Topic: Cryptopia Cryptocurrency Platform Services and Development - page 22. (Read 173234 times)
Has there been any update on Cryptopia?
Did the Courts ever allow the requests to have the alleged grave of Gerald Cotten (CEO and Founder) dug up so he could formally identified as being dead? I know there was a case in Court regarding this.
The Quadriga exit scam happened a month before the Cryptopia exit scam. The users there must have agreed to pay a fee to hire lawyers. I doubt the lawyers were getting paid up front by a group of customers out of their own wallets. More than likely the lawyers agreed to take a percentage out of the amount recovered.
So far with that Quadriga case the users lost 192 million usd and they have recovered 45 million usd. I'm assuming their lawyers maybe get something like 10% of whatever they can recover. I'm only guessing at that amount. Obviously when the lawyers get paid a percentage of a large sum of money then there will be an incentive to recover as much as they possibly can both for the customers and for the lawyers.
I would assume the same thing would happen if the Cryptopia customers agreed to hire some lawyers . They would work on a percentage fee of the total amount recovered. Since 90% of the coins are in the wallets then the Cryptopia lawyers would get a much smaller percentage than the Quadriga lawyers. Lets says we give them 2%. That's still probably around 4 million for the lawyers.
That 2% price we would pay to our laywers would be a small price to pay because we would get our coins backs in months not years and we be assured the lawyers would recover as much as possibly and a minimal amount of our coins would be stolen by the Cryptopia owners and Grant Thornton.
In a hot crypto market you can make that 2% back in no time at all. The longer these idiots take to give us back our coins the more money they cost investors because a good investor can use their coins to increase their stack quickly.
What makes zero sense is that Cryptopia was allowed to operate while they knew they were insolvent and taking customer deposits for months before they shut down.
Then they hired their friends to be liquidators, Grant Thornton, which we know is true based on factual evidence. To make it worse they used customers money to pay for their liquidator friends to try and steal as much as they could from the customers.
It would be like hiring a thief and paying the thief a lot of money to steal as much as they can from your own house. Cryptopias owners had no right to hire their own personal friends as liquidators and then use customers money to pay them 1 million dollars to sell a few chairs and computers.
So far with that Quadriga case the users lost 192 million usd and they have recovered 45 million usd. I'm assuming their lawyers maybe get something like 10% of whatever they can recover. I'm only guessing at that amount. Obviously when the lawyers get paid a percentage of a large sum of money then there will be an incentive to recover as much as they possibly can both for the customers and for the lawyers.
I would assume the same thing would happen if the Cryptopia customers agreed to hire some lawyers . They would work on a percentage fee of the total amount recovered. Since 90% of the coins are in the wallets then the Cryptopia lawyers would get a much smaller percentage than the Quadriga lawyers. Lets says we give them 2%. That's still probably around 4 million for the lawyers.
That 2% price we would pay to our laywers would be a small price to pay because we would get our coins backs in months not years and we be assured the lawyers would recover as much as possibly and a minimal amount of our coins would be stolen by the Cryptopia owners and Grant Thornton.
In a hot crypto market you can make that 2% back in no time at all. The longer these idiots take to give us back our coins the more money they cost investors because a good investor can use their coins to increase their stack quickly.
What makes zero sense is that Cryptopia was allowed to operate while they knew they were insolvent and taking customer deposits for months before they shut down.
Then they hired their friends to be liquidators, Grant Thornton, which we know is true based on factual evidence. To make it worse they used customers money to pay for their liquidator friends to try and steal as much as they could from the customers.
It would be like hiring a thief and paying the thief a lot of money to steal as much as they can from your own house. Cryptopias owners had no right to hire their own personal friends as liquidators and then use customers money to pay them 1 million dollars to sell a few chairs and computers.
Zero cases of Covid 19 in NZ as of today. Zero. Nada. NONE. Suck it up rest of the world and business back to normal I can lick an ice cream in front of the GT offices while French kissing a stranger resembling sisquos sister and its legit. Disturbing but legit.
Border still closed to keep the rest of you under achievers out so tourism is dead here.
What this means is we should get some news from GT soon. This from a former employee posting elsewhere -
The liquidators have had 2 months since the court ruling that they must give all the user's funds back and cannot dip into them to pay off creditors so they can only muck about for so much longer, it'll all be over soon. They were due to give a new report at the end of May so they should have that out soon, they have been late before.
By end of month we should know which direction this is going. Now that the distraction of covid is done here in NZ there's no reason for GT to drag their heels.
