Topic: Pre court hearing update - Cryptopia Account Holder (Read 247 times)

I am not spreading fake or misleading news, i am jsut asking about the legitimacy of these emails. By the way today i got another emai from [email protected].

Do others also got this email and "ra.kroll.com" isn't the official domain  And for a common man it is difficult to comprehend these emails too and understand what action is required from our side.

The main thread discussing about the process and updates is here https://bitcointalksearch.org/topic/cryptopia-cryptocurrency-platform-services-and-development-1669443 Don't hesitate to express your point of view, but you should avoid to spread fake news suggesting official mails are actually phishing mails or scams. It could mislead people.

Plan Class: Dotcom Convenience Claims


We are Kroll Restructuring Administration LLC (“Kroll”), the solicitation agent for FTX Trading Ltd. and its Debtor affiliates (collectively, “FTX”) in their chapter 11 cases currently pending in the United States Bankruptcy Court for the District of Delaware. 

You are receiving this e-mail because according to the FTX’s records, you are a holder of a Class 7A Dotcom Convenience Claim and entitled to vote on the Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and Its Debtor Affiliates (as may be modified, amended, or supplemented from time to time, the “Plan”).  You should read this e-mail carefully and discuss it with your attorney.  If you do not have an attorney, you may wish to consult with one.

If you have sold your claim, you should consult with your attorney and/or buyer counterparty for instructions for voting on the Plan.

If you have a FTX customer account and access to the FTX Customer Portal, you can click the following link:  https://claims.ftx.com , which will bring you to the FTX Customer Portal to (i) view and confirm important information regarding your claim(s), (ii) view the calculation used by FTX to determine your voting amount, and (iii) provide you with an opportunity to supply and/or update your information.  The FTX Customer Portal will also seamlessly guide and transition you to the dedicated voting portal maintained by Kroll (the “FTX Customer Kroll E-Ballot Portal”).  If you access the FTX Customer Kroll E-Ballot Portal through the FTX Customer Portal, you will not need to input your FTX Customer Kroll E-Ballot Log-In credentials set forth above.

If you do not have a FTX customer account, or have difficulty accessing the FTX Customer Portal, you may contact FTX at [email protected].  You may also access the Kroll E-Ballot Portal directly by clicking the following link: https://restructuring.ra.kroll.com/ftx/EBallot-Home.  By using this option, you will not be able to review certain information pertaining to your claim that is otherwise available in the FTX Customer Portal. Please note that the Kroll E-Ballot Portal is anticipated to be available starting on July 10, 2024.

If you purchased a customer claim against FTX (irrespective of whether you are an FTX customer or not) and do not have access to the FTX Customer Portal, you will need to vote that purchased claim directly through Kroll’s E-Ballot link above.

You will be able to access electronic copies of the FTX solicitation materials in the FTX Customer Kroll E-Ballot Portal, including (but not limited to) the Plan, Disclosure Statement, Notice of Confirmation Hearing, and letters from the Debtors, the Official Committee of Unsecured Creditors, the Ad Hoc Committee, the Bahamas Election Letter and other Solicitation materials.

For your convenience, below please find links to each of the documents included in your Solicitation Package (including the applicable Ballot for your Plan Class):

• Notice of Hearing to Consider Confirmation of Debtors’ Join Chapter 11 Plan of Reorganization: https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEyODg4NQ==&id2=-1

• Disclosure Statement for Debtors’ Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and its Affiliated Debtors and Debtors-In-Possession: https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEyODg3OQ==&id2=-1
 
• Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and its Affiliated Debtors and Debtors-In-Possession: https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEyODg3OA==&id2=-1

• Order (I) Approving the Adequacy of the Disclosure Statement; (II) Approving Solicitation Packages; (III) Approving the Forms of Ballots; (IV) Establishing Voting, Solicitation and Tabulation Procedures; and (V) Establishing Notice and Objection Procedures for the Confirmation of the Plan: https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEyNTg1OQ==&id2=-1

• Plan Solicitation and Voting Procedures: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEyOTQ4NQ==&id2=0

