Cryptopia Cryptocurrency Platform Services and Development - page 4.

JollyGood

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It is really difficult to comprehend the feelings of the victims. First they had to deal with the very sad news that there had been a theft and Cryptopia shut down. Second they had to make a decision about whether to give their KYC to Grant Thornton in order to claim for losses (many did not) and after that they have had to put up with years of reading what Court judges and Grant Thornton have stated but did not as of yet receive their funds.

Quote from: deepblue01 on December 24, 2023, 04:44:51 PM

Quote from: fmz89 on October 23, 2023, 09:01:52 AM

almost 4 year from the collapse, and almost 2 year hearing court distribution approval still in there without any real movement from liquidator
my 0.6btc is gone for nothing then lol, imagine lot of change in development many coin in there that still holding in wallet. is gonna pain job when distribution come in place, Lips sealed

well that's alot for me mate and there is alot of dead coin too

freedomno1

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Learning the troll avoidance button :)

Mumble those damn cognito emails cutting the fluff out

Currently, the situation with Grant Thornton is that the initial distribution application is before the court but could be tied up for some time. It is likely that the initial distribution will occur later in 2024, and most likely in 2025.

To be clear, this initial distribution is for a 50% distribution of BTC and Doge coins only. No application has been put before the court to deal with any other coins, so it is not clear when they may be distributed; it is reasonable to assume 2025 and 2026.

Daltonik

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Quote from: deepblue01 on December 24, 2023, 04:44:51 PM

Quote from: monrad on September 22, 2023, 02:24:03 AM

Quote from: Lafu on August 17, 2023, 06:42:46 AM

Today there was an Update from the Liquidators about the next steps and how the things are !
The whole Information about that you can read in the following Link from the Liquidators.
Source : https://www.grantthornton.co.nz/update-for-cryptopia-claimants-and-stakeholders-17-august-2023/?fbclid=IwAR1KFcresx3dupc1qvFjgdDw63Wzub5YGNRF-N8c15RYbLLCGPf7rA1cf1o

Quote

Permitting Cryptopia to take no steps to distribute cryptocurrency to account holders who have an account balance of less than the costs of the trust administration.

Say goodbye to your funds. First you get scammed by cryptopia, then you get scammed by liquidators and finally, if court accepts this point, you get scammed by NZ judicial system.

So there is no way to recieve the fund right? that's really bad for me too. i have some balance in cryptopia.
Should i must press on?

Let's wait for the end of this red tape business, and the main thing is not to entertain illusions, but also not to wind up too much, just follow the course of events. You can follow more information on the progress of this case on reddit https://www.reddit.com/r/Cryptopia / you can also get acquainted with the background of the Cogito scammer Victor Cattermole here: https://www.stuff.co.nz/business/better-business/129486227/the-prince-the-penthouse-and-the-principality-controversial-businessman-victor-cattermoles-latest-venture

deepblue01

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Quote from: monrad on September 22, 2023, 02:24:03 AM

Quote from: Lafu on August 17, 2023, 06:42:46 AM

Today there was an Update from the Liquidators about the next steps and how the things are !
The whole Information about that you can read in the following Link from the Liquidators.
Source : https://www.grantthornton.co.nz/update-for-cryptopia-claimants-and-stakeholders-17-august-2023/?fbclid=IwAR1KFcresx3dupc1qvFjgdDw63Wzub5YGNRF-N8c15RYbLLCGPf7rA1cf1o

Quote

Permitting Cryptopia to take no steps to distribute cryptocurrency to account holders who have an account balance of less than the costs of the trust administration.

Say goodbye to your funds. First you get scammed by cryptopia, then you get scammed by liquidators and finally, if court accepts this point, you get scammed by NZ judicial system.

So there is no way to recieve the fund right? that's really bad for me too. i have some balance in cryptopia.
Should i must press on?