Border still closed to keep the rest of you under achievers out so tourism is dead here.
What this means is we should get some news from GT soon. This from a former employee posting elsewhere -
The liquidators have had 2 months since the court ruling that they must give all the user's funds back and cannot dip into them to pay off creditors so they can only muck about for so much longer, it'll all be over soon. They were due to give a new report at the end of May so they should have that out soon, they have been late before.
By end of month we should know which direction this is going. Now that the distraction of covid is done here in NZ there's no reason for GT to drag their heels.
With the Quadriga exit scam the lawyers here in Canada had to track down all that money because at first there was zero money found. The former owner had funneled users coins into other exchanges and was margin trading with them. He lost a lot of users money with bad trades.
He then bought 16 houses and around 20 cars and boats with users money. They were able to track those assets down and auction them off.
When lawyers know they are getting a percentage of the recovered assets they're like great white sharks attacking a wounded porpoise. That is why we need lawyers that will go after our coins and not just wait like idiots for these scammers to give us back our coins.
If the Quadriga lawyers could get back 45 million usd fairly quickly, while having to track down those assets all over the map, good lawyers for Cryptopia users could get back our assets a lot faster because there's nothing to track down.
I would bet that within the next several months the Quadriga lawyers will have recovered 100 million usd of the 192 million lost starting from zero assets. It would very hard for them to get back everything because they started from scratch.
The Quadriga owner was the only with with the keys to the wallets. He was running the whole exchange, worth hundreds of millions, from his laptop. No oversight or safety precautions at all.
I suspect that only a few of the top Cryptopia executives had access to the cold wallets, so therefor the police should have been able to narrow down the possible perpetrators to a handful of people.
He then bought 16 houses and around 20 cars and boats with users money. They were able to track those assets down and auction them off.
When lawyers know they are getting a percentage of the recovered assets they're like great white sharks attacking a wounded porpoise. That is why we need lawyers that will go after our coins and not just wait like idiots for these scammers to give us back our coins.
If the Quadriga lawyers could get back 45 million usd fairly quickly, while having to track down those assets all over the map, good lawyers for Cryptopia users could get back our assets a lot faster because there's nothing to track down.
I would bet that within the next several months the Quadriga lawyers will have recovered 100 million usd of the 192 million lost starting from zero assets. It would very hard for them to get back everything because they started from scratch.
The Quadriga owner was the only with with the keys to the wallets. He was running the whole exchange, worth hundreds of millions, from his laptop. No oversight or safety precautions at all.
I suspect that only a few of the top Cryptopia executives had access to the cold wallets, so therefor the police should have been able to narrow down the possible perpetrators to a handful of people.
...
Because under NZ law it is illegal to knowingly trade while insolvent. .
...
Because under NZ law it is illegal to knowingly trade while insolvent. .
...
A year ago you attacked me here in this thread for saying the exact same thing and have continued to attack me since.
What's changed your mind to be agreeing with me now?
The Quadriga exit scam happened a month before the Cryptopia exit scam. The users there must have agreed to pay a fee to hire lawyers. I doubt the lawyers were getting paid up front by a group of customers out of their own wallets. More than likely the lawyers agreed to take a percentage out of the amount recovered.
So far with that Quadriga case the users lost 192 million usd and they have recovered 45 million usd. I'm assuming their lawyers maybe get something like 10% of whatever they can recover. I'm only guessing at that amount. Obviously when the lawyers get paid a percentage of a large sum of money then there will be an incentive to recover as much as they possibly can both for the customers and for the lawyers.
I would assume the same thing would happen if the Cryptopia customers agreed to hire some lawyers . They would work on a percentage fee of the total amount recovered. Since 90% of the coins are in the wallets then the Cryptopia lawyers would get a much smaller percentage than the Quadriga lawyers. Lets says we give them 2%. That's still probably around 4 million for the lawyers.
That 2% price we would pay to our laywers would be a small price to pay because we would get our coins backs in months not years and we be assured the lawyers would recover as much as possibly and a minimal amount of our coins would be stolen by the Cryptopia owners and Grant Thornton.
In a hot crypto market you can make that 2% back in no time at all. The longer these idiots take to give us back our coins the more money they cost investors because a good investor can use their coins to increase their stack quickly.
What makes zero sense is that Cryptopia was allowed to operate while they knew they were insolvent and taking customer deposits for months before they shut down.
Then they hired their friends to be liquidators, Grant Thornton, which we know is true based on factual evidence. To make it worse they used customers money to pay for their liquidator friends to try and steal as much as they could from the customers.
