Cryptopia Cryptocurrency Platform Services and Development

[JollyGood]

If the liquidators have to return funds then that would be absolutely fantastic for the victims because it means those that applied for their funds to be returned will be getting a larger chunk. This is good news.

I'm fairly sure I read that the Judge has ruled the funds are owned by the clients of Cryptopia and therefore G&T have to return those funds to the clients as opposed to bleeding the funds dry as some/most people contributing to this thread seem to think.

It'd be interesting to be a fly on the wall when Cryptopia's owners are presented with the bill to pay for G&T's services.

[Timelord2067]

If the liquidators have to return funds then that would be absolutely fantastic for the victims because it means those that applied for their funds to be returned will be getting a larger chunk. This is good news.

It is indeed.  Where the stumbling block is is G&T are wanting to ensure they have the "right" users by requiring anyone wanting to make a claim to undergo KYC regardless of whether or not they ever completed such a process via the Cryptopia website.  That's where the problem for most traders is, they may have had big wins or losses, but don't want to be identified (but still walk away with their burse).

[paramind22]

I'm fairly sure I read that the Judge has ruled the funds are owned by the clients of Cryptopia and therefore G&T have to return those funds to the clients as opposed to bleeding the funds dry as some/most people contributing to this thread seem to think.

It'd be interesting to be a fly on the wall when Cryptopia's owners are presented with the bill to pay for G&T's services.

What are they waiting for?  Isn't there something like contempt of court that applies here?

[JollyGood]

I had some coins there but would never ever send my ID to them and many others will not send KYC too. That means for those that did send KYC to the liquidators would get a larger chunk of their funds back but if the liquidators had to return their fees then it would allows victims that sent their ID to cover a good proportion of their funds.

If the liquidators have to return funds then that would be absolutely fantastic for the victims because it means those that applied for their funds to be returned will be getting a larger chunk. This is good news.

It is indeed.  Where the stumbling block is is G&T are wanting to ensure they have the "right" users by requiring anyone wanting to make a claim to undergo KYC regardless of whether or not they ever completed such a process via the Cryptopia website.  That's where the problem for most traders is, they may have had big wins or losses, but don't want to be identified (but still walk away with their burse).

[TheCryproMaster]

Yea that is the problem why would you send your ID to somewhere on the other side of the world with no guarantee even that would get your funds back?

I would say not even 10% of people are going to do it, some cant even do it they don't have any ID. Cryptopia let anyone trade with nothing more than an email. Multiple emails. And how many have even looked at getting back its forgotten about or written off.

So what will happen to the vast pool of unclaimed coins. Do they get shared out to account holders? Do the shareholders get it? Does Grant Thornton have a devious lawyer clause to lay claim to whats left?

This will have years left to play out.

[Indymoney]

Yea that is the problem why would you send your ID to somewhere on the other side of the world with no guarantee even that would get your funds back?

I would say not even 10% of people are going to do it, some cant even do it they don't have any ID. Cryptopia let anyone trade with nothing more than an email. Multiple emails. And how many have even looked at getting back its forgotten about or written off.

So what will happen to the vast pool of unclaimed coins. Do they get shared out to account holders? Do the shareholders get it? Does Grant Thornton have a devious lawyer clause to lay claim to whats left?

This will have years left to play out.

This is really big concern and its hurts very badly now time is also running out very quickly so feeling this is not going to happen in near future as liquidators doing this all they have no problem as they are taking some good fees so problem is going with only shareholders those are in serious problems and no one going to look at them.

[JollyGood]

It is like a double whammy because first many users already sent KYC to Cryptopia now they have to send it again to the liquidators.

Then there are those that used Cryptopia because they did not want to send KYC but are being told to send ID to stand any chance of getting any portion of their funds back.

A very sad situation indeed.

Yea that is the problem why would you send your ID to somewhere on the other side of the world with no guarantee even that would get your funds back?

I would say not even 10% of people are going to do it, some cant even do it they don't have any ID. Cryptopia let anyone trade with nothing more than an email. Multiple emails. And how many have even looked at getting back its forgotten about or written off.

So what will happen to the vast pool of unclaimed coins. Do they get shared out to account holders? Do the shareholders get it? Does Grant Thornton have a devious lawyer clause to lay claim to whats left?

This will have years left to play out.

[TillKoeln]

if the liquidators need some help on the remaining bags/altcoins , let me know.
we can easy integrate the userdb and client connections to the wallets.
and the trade pairs are just few more clicks.



hey JollyGood, all well ?
you are still on potatoe or tomatoe hunt ?

[four3200]

@TillKoeln

Yes.  I vote YES!

