Cryptopia Cryptocurrency Platform Services and Development

[pinoycash]

Thanks Digit good write up.

Cant see how directors or shareholders will get anything out of this they'll be way down the list of payments. Customers have to be paid first if their balances are held in trust right?

That's why its called white collar crime and these type of people get away easily after stealing money from their users. They will not will probably get anything out of cryptopia during the liquidation but all the coins they tuck away under their pillow are good as gone.

based on the updates,

Staffs get their salary first
Liquidators get theyre fair share of the loot
Creditors if any = All outstanding loan will be paid first
Shareholders
then lastly the blood and butter of cryotopia = USERS

[TheCryproMaster]

Thanks Digit good write up.

Cant see how directors or shareholders will get anything out of this they'll be way down the list of payments. Customers have to be paid first if their balances are held in trust right?

That's why its called white collar crime and these type of people get away easily after stealing money from their users. They will not will probably get anything out of cryptopia during the liquidation but all the coins they tuck away under their pillow are good as gone.

based on the updates,

Staffs get their salary first
Liquidators get theyre fair share of the loot
Creditors if any = All outstanding loan will be paid first
Shareholders
then lastly the blood and butter of cryotopia = USERS

At the very worst users have to be considered unsecured creditors and would be above shareholders. Its going to be very interesting how the courts rule on the trust issue.

[sisquo2121]

The NZ court needs to understand how serious its decision is; Because if the NZ court decides to let Cryptopia steal all the customers coins, then they will be losing possibly billions of dollars in tax revenue in the future when cryptocurrency becomes 1000 times bigger in 5 to 10 years.

Nobody will ever use a NZ exchange to store their cryptocurrency, and they'll cost the NZ government a lot of money in future tax revenue, and that will be a horrible precedent to be setting.

If they allow Cryptopia to steal the coins, they'll be telling cryptocurrency investors to stay away from New Zealand, because, if you leave your coins in a NZ exchange, they're as good as gone.

The NZ court must declare the coins as property, and held in individual trusts for each user, as outlined in the terms and conditions.

Then the court should give a short time frame for the liquidators to give back the coins. At most a month to secure the coins and allow customers to log in and withdraw them.

They should not let the liquidators hold the coins hostage until they have racked up sufficient ransom fees before they release the coins.

This is the same as terrorists taking a plane hostage and demanding ransom money before the passengers are let go.

Our coins are being held hostage by these liquidation terrorists and they are demanding a certain amount of ransom fees before they return the coins to the customers.

[cryptopia.victim]

Why do many call it #crimechurch?  Do whatever you want, JC forgives all sins is their message. They twist the truth about God from the bible and JC when he said: "Don't think that I came to destroy the law or the prophets. I didn't come to destroy, but to fulfill." They made out of it: "do whatever you want, our God JC forgives all sins." The first thing the biggest criminal in history Adolf Hitler did when he was elected for chancellor, was making a contract with Pius from cristchurch on 20. Juli 1933, the first german statesman who did such a thing, what came out of it, unimagineable crimes. 

[Finger]

Why do many call it #crimechurch?  Do whatever you want, JC forgives all sins is their message. They twist the truth about God from the bible and JC when he said: "Don't think that I came to destroy the law or the prophets. I didn't come to destroy, but to fulfill." They made out of it: "do whatever you want, our God JC forgives all sins." The first thing the biggest criminal in history Adolf Hitler did when he was elected for chancellor, was making a contract with Pius from cristchurch on 20. Juli 1933, the first german statesman who did such a thing, what came out of it, unimagineable crimes. 

Liquidators job algo is "more long, more worse" - for booth sides, and third parts, so guess which side on the loose

[Finger]

Nobody will ever use a NZ exchange to store their cryptocurrency, and they'll cost the NZ government a lot of money in future tax revenue, and that will be a horrible precedent to be setting.

_{startup dot nz ciao fintech}

[Finger]

Nobody will ever use a NZ exchange to store their cryptocurrency, and they'll cost the NZ government a lot of money in future tax revenue, and that will be a horrible precedent to be setting.

_{startup dot nz ciao fintech}

What janitors do to clean up the space?

[Finger]

Nobody will ever use a NZ exchange to store their cryptocurrency, and they'll cost the NZ government a lot of money in future tax revenue, and that will be a horrible precedent to be setting.

_{startup dot nz ciao fintech}

What janitors do to clean up the space?

Ben for prison 2020 - ping! webmaster@police.govt.nz

[Timelord2067]

Is anyone able to get along to the directions hearing to hear what the blow by blow discussion entails?  Would be interested to know who has turned up: Owners/Employees and or their legal representatives.

[JollyGood]

It would be interesting to learn about that. On the face of it, it makes sense for the people who were running Cryptopia to at the very least turn up to the hearing. That would be a sign of them accepting guilt or them admonishing responsibility - it would just be a step in the right direction which could be seen as a way to repair the damage and animosity the whole scandal has created between investors and the owners.

You would presume that even if the project team did not attend it would inconceivable that legal representatives from Grant Thornton would not be there. I hope someone can shed some light on what is going on there in the hearing.

Is anyone able to get along to the directions hearing to hear what the blow by blow discussion entails?  Would be interested to know who has turned up: Owners/Employees and or their legal representatives.

[TheCryproMaster]

Sabotage or theft? Inside the $24m Cryptopia heist.

https://www.stuff.co.nz/national/crime/119263192/sabotage-or-theft-inside-the-24m-cryptopia-heist

Would be interesting to get to the court and if its easy to get into the hearing, could be closed.