• The Ad Hoc Committee of Non-US Customers of FTX.Com’s Letter in Support of the Joint Chapter 11 Plan of Reorganization: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEzMDgzOA==&id2=0

• The Bahamas Process Letter to All Holders of Class 5A Dotcom Customer Entitlement Claims and Class 7A Dotcom Convenience Claims: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEzMDgzNg==&id2=0

• The Letter to All Holders of Claims and Interests Entitled to Vote on the Plan: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEzMDgzNQ==&id2=0

• The Letter of the Official Committee of Unsecured Creditors of FTX Trading Ltd., Et Al.: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEzMDgzOQ==&id2=0

• The Class 7A Dotcom Convenience Claims Ballot for Voting to Accept or Reject the Joint Chapter 11 Plan of Reorganization of FTX Trading Ltd. and its Debtor Affiliates: https://restructuring.ra.kroll.com//FTX/Home-DownloadPDF?id1=MzEyOTQ4OA==&id2=0
 
You may hold multiple claims for which you are entitled to vote against FTX.  If so, you will receive a separate email per voting class. 

For additional information, and to download the Plan and all other documents filed in the Debtors’ chapter 11 cases free of charge, please visit: https://restructuring.ra.kroll.com/FTX/

If you have any questions regarding the Plan or the Solicitation Package, please contact Kroll by e-mailing [email protected] with a reference to “In re: FTX - Solicitation Inquiry” in the subject line.

Please be advised that Kroll is authorized to answer questions about, and provide additional copies of, solicitation materials, but may not advise you as to whether you should vote to accept or reject the Plan or provide legal advice.

As when i forget about Cryptopia (and my loss), i got another email from Cryptopia Claims Portal <[email protected]>.
The context of the email is copied below. I don't think these comminucation from them is any beneficial to the Cryptopia Account Holders, as i don't think they have any intent to return the money. They are just fulfilling the legal requirements and pretending that they are serious in returning funds.

What even are cogs in the first place? Do they even have any value? Can they be sold for that value? What is the liquidity?

As when i forget about Cryptopia (and my loss), i got another email from Cryptopia Claims Portal <[email protected]>.
The context of the email is copied below. I don't think these comminucation from them is any beneficial to the Cryptopia Account Holders, as i don't think they have any intent to return the money. They are just fulfilling the legal requirements and pretending that they are serious in returning funds.

Dear Cryptopia Account Holder,

Last week the Liquidators released the eleventh statutory report in the liquidation of Cryptopia. We encourage all account holders to read this report that provides an update on the overall claims process which is summarised below.

    Liquidators' Eleventh Report on the State of Affairs of Cryptopia Limited (in Liquidation)

Claim process update
The Liquidators are advanced in the development of stage ‘4a.’ of the claims process:
#    Process    Details
1    Claims registration    Allows the registration of account holders' details
2    Identity verification    Verifies account holders' identities to the necessary verification standard
3    Balance acceptance    Provides account holders the opportunity to agree that Cryptopia records represent amounts due
4a    Asset Distribution – Wallet Address Collection    Allows eligible account holders to submit wallet addresses for each balance qualified to participate in Asset distribution
4b    Asset Distribution – Crypto-asset Return    Returns account holders assets proportional to distribution calculation
Following this collection, we intend to make an interim distribution to those qualifying and registered Bitcoin and Dogecoin holders within the next quarter.

After this distribution is complete, we will follow the approved process including giving notice of any cut-off dates before distributing to account holders the remaining Bitcoin, Dogecoin and all other cryptocurrencies of sufficient value by the end of 2024.

After this primary distribution of cryptocurrencies that are of sufficient value, there may be an additional top-up distribution to account holders, allowing them to receive up to 100% of their holdings.  If this supplementary distribution takes place it should occur before the middle of 2025.
Communications to account holders
We understand third parties have contacted account holders offering to purchase their Cryptopia entitlements in exchange for an obscure digital currency. This agreement requires the assignment or transfer of account holders Cryptopia owed holdings to that third party. 

