Cryptopia Cryptocurrency Platform Services and Development - page 57.

INEZUZU

newbie

Activity: 66

Merit: 0

Quote from: pinoycash on May 18, 2019, 10:07:42 AM

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

Indeed, according to the results of the January hacker attack, Cryptopia’s exchange did not incur financial losses, since it shifted all losses to the client’s balance sheets. (I have deducted 14% BTC and 49% LTC). What is the reason why they became financially insolvent and decided to close the exchange, taking all the remaining money?

pornluver

hero member

Activity: 960

Merit: 514

Quote from: Noojna on May 19, 2019, 01:28:18 AM

Quote from: pinoycash on May 18, 2019, 10:24:53 PM

Quote from: xtraelv on May 18, 2019, 11:04:09 AM

Quote from: pinoycash on May 18, 2019, 10:07:42 AM

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

This is not how the law works in western countries. Of course, money being deposited IN TRUST will go back to their rightful owner; however, crypto is not considered money and it's definitely not IN TRUST. So, basically the liquidators can do whatetever they want with it. There will not be anything left for us, customers, this is how it works now at this point in time, in this society.

I will say this again, people, don't leave coin at exchanges.

Are you a lawyer?

Noojna

hero member

Activity: 687

Merit: 501

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Quote from: pinoycash on May 18, 2019, 10:24:53 PM

Quote from: xtraelv on May 18, 2019, 11:04:09 AM

Quote from: pinoycash on May 18, 2019, 10:07:42 AM

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

This is not how the law works in western countries. Of course, money being deposited IN TRUST will go back to their rightful owner; however, crypto is not considered money and it's definitely not IN TRUST. So, basically the liquidators can do whatetever they want with it. There will not be anything left for us, customers, this is how it works now at this point in time, in this society.

I will say this again, people, don't leave coin at exchanges.

estenity

hero member

Activity: 1918

Merit: 537

in the case of MtGox there were remaining btc that later increased in value.
here what coins are left in the 86%? we are in a baby bull market.

also we are not shareholders.

pinoycash

hero member

Activity: 1316

Merit: 514

Quote from: xtraelv on May 18, 2019, 11:04:09 AM

Quote from: pinoycash on May 18, 2019, 10:07:42 AM

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

KriptoGuruTR

member

Activity: 564

Merit: 19

Come on lafu. I don't even understand why you are still here. This is a scam...

DADIBLAND

sr. member

Activity: 340

Merit: 250

Quote from: somebody else on May 18, 2019, 12:23:05 PM

In few last months all other coins, especially those coins which blockchains were fully synced, were discriminated against Bitcoin, Litecoin and Doge! This exchange didn't allow withdrawals of the very most of the coins enabled to trading. That looks like in advance PLANNED DISCRIMINATION!

I think and it looks like very well PLANNED plan and activity by this exchange. Can anybody confirm this?

YES

Lafu

legendary

Activity: 3094

Merit: 3197

Quote from: somebody else on May 18, 2019, 12:23:05 PM

Can anybody confirm this?

No

somebody else

jr. member

Activity: 87

Merit: 2

In few last months all other coins, especially those coins which blockchains were fully synced, were discriminated against Bitcoin, Litecoin and Doge! This exchange didn't allow withdrawals of the very most of the coins enabled to trading. That looks like in advance PLANNED DISCRIMINATION!

I think and it looks like very well PLANNED plan and activity by this exchange. Can anybody confirm this?

WickedPigeon

member

Activity: 345

Merit: 16

Quote from: WickedPigeon on April 25, 2019, 03:39:34 PM

It's Cryptopia's version of Schrödinger's cat:
I both have coins and don't have coins, both at the same time...

Well,
Now we know, in Schrödinger's experiment, the cat isn’t dead. It took your wallet and disappeared out the back door.

xtraelv

legendary

Activity: 1288

Merit: 1926

฿ear ride on the rainbow slide

Quote from: pinoycash on May 18, 2019, 10:07:42 AM

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

pinoycash

hero member

Activity: 1316

Merit: 514

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

DenysM

full member

Activity: 714

Merit: 118

They hired a costly liquidator that will eat everything up and come back with news that there aren't enough funds to cover the losses. These people are real scammers and should be held accountable. They do not contact with clients and behave as if it is their own funds, do not answer questions of projects whose tokens are placed on their "exchange"

Bigger By The Day

newbie

Activity: 641

Merit: 0

i make my pakcoin back

this coins are in your wallets

Noojna

hero member

Activity: 687

Merit: 501

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Quote from: TokenBilly on May 17, 2019, 04:03:48 PM

From a legal perspective CT must return all coins to the respective owners. Assuming it is still there. Your 'balance' is no more than a number in their database at this point.

Nah. Coins are not seen as securities or money by the authorities. It suits us in certain cases, like when filing tax income reports, but in cases like these we get no protection from the law.

Don't leave coin at exchanges folks.

xtraelv

legendary

Activity: 1288

Merit: 1926

฿ear ride on the rainbow slide

Quote from: TheCryproMaster on May 18, 2019, 12:24:01 AM

What about shareholders in this company, how will they be treated? I can see the coins are held in trust so should be given back but do shareholders have any rights to wind up funds ahead of customers?

Shareholders (unless in exceptional circumstances) are the last to get anything. They usually carry the largest loss. In most instances they can only get paid if all the liabilities are settled.

TheCryproMaster

full member

Activity: 410

Merit: 106

What about shareholders in this company, how will they be treated? I can see the coins are held in trust so should be given back but do shareholders have any rights to wind up funds ahead of customers?

arielbit

legendary

Activity: 3416

Merit: 1059

a pretty smart move from cryptopia exit scammers..just take enough and leave some to be able to have a chance of getting away "legally"

these liquidators are vultures to your "shitcoin investment carcass"

TokenBilly

newbie

Activity: 3

Merit: 0

From a legal perspective CT must return all coins to the respective owners. Assuming it is still there. Your 'balance' is no more than a number in their database at this point.

TokenBilly

newbie

Activity: 3

Merit: 0

Delaying the filling for insolvency is punishable behavior under most jurisdictions.

By stating that most coins have been - quoting - "100% secured" they deliberately deceived their customers.

Topic: Cryptopia Cryptocurrency Platform Services and Development - page 57. (Read 173234 times)