Quote from: fmz89 on October 23, 2023, 09:01:52 AM

almost 4 year from the collapse, and almost 2 year hearing court distribution approval still in there without any real movement from liquidator
my 0.6btc is gone for nothing then lol, imagine lot of change in development many coin in there that still holding in wallet. is gonna pain job when distribution come in place, Lips sealed

well that's alot for me mate and there is alot of dead coin too

Daltonik

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The actual summary of the court's decision is shown in the screenshot.

Details about the court's decision in the CIV case-2023-485-411 reviewed from November 13 to November 15 on the website of the New Zealand Court can be found here: https://www.courtsofnz.govt.nz/assets/cases/2023/2023-NZHC-3224.pdf

examplens

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I'll leave this here, maybe it will be useful to someone

Update for Cryptopia Claimants and Stakeholders 2 November 2023
https://www.grantthornton.co.nz/cryptopia-limited/update-for-cryptopia-claimants-and-stakeholders-2-november-2023/

JollyGood

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If you have been patient you will have to wait a little longer. Grant Thornton (the liquidators that are administering the business) have yet to declare the full funds they have managed to locate and have returned back in order for them to be classed as the assets owned by Cryptopia. My advice to you would be to not trade your 0.6 BTC for the 500 COG that is being being offered to Cryptopia victims and hopefully you will have news about your funds soon.

Quote from: fmz89 on October 23, 2023, 09:01:52 AM

almost 4 year from the collapse, and almost 2 year hearing court distribution approval still in there without any real movement from liquidator
my 0.6btc is gone for nothing then lol, imagine lot of change in development many coin in there that still holding in wallet. is gonna pain job when distribution come in place, Lips sealed

monrad

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Quote from: JollyGood on October 06, 2023, 07:56:30 AM

Quote from: monrad on September 22, 2023, 02:24:03 AM

Say goodbye to your funds. First you get scammed by cryptopia, then you get scammed by liquidators and finally, if court accepts this point, you get scammed by NZ judicial system.

This saga has been dragged out for far too long. At the end of the day, investors have lost money and all they want is to get it back. Some investors will not give their identify for KYC therefore those funds can be recycled back to the recovered funds pot and be used towards those that will give KYC. Instead, all we here is more drama from the liquidators and Courts.

There should be a limit as to how much any liquidator or administrator is allowed to take for themselves because there is not an endless pit of Cryptopia funds. They are still trying to recover funds and the costs associated are simply going to take away a large amount of victims compensations whenever they will be made.

I agree, this shouldn't take that long. And if it's going to take that long, there should be an explanation of why it's taking so long.

This week NZ court will decide if they accept how they're going to give us back our funds. Let's hope we get back our funds before 2024.

fmz89

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almost 4 year from the collapse, and almost 2 year hearing court distribution approval still in there without any real movement from liquidator
my 0.6btc is gone for nothing then lol, imagine lot of change in development many coin in there that still holding in wallet. is gonna pain job when distribution come in place, Lips sealed

JollyGood

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Quote from: monrad on September 22, 2023, 02:24:03 AM

Say goodbye to your funds. First you get scammed by cryptopia, then you get scammed by liquidators and finally, if court accepts this point, you get scammed by NZ judicial system.

This saga has been dragged out for far too long. At the end of the day, investors have lost money and all they want is to get it back. Some investors will not give their identify for KYC therefore those funds can be recycled back to the recovered funds pot and be used towards those that will give KYC. Instead, all we here is more drama from the liquidators and Courts.

There should be a limit as to how much any liquidator or administrator is allowed to take for themselves because there is not an endless pit of Cryptopia funds. They are still trying to recover funds and the costs associated are simply going to take away a large amount of victims compensations whenever they will be made.

paramind22

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I just got my check from Voyager, which was small as I didn't keep much there. But they took about a year, cryptopia is taking ages.

monrad

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Quote from: Lafu on August 17, 2023, 06:42:46 AM

Today there was an Update from the Liquidators about the next steps and how the things are !
The whole Information about that you can read in the following Link from the Liquidators.
Source : https://www.grantthornton.co.nz/update-for-cryptopia-claimants-and-stakeholders-17-august-2023/?fbclid=IwAR1KFcresx3dupc1qvFjgdDw63Wzub5YGNRF-N8c15RYbLLCGPf7rA1cf1o

Quote

Permitting Cryptopia to take no steps to distribute cryptocurrency to account holders who have an account balance of less than the costs of the trust administration.

