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Author Topic: Cryptopia Cryptocurrency Platform Services and Development  (Read 168187 times)
xtraelv
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May 17, 2019, 01:42:18 PM
Last edit: May 17, 2019, 02:48:29 PM by xtraelv
 #3741

I've been posting updates here since the hack.





https://www.grantthornton.co.nz/faqs-cryptopia-liquidation/

Cryptocurrency is considered "property" under NZ law rather than "currency" under Japanese law.


https://www.classic.ird.govt.nz/income-tax-individual/cryptocurrency-qa.html

https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=20d84d54db69778084ed147a3a9619bc

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cryptopia.victim
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May 17, 2019, 02:14:48 PM
 #3742

So many warnings since the ex-CEO's emotional letter last year.
Someone told me Christchurch thinks that all sins are forgiven because JC forgives all sins.
Presumably they will say that they have sold the remainder of the few tradable coins at a low price. Payment of the remainder less high fees, after many months, if anything remains.

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May 17, 2019, 03:09:48 PM
 #3743

btw, dont expect your money or funds back ever, this is mt.gox scale stuff
xtraelv
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May 17, 2019, 03:55:12 PM
 #3744

btw, dont expect your money or funds back ever, this is mt.gox scale stuff

My personal opinion is that II don't believe it is. I believe it is a way they can legally get out of their building lease, leased servers, employment contracts and other obligations that over time will cost unnecessary $ and get a fair and legal way to return funds and preserving value. It is clear from the reported volume that there is not enough volume on the exchange to continue trading and cover expenses.

Currently it is in the hands of liquidators that have statutory powers and they have indicated they will seek the courts approval for certain matters regarding distribution of funds. https://www.grantthornton.co.nz/faqs-cryptopia-liquidation/

While I don't think all issues will be resolved but I think the bulk of the issues will be resolved within a reasonable timeframe. From what I have read is that it is likely that they will seek the courts approval to return crypto assets via withdrawal. This would require some legal approval because it depends on whether the courts see it as being held on behalf of customers or as a company asset.

The most logical and easiest way forward would be to consider it "held on behalf of customers" since it is easily identifiable, held separately, and preserves the best value.
(some of the alts would have no value in a fire-sale). Court approval would allow this to happen.
It also will provide funds to allow this to happen and allow them to hire independent experts to make this happen

Personally I feel more confident in liquidators (who are legally recognized as experts in such matters) making those decisions rather than things just dragging on for months unresolved.

The method in which Cryptopia has previously treated the funds (i.e. providing marker tokens for lost funds & their TOS) also indicates that it is the most likely path they will pursue. Under New Zealand law crypto is considered "digital property". This is distinctly different from Japan where it is considered "currency".








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May 17, 2019, 06:08:34 PM
Merited by psycodad (1)
 #3745

It is clear from the reported volume that there is not enough volume on the exchange to continue trading and cover expenses.
There wasn't enough volume because they froze so many coins and blocked withdrawals and deposits. Previously they had quite a nice volume from coins which were unique to them or strongly associated with them: ETN for example was top volume most of the time. But for volume, there must be deposits. Which were blocked. This simple fact undermines the rest of your theory of goodwill.

By the looks of things, the element of premeditation is pretty strong and there's sufficient arguments to point to an exit scam. Please contradict me: post the TX of the "hacked" funds. BTW, how much was actually "hacked"? No one outside of them knows. If it was a hack, which now, after all this, I don't believe it was.

And there's another aspect: all the wording so far points to voluntary liquidation. BUT you don't actually need liquidators to voluntary liquidate: you just end all contracts, cease activity and return all assets of third parties. But you turn to liquidators when you don't have all the assets. So after the haircut they still don't have all owed assets? How funny. Where is the rest, dudes?

Exit scam.
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May 17, 2019, 06:43:09 PM
 #3746

This comedy movie is over. IT IS AN EXIT SCAM!!!
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May 17, 2019, 07:51:31 PM
 #3747


It's very sad to see this happening, it will sure take a lot of time for the investigation and hopefully in the end there will be something to give back to customers. Thanks a lot for keep updating this thread.

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May 17, 2019, 07:53:41 PM
 #3748

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.

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May 17, 2019, 08:03:48 PM
 #3749

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.
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May 17, 2019, 09:07:18 PM
 #3750

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"
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May 18, 2019, 04:24:01 AM
 #3751

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?
xtraelv
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May 18, 2019, 06:34:24 AM
 #3752

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.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
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May 18, 2019, 06:39:32 AM
Last edit: May 18, 2019, 08:21:52 AM by Noojna
 #3753

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.


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🔥 🔥»📝 BTC 💬
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May 18, 2019, 07:31:45 AM
 #3754

i make my pakcoin back

this coins are in your wallets
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May 18, 2019, 01:07:05 PM
 #3755

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"
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May 18, 2019, 02:07:42 PM
Merited by Winstar78 (1)
 #3756

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.

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xtraelv
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May 18, 2019, 03:04:09 PM
 #3757

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.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
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May 18, 2019, 03:06:55 PM
 #3758

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.

Well then suddenly there was no one left standing in the hall....
Of a nightbird singing "come away come away"
somebody else
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May 18, 2019, 04:23:05 PM
 #3759


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?

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May 18, 2019, 04:50:14 PM
 #3760

Can anybody confirm this?

No




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