.: 1:23-cv-15656. The people who brought the Lawsuit are called  the Settlement Class Representatives. The company being sued, GDP Holdings, LLC d/b/a/ CoinFlip and CF Preferred LLC d/b/a Olliv (“CoinFlip”), are called the Defendants.

The Lawsuit alleges that on August 7, 2023, an unauthorized third-party infiltrated the account of a CoinFlip employee utilizing social engineering techniques. CoinFlip discovered the breach on August 8, 2023 and removed the unauthorized party from CoinFlip’s systems. Despite CoinFlip’s speedy response, the unauthorized third-party may have accessed selected user data for 36,646 CoinFlip users; 4,496 of these users were located in California. Social Security Numbers of customers were NOT accessed as a result of the breach.

Defendants deny these claims and say they did nothing wrong. No court or other judicial entity has made any  judgment or other determination that Defendants have done anything wrong.

In a class action, one or more people called “Settlement Class Representatives” or “Plaintiffs” sue on behalf of all people who have similar claims. Together, all of these people are called a “Settlement Class,” and the individuals are called “Settlement Class Members.” One court resolves the issues for all Settlement Class Members, except for those who exclude themselves from the Settlement Class.

The Court has not decided in favor of the Plaintiffs or Defendants. Instead, both sides agreed to the Settlement. The settlement avoids the cost and risk of a trial and related appeals, while providing benefits to Settlement Class Members. The Settlement Class Representatives appointed to represent the Settlement Class, and the attorneys for the Class (“Class Counsel,” see Question 18) think the settlement is best for all Settlement Class Members.

You are affected by the Settlement and potentially a Settlement Class Member if you are one of the 36,646 CoinFlip users in the United States whose data was potentially accessed by the unauthorized third-parties as a result of the August 7, 2023 Data Breach.

You may also be part of a subclass of Settlement Class Members defined below:

California Resident Settlement Subclass – the 4,496 CoinFlip users who are residents of the State of California and whose data were potentially accessed by the unauthorized third-parties as a result of the August 7, 2023 Data Breach.

Excluded from the Settlement Class & California Resident Settlement Subclass are: (1) Defendants, its insurers, any parent, subsidiary, affiliate, or controlled person of Defendants, as well as their attorneys, officers, directors, agents, servants, or employees, and the immediate family members of such persons; (2) the named counsel in the Data Breach Class Action and any employee of their office or firm; (3) the members of the Illinois judiciary; and (4) all Settlement Class Members who timely and validly request exclusion from the Settlement Class.

If you are not sure whether you are included in the Settlement, you may call (833) 421-9696 with questions. You may also write with questions to:

CoinFlip Data Breach Class Action Lawsuit

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391

All Settlement Class Members shall have the opportunity to submit a Claim Form for certain Pro Rata Monetary Payments. The Pro Rata Monetary Payments, as described below, shall include: (a) reimbursement for Out-of-Pocket Losses and/or Transaction Losses; (b) reimbursement of Lost Time; and (c) CCPA Payments for California Resident Settlement Subclass Members. You may submit a claim for all of the Settlement benefits. 

To receive reimbursement for Out-of-Pocket Losses and Transaction Losses, Settlement Class Members must submit third-party documentation. Third-party documentation can include receipts or other documentation not “self-prepared” by the Settlement Class Member that documents the costs incurred. Self-prepared documents such as handwritten receipts are, by themselves, insufficient to receive reimbursement, but can be considered to add clarity or support other submitted documentation. A claim for reimbursement for Out-of-Pocket Losses may be combined with a claim for Lost Time and Transaction Loss.

Also, as part of the Settlement, Defendants represent that they have implemented the following security measures:

• Enhanced multi-factor authentication process;
• Expanded security monitoring capabilities;
• Reduced potential access points to CoinFlip’s environment through enhanced technical controls.

Settlement Class Members who submit a timely and valid Claim Form are eligible to receive:

a) Reimbursement for any Out-of-Pocket Losses and/or Transaction Losses – All Settlement Class Members may submit a claim for up to $2,500 for reimbursement of Out-of-Pocket Losses and Transaction Losses of up to $5,000, with supporting documentation of actual monetary losses, that were a direct result of the Data Breach Class Action. 