Say goodbye to your funds. First you get scammed by cryptopia, then you get scammed by liquidators and finally, if court accepts this point, you get scammed by NZ judicial system.

Lafu

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Today there was an Update from the Liquidators about the next steps and how the things are !
The whole Information about that you can read in the following Link from the Liquidators.
Source : https://www.grantthornton.co.nz/update-for-cryptopia-claimants-and-stakeholders-17-august-2023/?fbclid=IwAR1KFcresx3dupc1qvFjgdDw63Wzub5YGNRF-N8c15RYbLLCGPf7rA1cf1o

JollyGood

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I gave up on reading about Cryptopia a long time ago because it was 99% about what Grant Thornton were putting out for public consumption. I was not interested after their first few reports therefore cannot be sure if they did ask Binance to freeze funds but this is what the Hacked Assets part of the report stated:

We continue to work with the New Zealand Police and international authorities as they work to determine the source of the January 2019 hack. Our obligation is to seek recoveries for stakeholders’ benefit. As previously reported, we have filed recovery actions in the United States of America, Malaysia and Singapore related to the January 2019 hack

As you correctly mentioned, their (never-ending) investigation has still not ended yet and they have refused to be specific as to where those requested frozen funds in those countries are being held.

Quote from: Lafu on June 27, 2023, 08:43:20 AM

Wasnt there some funds frozen from the Cryptopia hack that was tracked to binance or some other exchanges ?
This could that they have written " asked authorities in various countries to seize and/or return funds based on them being taken in the alleged 2019 Cryptopia hack "
But i really dont know that , the only thing i know is that the Investigation is still on going.

Lafu

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Quote from: JollyGood on June 26, 2023, 03:32:27 PM

In the report they mentioned they have asked authorities in various countries to seize and/or return funds based on them being taken in the alleged 2019 Cryptopia hack therefore the funds recovered could go a long way to helping victims.

Wasnt there some funds frozen from the Cryptopia hack that was tracked to binance or some other exchanges ?
This could that they have written " asked authorities in various countries to seize and/or return funds based on them being taken in the alleged 2019 Cryptopia hack "
But i really dont know that , the only thing i know is that the Investigation is still on going.

JollyGood

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This is the part I found (almost) laughable, they have claimed $460,000 as their fees for this period whatever that might mean. Overall, for the work they have been doing they must have already taken millions of USD$ from the funds that were recovered.

Remuneration Report:
The Liquidators’ remuneration received for the Period, charged at the hourly rates, totalled $459,727 exclusive of GST. This includes time spent carrying out investigations, attempting to secure hacked assets, development and management of the claim’s portal, designing and overseeing an appropriate identity verification process, supervision of the Cryptopia customer support team, development and engagement with specialist Crypto-asset experts and liaising with legal authorities.

In the report they mentioned they have asked authorities in various countries to seize and/or return funds based on them being taken in the alleged 2019 Cryptopia hack therefore the funds recovered could go a long way to helping victims.

Quote from: Lafu on June 12, 2023, 10:27:44 AM

There was an Update this morning from the Liquidators !

Lafu

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There was an Update this morning from the Liquidators !

