New update from liquidator :
https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/
Selected part :
https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/
Selected part :
Quote
When can I get my coins back?
The expectation is the claims process will open by the end of the year with the AML to follow this. Once these two phases are complete, we expect the repatriation process to follow. It is important to note that:
We have to establish a claims process and cannot just open up the Cryptopia exchange: the exchange was hacked prior to the liquidation. With the source of the hack still not identified we cannot open up an exchange that has been compromised
We have to complete the reconciliation process: this includes re-establishing coins in a non-hacked environment and then reconciling coin balances to the customer database. With over 900,000 active customers and up to 900 different coins, this is not a quick process
We will likely need to go back to court to seek further directions in respect of the distribution process including AML requirements. As liquidators, we need to follow the laws in New Zealand and cannot just return coins to account holders without completing appropriate KYC procedures
The expectation is the claims process will open by the end of the year with the AML to follow this. Once these two phases are complete, we expect the repatriation process to follow. It is important to note that:
We have to establish a claims process and cannot just open up the Cryptopia exchange: the exchange was hacked prior to the liquidation. With the source of the hack still not identified we cannot open up an exchange that has been compromised
We have to complete the reconciliation process: this includes re-establishing coins in a non-hacked environment and then reconciling coin balances to the customer database. With over 900,000 active customers and up to 900 different coins, this is not a quick process
We will likely need to go back to court to seek further directions in respect of the distribution process including AML requirements. As liquidators, we need to follow the laws in New Zealand and cannot just return coins to account holders without completing appropriate KYC procedures
Quote
Are you selling my coins to fund the Liquidation?
The Liquidation is currently being funded with company assets. Allocation of costs of returning account holders assets will be subject to further direction from the Court.
To clarify the account holders’ assets are not recorded in the Receipts and Payments statement, found in the Liquidator’s reports.
The Liquidation is currently being funded with company assets. Allocation of costs of returning account holders assets will be subject to further direction from the Court.
To clarify the account holders’ assets are not recorded in the Receipts and Payments statement, found in the Liquidator’s reports.
Quote
15My crypto was not affected by the January hack, why can’t I withdraw them?
Because no detailed reconciliation process between the customer database and the crypto assets held in the exchange’s wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.
Because no detailed reconciliation process between the customer database and the crypto assets held in the exchange’s wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.
still with the don't know how it was hacked story (does any of them investigate it now? did they ever?).
TillKoeln of unnamed.exchange posts above it can be used for the return of funds, and its known that this exchange is created by one of the cryptopia founders saddam213 aka chainstack.
Does Grant Thornton consider them a suspect in the hack? If he is not a suspect then he should be employed by them to fix this mess, not new hires who waste time learning how it all works and may introduce a new risk of theft or loss.
Unnnamed.exchange must be capable to handing a wallet reconciliation process or the unnamed.exchange would not have been around for over a year now with their wallets running and exchange unhacked.
but really any exchange that already has shown it handles a variety of altcoins and tokens would be capable of integrating the wallets and database, so liquidators could choose to contract it out to a suitable cryptocurrency exchange instead of wasting more time and money to reinvent the wheel here