It would be like hiring a thief and paying the thief a lot of money to steal as much as they can from your own house. Cryptopias owners had no right to hire their own personal friends as liquidators and then use customers money to pay them 1 million dollars to sell a few chairs and computers.
So far with that Quadriga case the users lost 192 million usd and they have recovered 45 million usd. I'm assuming their lawyers maybe get something like 10% of whatever they can recover. I'm only guessing at that amount. Obviously when the lawyers get paid a percentage of a large sum of money then there will be an incentive to recover as much as they possibly can both for the customers and for the lawyers.
I would assume the same thing would happen if the Cryptopia customers agreed to hire some lawyers . They would work on a percentage fee of the total amount recovered. Since 90% of the coins are in the wallets then the Cryptopia lawyers would get a much smaller percentage than the Quadriga lawyers. Lets says we give them 2%. That's still probably around 4 million for the lawyers.
That 2% price we would pay to our laywers would be a small price to pay because we would get our coins backs in months not years and we be assured the lawyers would recover as much as possibly and a minimal amount of our coins would be stolen by the Cryptopia owners and Grant Thornton.
In a hot crypto market you can make that 2% back in no time at all. The longer these idiots take to give us back our coins the more money they cost investors because a good investor can use their coins to increase their stack quickly.
What makes zero sense is that Cryptopia was allowed to operate while they knew they were insolvent and taking customer deposits for months before they shut down.
Then they hired their friends to be liquidators, Grant Thornton, which we know is true based on factual evidence. To make it worse they used customers money to pay for their liquidator friends to try and steal as much as they could from the customers.
It would be like hiring a thief and paying the thief a lot of money to steal as much as they can from your own house. Cryptopias owners had no right to hire their own personal friends as liquidators and then use customers money to pay them 1 million dollars to sell a few chairs and computers.
There doesn't need to be anymore guidance. Those idiots at Grant Thornton have had enough guidance. They need to start securing the coins and contacting developers to make sure the wallets binaries are updated. They need to contact coin holders and allow us to log in, upload kyc documents, and withdraw our coins.
Cryptopia was insolvent before the hack happened. They pulled off the hack on purpose and stayed opened for months pretending to be opening up again, all the while taking in customers deposits. Those idiots that were in charge of Cryptopia should be arrested and put into jail for illegally keeping an exchange open while they knew long before that they were insolvent.
I want to see customers lawyers start filing lawsuits because Grant Thornton will keep seeking guidance from the nz court for the next 50 years until they are forced to allow customers to withdraw their coins. Those assholes have not answered any customers emails or given us any details about what is happening with our coins.
Cryptopia was insolvent before the hack happened. They pulled off the hack on purpose and stayed opened for months pretending to be opening up again, all the while taking in customers deposits. Those idiots that were in charge of Cryptopia should be arrested and put into jail for illegally keeping an exchange open while they knew long before that they were insolvent.
I want to see customers lawyers start filing lawsuits because Grant Thornton will keep seeking guidance from the nz court for the next 50 years until they are forced to allow customers to withdraw their coins. Those assholes have not answered any customers emails or given us any details about what is happening with our coins.
Just like to get some clarification on these customers lawyers. Who are these people? Do you have access to them? And, if they needed funding, would you front up?
Thank you for the informative post.
I was under the impression total losses as a result of the alleged hack stood at around 10% of total crypto held at the time. I thought if they had possession of 90% of the crypto balances in USD$ volume available to trade it would have been an option to carry on business-as-usual just in order to remove the uncertainty of what a liquidator would have brought. I was not aware of New Zealand law.
Because under NZ law it is illegal to knowingly trade while insolvent.
The clients had left the exchange after a month of police investigation. There was no volume to trade out of the situation.
They had no choice but to call in the liquidators.
The liquidators have applied to the courts for further guidance on distribution.
I was under the impression total losses as a result of the alleged hack stood at around 10% of total crypto held at the time. I thought if they had possession of 90% of the crypto balances in USD$ volume available to trade it would have been an option to carry on business-as-usual just in order to remove the uncertainty of what a liquidator would have brought. I was not aware of New Zealand law.
I just cannot understand why the owners of Cryptopia decided to bring in the administrators/liquidators so soon after the alleged hack.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
Because under NZ law it is illegal to knowingly trade while insolvent.
The clients had left the exchange after a month of police investigation. There was no volume to trade out of the situation.
They had no choice but to call in the liquidators.
The liquidators have applied to the courts for further guidance on distribution.