Out-of-Pocket Losses may include, without limitation, the following:

a) costs associated with credit monitoring or identity theft insurance purchased directly by the Settlement Class Member;

b) costs associated with requesting a credit report; 

c) costs associated with a credit freeze; 

d) costs associated with canceling a payment card and/or obtaining a replacement payment card; 

e) costs associated with closing a bank account and/or opening a new bank account; 

f) postage fees; 

g) long-distance phone charges; 

h) express mail; 

i) other incidental expenses; 

j) unrefunded overdraft and/or overdraft protection fees; and unrefunded late and/or missed payment fees and/or charges.

b) Reimbursement for Lost Time – All Settlement Class Members may submit a claim for reimbursement of Lost Time up to three (3) hours at a rate of $25 per hour ($75 total). A claim for Lost Time may be combined with a claim for reimbursement for Out-of-Pocket Losses and Transaction Losses; AND

c) CCPA Payment – All California Subclass Members may submit a claim to receive a cash payment of $100, in addition to the benefits above.

In the event that there are insufficient Settlement Funds, to make payment for all approved claims at the full amounts, then the value of the Pro Rata Monetary Payments will be reduced on a pro rata basis, or equal share, depending on the number of approved claims.

To receive a benefit under the Settlement, you must complete and submit a claim online at the Submit Claim page of this website, or by mail to CoinFlip Data Breach Class Action Lawsuit, c/o Kroll Settlement Administration LLC, P.O. Box 225391, New York, NY 10150-5391. Read the Claim Form instructions carefully, fill out the Claim Form, provide the required documentation, and submit online by July 15, 2025 or by mail postmarked by July 15, 2025.

If the Settlement Administrator determines that a claim for Out-of-Pocket Losses, Transaction Losses, or Lost Time is deficient in whole or part, within a reasonable time of making such a determination, the Settlement Administrator shall notify the Settlement Class Member in writing of the deficiencies and give the Settlement Class Member twenty-one (21) days to cure the deficiencies from the date the written notice is sent. Such notifications shall be sent via e-mail, unless the claimant did not provide an e-mail address, in which case such notifications shall be sent via U.S. mail. If the Settlement Class Member attempts to cure the deficiencies but, at the sole discretion and authority of the Settlement Administrator, fails to do so, the Settlement Administrator shall notify the Settlement Class Member of that determination within ten (10) days of the determination. The Class Member shall have one additional fourteen (14) day period to finally cure the deficiency. If the Class Member still fails to cure the deficiency, the Class Member will be notified in writing that the claim is denied. The Settlement Administrator may consult with Class Counsel and CoinFlip’s Counsel in making such determinations. However, any such consultation shall be made with both Class Counsel and CoinFlip’s Counsel.

The Court will hold a hearing on July 24, 2025, at 9:00 a.m. CT to decide whether to approve the Settlement.  If the Court approves the Settlement, there may be appeals from that decision and resolving them can take time, perhaps more than a year. It also takes time for all of the Claim Forms to be processed. Please be patient.

The Released Persons gets a release from all claims covered by this Settlement. Thus, if the settlement becomes final and you do not exclude yourself from the settlement, you will be a Settlement Class Member and you will give up your right to sue Defendant and their respective past or present directors, officers, employees, principals, agents, attorneys, insurers, heirs, successors. The Released Claims are described in the Settlement Agreement, which is available Documents section of this website. If you have any questions, you can talk to the law firms listed in Question 18 for free or you can talk to your own lawyer.

No. If you exclude yourself, you will not be entitled to receive any benefits from the Settlement and you will not be bound by any Final Approval Order and Judgment.

No. Unless you exclude yourself, you give up any right to sue any Released Persons for the Released Claims that this settlement resolves. You must exclude yourself from the settlement to start your own lawsuit or to be part of any different lawsuit relating to the claims in this case. If you exclude yourself, do not submit a Claim Form to ask for any benefit under the settlement.

