Topic: Cryptopia Cryptocurrency Platform Services and Development - page 31. (Read 173860 times)

One year - zero results.

There's three things that would clearly show these coins are held in trust.

1) Cryptopias own Terms

https://web.archive.org/web/20181218153858/https://cryptopia.co.nz/Home/Terms

Term 5:

"Your Coin Balances are operated by us, and represent entries in your name on the general ledger of ownership of Coins maintained and held by us."

"Each User's entry in the general ledger of ownership of Coins is held by us, on trust, for that User"

2) The fact each coins was held in its own wallet separate from Cryptopia's assets. That is the definition of a trust; where customer assets are held separately from the companies assets

3) Other legal jurisdictions like the US, UK , Australia, Singapore, Hong Kong and Switzerland  have ruled that cryptocurrency is customer property and held in trust. 

https://www.bakermckenzie.com/en/insight/publications/2019/11/bite-size-briefings-autumn

https://thenextweb.com/hardfork/2019/11/18/senior-uk-judges-say-cryptoassets-including-bitcoin-are-property/

https://digital.freshfields.com/post/102fuju/cryptocurrency-conundrum-is-it-property

It would seem inconceivable that a New Zealand court would go against many other countries ruling that accept cryptocurrency as customer property held in trust.

We need to NZ court to quickly rule that the coins are held in trust and put a expedient time frame on disbursing the coins to each user. Like say one month to secure the coins in the wallets and set up a site that allows us to withdraw or you Grant Thornton are fired.

In total they will probably make millions of USD$ in fees and commissions to sort this mess out.

Any news about the Cryptopia team such as where they are and what they are doing?

Users put in investments to shop, shop gets robed eth. They close shop and eat btc, ltc, doge ...

Majority of businesses went back to work yesterday, mine included. As I sat outside their offices again having my riverside lunch break the offices of Grant Thornton were well and truly shut, suning their overfed fat flab on a beach on our coin.  They'll be back end of month with the rest of the legal profession. Not expecting any new info till March.

It's obvious that Grant Thornton are slimy lowlifes. They're intent is to steal the coins and keep them for themselves and Cryptopia owners. They want to milk this as a far as they can so they can rack up as many charges as possible.

We know for sure they haven't contacted any developers about securing the coins because all the developers have said they haven't been contacted. None of the coins have been secured. An expert could secure the 400 wallets in a few days and have them available to be withdrawn by customers

They are fabricating lies to stall as much as possible. So it now comes down to the judges in the New Zealand courts to put a stop to this madness and force them to secure the coins and allow us to withdraw them.

We need the lawyer working for the customers to do a good job and make sure these coins are declared held in trust and force these idiots at Grant Thornton to let us withdraw them.

Apparently they're are two lawyers appointed, one for the customers, Peter Watts QC , and one for Cryptopia, Jenny Cooper QC.

The lawyer working for the customers was hand picked by Grant Thornton because he has little experience in this kind of ligation, while the one working for Cryptopia is a seasoned lawyer with a lot of experience in this kind of litigation.

So we know for sure Grant Thornton picked the absolute worst lawyer they could for the customers and the best they could find for Cryptopia.

Grant Thornton is a shady slimy company. I looked on the internet and found numerous criminal charges brought against Grant Thornton employees over the last 20 years. This is a very nasty company were dealing with. They have zero intention of returning the customers coins.

Maybe the hands of the Police are metaphorically tied because they cannot state actual figures until or unless the official liquidator/receiver/administrator releases that information after thoroughly going over everything.

You would expect a specialist crime unit that are experts in all things crypto to have worked out everything with regards to total coins and tokens lost but there was no single statement about almost exact losses.

One year after the "Hack".

No formal police report on amounts or even list of what was taken.

Imagine that one year after "Hack" nobody not even State auditors nor State investigators can answer WHAT was taken exactly.

I just noticed the fixed part, sorry but I refrain from using profanities 

Never mind, I was smart enough to sell my DOT when they reopened, but as it went down like a stone I couldn't dump all and to save on WD fees I didn't pull the resulting BTC out ASAP.
Probably somewhere between 0.2-0.3 lost (definitely as I see it, might have given a nice comfy chair to lean back for the liquidator while they watch our money go up in vapour).

yeah you thought...because the PRICKTOPIANS here keep waving their pricks here telling people everything is fine and you believed them with 0.2 BTC  LOL

anyway, at least it is just a scratch 

No, after the initial problem, some days or weeks after, can't remember exactly, BTC withdrawals became possible for a short window, and since I had BTC and not anything else in my account at the time, I withdrew without issue (except 0.2BTC because I thought the site would survive and wanted to trade with it).

What do you mean when you say "I got most of my coins back"? They contacted you and returned your coins in BTC?

I'm in the same boat as everyone else here and I'm not expecting to get any penny from this liquidators. They are obviously neglecting us and they just wanted to get as much coins as they can get for themselves.

If you go to get your car fixed, and the carburetor broken, and the mechanic throws his arms up in the air and says that this is so hard to fix, I've never seen a carburetor and I don't know how to do it, you fire the mechanic, strip him of his license, and get a new mechanic that is competent and can get the job done.

Likewise, if you have a liquidator that throws its hands up in the air and claims that its too complicated to secure 400 wallets, and return the customer coins, you fire them, strip them of their liquidator license, and get a new liquidator that can handle cryptocurrency liquidations and can get the job done.

That's exactly what the court should be doing right now. The judge should fire Grant Thornton and appoint and new technically experienced liquidator who can get the job done. This liquidation company Grant Thornton is a technically incompetent joke.

They have done absolutely nothing to return our coins. They've charged 800 K to sell a few chairs and computers. That is criminal and negligent behavior and they need to be fired and removed as liquidators.

FIXED!!!!


Happy New Year

The liquidators will be taking a large chunk of whatever funds they recover which will further shrink the amounts victims will receive and will not cover all their losses.

This is more strange for me as country like New Zealand done no action against these and now most of investors feeling they never receive any thing from these liquidators as they are completely fail to give any update about this all.

I got most of my coins back fortunately (BTC) but I'm still out 0.2BTC. I didn't really expect to get it back, but now I know I won't, this liquidation thing seems really fishy. Are they hiring, I want that job paid 600$ an hour as an IT specialist !

Everything that happens to Cryptopia in 2019 seems strange and obviously malicious to all customers of the exchange, but it does not cause any reaction from the financial regulators and the criminal police of New Zealand, it is very unfortunate and insulting. I would like to see high-profile news in the headlines of periodicals about the detention and indictment of a fraudulent exchange and their accomplices from the liquidator's office.

After this second report, the question I put forward many months ago is still solid: WHY did they liquidate? There seems to be no reason for a judge to grant them the protection:
- there's plenty of cash available, the wages were paid in full and the outstanding debt to creditors is less than what's available
- most of the wallets were online so the business was up and running
- they wasted 800k on fees that could have covered wages for many months

It's not necessary for a business to enter this kind of liquidation when there's cash available. Instead they could have simply paid all debts and shut down on their own. Nothing seems to justify what they did with this GT fellows.

It's very fishy.