There doesn't need to be anymore guidance. Those idiots at Grant Thornton have had enough guidance. They need to start securing the coins and contacting developers to make sure the wallets binaries are updated. They need to contact coin holders and allow us to log in, upload kyc documents, and withdraw our coins.
Cryptopia was insolvent before the hack happened. They pulled off the hack on purpose and stayed opened for months pretending to be opening up again, all the while taking in customers deposits. Those idiots that were in charge of Cryptopia should be arrested and put into jail for illegally keeping an exchange open while they knew long before that they were insolvent.
I want to see customers lawyers start filing lawsuits because Grant Thornton will keep seeking guidance from the nz court for the next 50 years until they are forced to allow customers to withdraw their coins. Those assholes have not answered any customers emails or given us any details about what is happening with our coins.
Cryptopia was insolvent before the hack happened. They pulled off the hack on purpose and stayed opened for months pretending to be opening up again, all the while taking in customers deposits. Those idiots that were in charge of Cryptopia should be arrested and put into jail for illegally keeping an exchange open while they knew long before that they were insolvent.
I want to see customers lawyers start filing lawsuits because Grant Thornton will keep seeking guidance from the nz court for the next 50 years until they are forced to allow customers to withdraw their coins. Those assholes have not answered any customers emails or given us any details about what is happening with our coins.
I just cannot understand why the owners of Cryptopia decided to bring in the administrators/liquidators so soon after the alleged hack.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
Because under NZ law it is illegal to knowingly trade while insolvent.
The clients had left the exchange after a month of police investigation. There was no volume to trade out of the situation.
They had no choice but to call in the liquidators.
The liquidators have applied to the courts for further guidance on distribution.
I just cannot understand why the owners of Cryptopia decided to bring in the administrators/liquidators so soon after the alleged hack.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
If just 10% of the total coins were allegedly stolen then the loss was not an insurmountable figure, they should easily have been able to recoup the losses via their profits generated from transaction and listing fees.
There was always something from the word go that just did not sound correct as soon as the stories about an alleged hack occurred.
It's unbelievable that Cryptopia and Grant Thornton haven't been sued or charged with major crimes. In Canada Quadriga lost almost all of their coins and lawyers are suing the daylights out of Quadriga.
Cryptopia lost at most 10% of the coins, which means over 90% of the coins are still sitting in the wallets, and the judge declared the coins property and held in separate trusts, yet nothing is happening.
This is not Mt Gox that lost everything in a hack or Quadriga who lost almost everything. These assholes are deliberately taking their time trying to figure out how to scam us.
I would hope our lawyer, that argued on behalf of the clients, doesn't think his job is finished. He must petition the court to force Grant Thornton to return the coins quickly and force a copy of the database to be given to the court.
Think about the nightmare scenario where the Grant Thornton lowlifes start erasing people from the database and claiming they didn't want their coins. Then they just try to claim ownership over those supposed unwanted coins. Whose making sure the database isn't tampered with ?
Cryptopia lost at most 10% of the coins, which means over 90% of the coins are still sitting in the wallets, and the judge declared the coins property and held in separate trusts, yet nothing is happening.
This is not Mt Gox that lost everything in a hack or Quadriga who lost almost everything. These assholes are deliberately taking their time trying to figure out how to scam us.
I would hope our lawyer, that argued on behalf of the clients, doesn't think his job is finished. He must petition the court to force Grant Thornton to return the coins quickly and force a copy of the database to be given to the court.
Think about the nightmare scenario where the Grant Thornton lowlifes start erasing people from the database and claiming they didn't want their coins. Then they just try to claim ownership over those supposed unwanted coins. Whose making sure the database isn't tampered with ?
me as a kid. Learned... that words, are carried away by the wind
but a bullet.. comes like the wind
but a bullet.. comes like the wind
I still think it will take quite a long time before cryptopia will return funds to its users. There's been some good developments legally for cryptopia, but if you look at Mt.Gox, people are still waiting for their funds back.
It's unbelievable that Cryptopia and Grant Thornton haven't been sued or charged with major crimes. In Canada Quadriga lost almost all of their coins and lawyers are suing the daylights out of Quadriga.
Cryptopia lost at most 10% of the coins, which means over 90% of the coins are still sitting in the wallets, and the judge declared the coins property and held in separate trusts, yet nothing is happening.
This is not Mt Gox that lost everything in a hack or Quadriga who lost almost everything. These assholes are deliberately taking their time trying to figure out how to scam us.