To exclude yourself, send an Opt-Out Request or written notice of intent to opt-out that says you want to be excluded from the settlement in Braman et al. v. GDP Holdings, LLC et al., Case No.: 2023CUPP011569. The letter must be individually signed (with a physical signature) and timely submitted to the Settlement Administrator. To be effective, the written Opt-Out Request must include the following: (i) be in writing; (ii) provide the Settlement Class Member’s name, address, and the phone number and $Cashtag associated with the Settlement Class Member’s CoinFlip or CoinFlip Investing Account; (iii) contain the following statement: “I request that I be excluded from the Settlement Class in the case of Braman, et al. v. GDP Holdings, LLC d/b/a/ CoinFlip and CF Preferred LLC d/b/a Olliv”; (iv) be individually signed; and (v) be mailed to the Settlement Administrator at the address provided below. You must mail your Opt-Out Request postmarked by July 15, 2025, to:

CoinFlip Data Breach Class Action Lawsuit

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391

You can tell the Court that you do not agree with the settlement or some part of it by objecting to the settlement. To object, you must mail your objection to the Court, Class Counsel and Defendants’ Counsel, at the mailing addresses listed below, postmarked by no later than, July 15, 2025:

Your objection must be written and must include all of the following: include (i) state the objecting Settlement Class Member’s full name, current address, telephone number, and email address (if any); (ii) contain the objecting Settlement Class Member’s signature; and (iii) set forth a statement of all grounds for the objection, including any legal support for the objection that the objector believes applicable.

Objecting is telling the Court that you do not like the Settlement and why you do not think it should be approved. You can object only if you are a Settlement Class Member. Excluding yourself is telling the Court that you do not want to be part of the Settlement Class and do not want to receive any payment from the Settlement. If you exclude yourself, you have no basis to object because you are no longer a Settlement Class Member, and the case no longer affects you. 

Yes. The Court appointed means Bryan Aylstock of Aylstock Witkin Kreis Overholtz PLLC and Kiley Grombacher of Bradley Grombacher LLP as Class Counsel to represent the Settlement Class in settlement negotiations. If you want to be represented by your own lawyer, you may hire one at your own expense.

Class Counsel will file an application to be paid from the Settlement Fund. Class Counsel will request the Court to approve to be paid one third of the Settlement Fund ($158,333.33) as attorneys’ fees, plus out-of-pocket expenses from the Settlement Fund, including the cost of issuing the notice and claims administration, not to exceed $10,000. Any such award would compensate Class Counsel for investigating the facts, litigating the case, and negotiating the Settlement and will be the only payment to them for their efforts in achieving this settlement.

Class Counsel will also ask the Court for a Service Award of $10,000 to each of the Settlement Class Representatives.

Any attorneys’ fees and expenses for Class Counsel, and for Service Award to the Settlement Class Representatives must be approved by the Court. The Court may award less than the amounts requested. Class Counsel’s papers in support of final approval of the Settlement will be posted on the Settlement Website, upon filing.

The Court will hold a Final Approval Hearing at 9:00 a.m. CT on July 24, 2025, at the 219 South Dearborn Street, Chicago, IL 60604, Room 1342 as ordered by the Court. At this hearing, the Court will consider whether the settlement is fair, reasonable, and adequate. If there are timely and valid objections, the Court will consider  them and will listen to people who have asked to speak at the hearing if such a request has been properly made. The Court will also rule on the request for attorneys’ fees and expenses, as well as the request for Service Award  for the Settlement Class Representatives. After the hearing, the Court will decide whether to approve the Settlement.  We do not know how long these decisions will take. The hearing may be moved to a different date or time without additional notice, so Class Counsel recommends checking this website, or calling (833) 421-9696.

No. Class Counsel will present the Settlement Agreement to the Court. You or your own lawyer are welcome to attend at your expense, but you are not required to do so. If you send an objection, you do not have to visit the  Court to talk about it. As long as you filed your written objection on time with the Court and mailed it according to the instructions provided in Question 16, the Court will consider it.

You may ask the Court for permission to speak at the Final Approval Hearing. To do so, you must file an objection  according to the instructions in Question 16, including all the information required. Your objection must be mailed to the Clerk of the Court, Class Counsel and Defendants’ Counsel, at the mailing addresses listed in Question 16, postmarked by no later than July 15, 2025.

If you do nothing, you will not receive any payment from this Settlement. If the Settlement is granted final approval and the judgment becomes Final, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants or the other Released Persons based on any of the Released Claims.

This website summarizes the settlement. More details are in the Settlement Agreement itself.  A copy of the Settlement Agreement is available in the Documents section of this website. You may also call or email the Settlement Administrator with questions or to receive a Claim Form at (833) 421-9696.

It is your responsibility to inform the Settlement Administrator of your updated information. You may do so at the address below:

CoinFlip Data Breach Class Action Lawsuit

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391