Its nothing big and only the " Ninth Report on the State of Affairs of Cryptopia Limited (in Liquidation) "

Source :
https://www.grantthornton.co.nz/cryptopia-limited/
https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/cryptopia/ninth-liquidators-report_cryptopia.pdf?fbclid=IwAR0gGpqjKAqR40tzPmrOBC8GPb0BuATYDvrwoDr-w16s2ClDf6qT3doOB7o

Daltonik

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Quote from: Blawpaw on November 17, 2022, 01:35:28 PM

Quote from: JollyGood on August 22, 2022, 05:40:37 AM

There were so many users that did not want to give KYC to Grant Thornton therefore their funds will never be returned to them. Having said that they would prefer if those funds were recovered to be distributed between the victims but there are no assurances anything like that will ever happen.

Does anybody know approximately how much of the recovered funds have been taken by Grant Thornton as payments for their services and to cover their expenses while they investigate?

Quote from: Daltonik on August 07, 2022, 04:44:07 AM

Yes, it seems to me that this will continue for a very long period, users waiting for the return of their crypto assets have nothing left but to go through all the stages step by step and formally until the moment of the agreement, it may take forever, but the reports of the liquidators look beautiful, in five months it will be four years since the hack of the exchange.

It is not just the KYC, they are asking users for old information that they will not be able to access such as the number of X tokens you had at the moment the exchange went down. I hqad about .25 BTC in cryptos overthere and I fear I'll never be seing it again.

I'm sorry about your loss, yesterday I spoke with a friend who was on cryptopia at the time of the hack and he confirmed that the entire balance of the Doge he had at that time was ~1,000,000 coins he displayed, but he has concerns that liquidators may begin to impose restrictions on citizens of certain countries, yes, not yet, but who he knows what will happen next.

JollyGood

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I feel sorry for every investor that trusted Cryptopia and in turn trusted their owners and founders. Many of them will not make a claim in order to avoid KYC and many of those willing to send KYC will not be able to provide exact amounts they lost when the exchange closed. This is sadly another disastrous piece of news for long suffering investors to read.

The 0.25 BTC or so that you have lost is not a small amount. If will you be able to remember exactly which coins and tokens you held at the time of the collapse what will you do next?

Quote from: Blawpaw on November 17, 2022, 01:35:28 PM

Quote from: JollyGood on August 22, 2022, 05:40:37 AM

There were so many users that did not want to give KYC to Grant Thornton therefore their funds will never be returned to them. Having said that they would prefer if those funds were recovered to be distributed between the victims but there are no assurances anything like that will ever happen.

Does anybody know approximately how much of the recovered funds have been taken by Grant Thornton as payments for their services and to cover their expenses while they investigate?

Quote from: Daltonik on August 07, 2022, 04:44:07 AM

Yes, it seems to me that this will continue for a very long period, users waiting for the return of their crypto assets have nothing left but to go through all the stages step by step and formally until the moment of the agreement, it may take forever, but the reports of the liquidators look beautiful, in five months it will be four years since the hack of the exchange.

It is not just the KYC, they are asking users for old information that they will not be able to access such as the number of X tokens you had at the moment the exchange went down. I hqad about .25 BTC in cryptos overthere and I fear I'll never be seing it again.

Blawpaw

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Quote from: JollyGood on August 22, 2022, 05:40:37 AM

There were so many users that did not want to give KYC to Grant Thornton therefore their funds will never be returned to them. Having said that they would prefer if those funds were recovered to be distributed between the victims but there are no assurances anything like that will ever happen.

Does anybody know approximately how much of the recovered funds have been taken by Grant Thornton as payments for their services and to cover their expenses while they investigate?

Quote from: Daltonik on August 07, 2022, 04:44:07 AM

Yes, it seems to me that this will continue for a very long period, users waiting for the return of their crypto assets have nothing left but to go through all the stages step by step and formally until the moment of the agreement, it may take forever, but the reports of the liquidators look beautiful, in five months it will be four years since the hack of the exchange.

It is not just the KYC, they are asking users for old information that they will not be able to access such as the number of X tokens you had at the moment the exchange went down. I hqad about .25 BTC in cryptos overthere and I fear I'll never be seing it again.

Topic: Cryptopia Cryptocurrency Platform Services and Development - page 4. (Read 174444 times)