https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/cryptopia/second-liquidators-report-to-creditors_cryptopia.pdfCompany Crypto-AssetsAs included in the first report on the 29 May 2019 a High Court order was made that Bitcoin being held in the company wallet outside of known client funds, could be converted into fiat currency to help fund the liquidation and the protection and preservation of crypto-assets for the benefit of those entitled to them. These 344 BTC were converted into $4,427,292.
Funds recoveredThe company at the date of liquidation had a balance of $5,022,935sitting in a 3rdparty trust account this was recovered by the Liquidators.
We appreciate that customers wonder why it is taking so long for us to determine customer holdings. There are two main reasons for the time and complexity of the process:
1.Customers did not have individual wallets and it is impossible to determine individual ownership using just the keys in the wallets.While Cryptopia held details of customer holdings and reported these on the Exchange, the crypto-assets themselves were pooled (co-mingled) in coin wallets. As a centralised exchange, customers' trades would occur in the exchange's internal ledger without confirmation on the blockchain.
2.No detailed reconciliation process between the customer databases and the crypto-assets held in the wallets has ever been completed.
told ya...."vultures" .....follow the money until it's....gone. watch how they milk it dry LOL
675k $ of human labor and still they can't count your coins that already has records in the database in each user accounts.
....specialist my ass.