[ovcijisir]

Thanks Digit good write up.

Cant see how directors or shareholders will get anything out of this they'll be way down the list of payments. Customers have to be paid first if their balances are held in trust right?

That's why its called white collar crime and these type of people get away easily after stealing money from their users. They will not will probably get anything out of cryptopia during the liquidation but all the coins they tuck away under their pillow are good as gone.

based on the updates,

Staffs get their salary first
Liquidators get theyre fair share of the loot
Creditors if any = All outstanding loan will be paid first
Shareholders
then lastly the blood and butter of cryotopia = USERS

Lol I wonder how will the staff get their salary in confiscated scam shitcoins


Edit:

Sabotage or theft? Inside the $24m Cryptopia heist.

https://www.stuff.co.nz/national/crime/119263192/sabotage-or-theft-inside-the-24m-cryptopia-heist

Would be interesting to get to the court and if its easy to get into the hearing, could be closed.

Thanks for the link, archived version is here: http://archive.is/bLijB

[JollyGood]

Thank you for the link. There were things mentioned in there I was not aware of. This is the first time I read about a company called Intranel and the fact they owned 25% of Cryptopia.

The next one is Chief Executive Alan Booth, I did not know about it, I thought the two of them (Adam Clark and Rob Dawson) were simply running it. And them allowing John Gotts (whoever he is/was I never heard that name) to make a proposal to buy their shares in Cryptopia for a combined $40 million - did they ever run a background check to see if he finances or contacts in place?

The link provides excellent background information but it also exposes the shambles at the time.

Sabotage or theft? Inside the $24m Cryptopia heist.

https://www.stuff.co.nz/national/crime/119263192/sabotage-or-theft-inside-the-24m-cryptopia-heist

Would be interesting to get to the court and if its easy to get into the hearing, could be closed.

[somebody else]

Sabotage or theft? Inside the $24m Cryptopia heist.

https://www.stuff.co.nz/national/crime/119263192/sabotage-or-theft-inside-the-24m-cryptopia-heist

Would be interesting to get to the court and if its easy to get into the hearing, could be closed.

Did owners get dividends or decide to get dividends when the plans for the liquidations are approaching so soon?

If dividends were not paid out, where is the money for those dividend payments now?

How will money for dividends be used? Who will use that money and for what? Who will decide about using that money?

How to return that dividend money and share it to the clients/traders/users (us) of the exchange?


Quote from upper link:

" Despite the growing pains and personality issues, Cryptopia, in March 2018, could look back on a phenomenal year.

The company had made $30m in trading fees, $8m in coin listings and $10m from staking income. Some of the income was in cryptocurrency. Operating expenses were running at $28m of which $640,000 had gone in charitable donations, $1.5m on security infrastructure, salaries of $1.2m, $500,000 on consultants and staff gifts of $57,000.

The company recorded paying dividends to the shareholders. On the books Clark and Dawson got about $2m each and Intranel received $1.9m. Both Clark and Dawson would later say they did not receive any money although that is disputed."

[Lafu]

Update from the Liquidators for the high Court tomorrow !

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-10-february-2020/

[TheCryproMaster]

Update from the Liquidators for the high Court tomorrow !

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-10-february-2020/

Well. I'd go along to the court case just to see the vacant look on the face of the ruling judge. Just this snippet re asset v property means we got a very long wait before anything happens.

For the reasons set out in the Creditors’ Submissions and in the Liquidators’ Submissions, the Digital Assets do not fall within any existing recognised category of property.  In addition, cryptocurrencies raise unique problems for regulators and significant policy issues, as noted by counsel for the Account Holders.5 These issues have been recognised by regulators around the world, including the Inland Revenue and the Financial Markets Authority; both agencies have released issues papers about the status of cryptocurrency.6  Accordingly, there is a strong argument that any decision on whether, or in what circumstances, cryptocurrencies should be recognised as “property” should be made by Parliament.

This is an absolute cop out, to fob it off as a political decision will take a minimum of many many years. 

[somebody else]

The problem is:

1.4 million account holders don't do anything about protecting their assets/properties/coins.

1 company (Cryptopia) owners do everything to liquidate its company. They even did (?) paying dividends to themselves despite they knew they were hacked and lost some percent of coins from their clients!

There is no need for the political decisions in the parliament at all. Cryptopia lost some values/assets/coins from their clients, and it should be considered responsible for that clients losses. They/owners shoudn't pay dividends to themselves!!! They had to return clients assets to the clients, nothing more or less (I could accept some loss proportional to the hacked coins).

Of course, 1.4 million clients (including me) will not do anything  for protecting their assets. Cryptopia owners and hired liquidators will take it enough (money, not all). They are professionals and they act as a professionals, and clients are definitely not.

[somebody else]

This small exchange Altsbit.com recently hacked  does refunding funds/coins/assets as much as possbiel:

https://altsbit.com/

All Cryptopia should do at the refunding its clients is to follow what Altsbit trying to do. They same way. I will accept that as maximally fair.

[erikalui]

Update from the Liquidators for the high Court tomorrow !

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-10-february-2020/

I just could read and understand that account holders have agreed to the abiding rules and could't get what it means. They said they altered the legal position of the Account Holders too. Is there any mention of the account holders getting back their crypto assets?

[Indymoney]

Update from the Liquidators for the high Court tomorrow !

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-10-february-2020/

Is this going to help us? I am not sure they are just wasting time and taking their own fees nothing doing any thing for clients its already very long time.