These third parties might use the name "Cryptopia" in their email address, subject line, or in headings of their communications to account holders.  These communications and approaches are not from the liquidators. 

The official methods of communication from the liquidators to Cryptopia account holders are outlined at the end of this update.

We issued proceedings against these third parties to prevent them from continuing to mislead or confuse account holders. In response the New Zealand Courts has granted injunctions prohibiting these parties from continuing to represent themselves using Cryptopia’s name. We also believe that these third parties communications maybe based on the continued misuse of confidential information released by the High Court in 2020. 

Assignment of claims
The agreement to purchase Cryptopia account holders' cryptocurrency that is mentioned above includes a clause about the assignment of coins to that third party. 

Cryptopia's terms and conditions record that account holders may not assign their rights or obligations. The liquidators consider that the terms and conditions remain in force, and any assignment or transfer of an account holder's entitlements is not binding or enforceable against Cryptopia.  This is explained in more detail in our update on 20 February 2024.

The Court's judgment on the injunction suggests that any sale and purchase agreement entered into as a result of the misuse of Cryptopia's confidential information may be subject to being set aside by the affected account holder.

We recommend that any account holders who have entered into a sale and purchase or assignment agreement with any of these third parties seek independent legal advice.

Reminder about official communications from us and protecting your information

We would like to remind all account holders the only channels we use to communicate with them about the Cryptopia liquidation are:

    Our website: https://www.grantthornton.co.nz/cryptopia-limited/
    Emails sent from [email protected]
    The claims portal: https://portal.cryptopia.co.nz/
    Our Zendesk customer support portal: https://cryptopia.zendesk.com/

If you are unsure whether a communication is an official communication from us, please raise a helpdesk ticket in Zendesk at the below link. This Zendesk portal is separate from the claims portal and can be accessed by any account holder, provided they register and click the “Sign Up” button on the page.

Account holders should be cautious about providing their Cryptopia account information to third parties.  The claims portal has been designed to verify each account holder's account ownership and identity, and it is very important this sensitive process is protected. 

Dear Cryptopia Account Holder,

Unsolicited communication
It has been brought to our attention that a number of Cryptopia Account holders have received an unsolicited email from the Hong Kong company “Classic Focus Limited” ("CFL") outlining a proposal to purchase their claim in exchange for a supposed digital coin.

The sole director of CFL is known to the Liquidators as having been found in contempt by the court for not disposing of Account Holder information that
he improperly obtained. The Liquidators have opened an investigation into how Account Holder's emails were obtained.

Regardless the Liquidators believe it is important to address this unsolicited communication to confirm that this email has nothing to do with the official claims process. The process of distributing account holders' cryptocurrency will be determined at a hearing at the High Court at Wellington on 13–15 November 2023. 

It it important for those considering this proposal to seek independent advice. The Liquidators' view is that this offer is not in the best interest of Account Holders. In particular, we believe it is important to note the following:
Typical asset and fiat-backed digital currencies like Tether and USDC produce proof of their reserves through audits.  While the digital coin COG, mentioned in the CFL proposal, is supposedly backed by assets and traditional fiat currency reserves. There is no independently verifiable audit of its reserves.
The utility of the COG currency is questionable, given there is no named entity, exchange, or business that will accept this coin beyond an associated virtual metaverse and non-physical principality to which the crown prince is the sole director of the Hong Kong company fronting the offer. (You might also ask why a New Zealand-based person uses a Hong Kong company to front this offer.)
Lastly, the CFL Proposal letter claims that the offeror has a relationship with several parties. The Liquidators have an existing relationship with one of those parties. We sought confirmation of their involvement in the CFL proposal, and they have confirmed that they have no knowledge of this offer and are not engaged by CFL in any regard.
The Liquidators encourage all Account Holders (regardless of value held) to register in the claim process, so it is possible to return as much value as possible. One of the legal directions sought is for those who do not participate in the process to bear the cost of the distribution process. This will allow us to return more to smaller holders of Cryptocurrency.