I would hope our lawyer, that argued on behalf of the clients, doesn't think his job is finished. He must petition the court to force Grant Thornton to return the coins quickly and force a copy of the database to be given to the court.
Think about the nightmare scenario where the Grant Thornton lowlifes start erasing people from the database and claiming they didn't want their coins. Then they just try to claim ownership over those supposed unwanted coins. Whose making sure the database isn't tampered with ?
Cryptopia lost at most 10% of the coins, which means over 90% of the coins are still sitting in the wallets, and the judge declared the coins property and held in separate trusts, yet nothing is happening.
This is not Mt Gox that lost everything in a hack or Quadriga who lost almost everything. These assholes are deliberately taking their time trying to figure out how to scam us.
I would hope our lawyer, that argued on behalf of the clients, doesn't think his job is finished. He must petition the court to force Grant Thornton to return the coins quickly and force a copy of the database to be given to the court.
Think about the nightmare scenario where the Grant Thornton lowlifes start erasing people from the database and claiming they didn't want their coins. Then they just try to claim ownership over those supposed unwanted coins. Whose making sure the database isn't tampered with ?
It's really unconscionable that the liquidators are not updating their email customer list about what is going on. I think I may have gotten one email, if that.
There is a lot more going on behind the scenes. There are multiple interested parties (NZ police, NZ courts, liquidators/administrators, shareholders, clients etc) but not all information related to this disaster has been made public.
Why is there no news from the liquidators? The court decision entered into force a long time ago and their property was not returned to the exchange customers. In my opinion, in many (all) jurisdictions, keeping someone else’s property contrary to the consent of the owner is a criminal offense. (After all, two months were enough for the exchange to resume work after hacking and reconciliation of assets, why is it not enough for a simple withdrawal of coins?)
Also, while there is no explanation, how will the token (CLM?) Issued in return for the deducted 14% BTC and 49% LTC be returned? (And, in general, was it legal to write off coins unaffected by a hacker attack without the consent of the owners, because these coins were not exchange assets?)
The next, incomprehensible moment, on what basis have the liquidators already spent a huge amount received from the sale of other people's property (coins of exchange users)? Let the liquidation services be paid by the bankruptcy initiator.
In my opinion, there are a lot of grounds for claims from clients (traders) of the exchange both against the exchange itself and against liquidators, possibly with the initiation of criminal cases.
P.S. I suppose that the court decisions take into account the opinion of the crypto community (perhaps the assistant judge looks at popular places for discussing the topic), it would be nice to be concise (not to fill up the pages with copy-paste from past topics) and less emotional (to refrain from obscene tirades).
Also, while there is no explanation, how will the token (CLM?) Issued in return for the deducted 14% BTC and 49% LTC be returned? (And, in general, was it legal to write off coins unaffected by a hacker attack without the consent of the owners, because these coins were not exchange assets?)
The next, incomprehensible moment, on what basis have the liquidators already spent a huge amount received from the sale of other people's property (coins of exchange users)? Let the liquidation services be paid by the bankruptcy initiator.
In my opinion, there are a lot of grounds for claims from clients (traders) of the exchange both against the exchange itself and against liquidators, possibly with the initiation of criminal cases.
P.S. I suppose that the court decisions take into account the opinion of the crypto community (perhaps the assistant judge looks at popular places for discussing the topic), it would be nice to be concise (not to fill up the pages with copy-paste from past topics) and less emotional (to refrain from obscene tirades).
Well, it was a mammoth effort collating everything together and linking it in that thread so I give you and the others involved in posting about it full credit.
I appreciate your kind words - I did have some help with the list from the ten pages of posts, so kudos to everyone who has helped gather the information together.
Thank you for the link. That thread has excellent work by yourself Timelord2067
I appreciate your kind words - I did have some help with the list from the ten pages of posts, so kudos to everyone who has helped gather the information together.
I wonder how long it will take for people that had funds in Cryptopia to get their money back. Mt.Gox people are still waiting I think lol
Stolen ETH on the move again.
https://en.cryptonomist.ch/2020/05/06/funds-stolen-cryptopia-transferred-again/
Would be good if there was a bounty on recovered coins, bounty hunters get a good % of funds recovered.
https://en.cryptonomist.ch/2020/05/06/funds-stolen-cryptopia-transferred-again/
Would be good if there was a bounty on recovered coins, bounty hunters get a good % of funds recovered.
I've copied your post on this thread here. You're welcome to post updates such as this on the other thread. ((Just be mindful it's not a discussion thread - that's what this thread is for))
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