Legal directions
Submissions have now been filed ahead of the hearing date scheduled 13–15 November 2023 in the Wellington High Court (CIV-2023-485-41113-15), in relation to the directions regarding the distribution of Cryptocurrency to Account Holders. Copies of these submissions can be found at the below link.

The full application for directions can be found in our Update for Cryptopia Claimants and Stakeholders 17 August 2023

If you are having trouble with the Claims Portal, please raise a ticket through the Cryptopia Customer Support Portal. This support portal is separate from the claims portal and can be accessed by any account holder, provided they register and click the “Sign Up” button on the page.

Lastly, a reminder that the only official communication from the Liquidators will be sent from a  @cryptopia.co.nz email.  Please take care to ensure that any communications asking you to deposit further funds are not scams.

This is an automated email, please do not reply.
Update for Cryptopia Claimants and Stakeholders - 2 November 2023

If it ever came out that GT was acting outside of their obligation by The Court to act on behalf of the Cryptopia members then I'm sure The Courts would take a dim, dark view of that outcome and act accordingly.

Do you think there is something in this for Grant Thornton apart from the obvious moving along of Cryptopia victims?

I also received such email but i doubt its legitimacy because i receive emails from "[email protected]" way back on month of august regarding the claimant portal and other subjects, so why they use such different emails to notify their users.

There was an eerily quick follow up email by GT which bordered on rambling followed by a second email from the above essentially reiterating the offer.

IN A NUTSHELL (their words, not mine):  are owed less than $500 in dust - take the offer.  Are owed more than $500 in crypto, take your chances with GT who are (again, their words) draining the funds with their fees.

My prediction is that in the results of the trial you will get the right to return your money, regardless of the claim verification process, this situation is actually in your favor. Then, a company comes along and offers a $0 token, the situation changes back to 50/50 odds.
To convince you: With that kind of fundraising method, will the token become viable? I think many former Cryptopia users don't want to take on this uncertainty.

I also received such email but i doubt its legitimacy because i receive emails from "[email protected]" way back on month of august regarding the claimant portal and other subjects, so why they use such different emails to notify their users.

I got an email from with the subject of "Pre court hearing update", which stated that Cogito is willing to buy my coin holdings in Cryptopia. I feel this is a scam attempt to get my personal details and is not linked with Cryptopia in any way.

Posting the whole email below so people can be aware of what it is all about.

Note: If this is a legit email / offer , then also do let me know. Thanks

Dear Cryptopia Account Holder

You will have received recently an offer from Cogito to buy your coin holding in Cryptopia. Following a few questions through our help desk we have put together a few key answers to questions.


1. The agreement to purchase your coins for C500 Cog is a purchase regardless of your coin value under $500. So if you have $499 worth of coins you get C500, if you have $2 worth of coins you get C500. So you have nothing to lose.


2. If you have more than $500 worth of coins , you will receive C500 straight away and then a top up of Cog once we get the reconciled value from the liquidator.


3. You don't have to have successfully completed the liquidator’s verification process to be able to accept the offer.


4. Cog is a digital currency that can only be used in the Cogito economy. It is not able to be converted to fiat or moved to any exchange. The Cogito Metaverse is growing every day with many opportunities being developed all the time. Shortly there will be investments available; and in many countries there is a growing number of businesses accepting Cog.


5. The Cogito offer is specifically structured for those people who may have such a small amount it is not worth the effort or the verification process was too hard for a variety of reasons.


6. We are in court in New Zealand for four days starting 13th November to sort the distribution of coins and get some clarity on the process of the Cogito agreement. So time is against everyone, if you are going to accept now would be a good time to do it.


7. We believe now Cogito is the single largest coin holder by value and so we do have strong standing in the courts in New Zealand.


8. If you accept the offer and change your mind you have a 7 day cooling off period.


The link to selling your coins is here : https://principalityofcogito.com/cryptopiaform


Regards

Martin Braine LLB

In House Lawyer

Principality of Cogito


Ps : If you have any questions please free to contact us once logged in to CogitoMetaverse