[guigui371]

New update from liquidator :

https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/


Selected part :

When can I get my coins back?
The expectation is the claims process will open by the end of the year with the AML to follow this. Once these two phases are complete, we expect the repatriation process to follow. It is important to note that:

We have to establish a claims process and cannot just open up the Cryptopia exchange: the exchange was hacked prior to the liquidation. With the source of the hack still not identified we cannot open up an exchange that has been compromised
We have to complete the reconciliation process: this includes re-establishing coins in a non-hacked environment and then reconciling coin balances to the customer database. With over 900,000 active customers and up to 900 different coins, this is not a quick process
We will likely need to go back to court to seek further directions in respect of the distribution process including AML requirements. As liquidators, we need to follow the laws in New Zealand and cannot just return coins to account holders without completing appropriate KYC procedures

Are you selling my coins to fund the Liquidation?
The Liquidation is currently being funded with company assets. Allocation of costs of returning account holders assets will be subject to further direction from the Court.

To clarify the account holders’ assets are not recorded in the Receipts and Payments statement, found in the Liquidator’s reports.

15My crypto was not affected by the January hack, why can’t I withdraw them?
Because no detailed reconciliation process between the customer database and the crypto assets held in the exchange’s wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.

[digit]

New update from liquidator :

https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/


Selected part :

When can I get my coins back?
The expectation is the claims process will open by the end of the year with the AML to follow this. Once these two phases are complete, we expect the repatriation process to follow. It is important to note that:

We have to establish a claims process and cannot just open up the Cryptopia exchange: the exchange was hacked prior to the liquidation. With the source of the hack still not identified we cannot open up an exchange that has been compromised
We have to complete the reconciliation process: this includes re-establishing coins in a non-hacked environment and then reconciling coin balances to the customer database. With over 900,000 active customers and up to 900 different coins, this is not a quick process
We will likely need to go back to court to seek further directions in respect of the distribution process including AML requirements. As liquidators, we need to follow the laws in New Zealand and cannot just return coins to account holders without completing appropriate KYC procedures

Are you selling my coins to fund the Liquidation?
The Liquidation is currently being funded with company assets. Allocation of costs of returning account holders assets will be subject to further direction from the Court.

To clarify the account holders’ assets are not recorded in the Receipts and Payments statement, found in the Liquidator’s reports.

15My crypto was not affected by the January hack, why can’t I withdraw them?
Because no detailed reconciliation process between the customer database and the crypto assets held in the exchange’s wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.

still with the don't know how it was hacked story (does any of them investigate it now? did they ever?).  

TillKoeln of unnamed.exchange posts above it can be used for the return of funds, and its known that this exchange is created by one of the cryptopia founders saddam213 aka chainstack.
Does Grant Thornton consider them a suspect in the hack? If he is not a suspect then he should be employed by them to fix this mess, not new hires who waste time learning how it all works and may introduce a new risk of theft or loss.
Unnnamed.exchange must be capable to handing a wallet reconciliation process or the unnamed.exchange would not have been around for over a year now with their wallets running and exchange unhacked.  
but really any exchange that already has shown it handles a variety of altcoins and tokens would be capable of integrating the wallets and database, so liquidators could choose to contract it out to a suitable cryptocurrency exchange  instead of wasting more time and money to reinvent the wheel here

[JollyGood]

Where is the evidence linking founders of Cryptopia with Unnamed Exchange?

I previously advised users to stay away from anonymous exchanges including unnamed.exchange too because one thing is almost certain all anonymous exchanges where the owners details are hidden will eventually inevitably steal from those users gullible enough to believe them.

still with the don't know how it was hacked story (does any of them investigate it now? did they ever?).  

TillKoeln of unnamed.exchange posts above it can be used for the return of funds, and its known that this exchange is created by one of the cryptopia founders saddam213 aka chainstack.
Does Grant Thornton consider them a suspect in the hack? If he is not a suspect then he should be employed by them to fix this mess, not new hires who waste time learning how it all works and may introduce a new risk of theft or loss.
Unnnamed.exchange must be capable to handing a wallet reconciliation process or the unnamed.exchange would not have been around for over a year now with their wallets running and exchange unhacked.  
but really any exchange that already has shown it handles a variety of altcoins and tokens would be capable of integrating the wallets and database, so liquidators could choose to contract it out to a suitable cryptocurrency exchange  instead of wasting more time and money to reinvent the wheel here

[TillKoeln]

but at the end of the day you dont win anything just by an registration.  ^^
see, goldman sachs, deutsche bank,, lemanBrothers,Cryptsy,wirecard,cryptopia,mtgox,.. finaly the people received a luke warm fart.  thats all.
you cant see all of them in the same sheme.  and similar  cant you handle all "open source script "exchanges, all potatoes and tomatoes, any selfwritten, with or without registration.
thats like saying after a cloudy day follow sunshine


but back to topic  

[fmz89]

yay my etn will back soon 

[four3200]

@TillKoeln

You have offered a quick fair solution.
If the liquidators transferred  user/pasword datadump, then provable account holders could login, aka proof by login.
AML why?  We are talking about reclaiming not stolen funds, aka, non-liquid coins.

Once registered by valid logins.   liquidators transfer funds to @TillKoeln, the victims withdraw, done.

All unclaimed asset never hit @TillKoeln platform.  

[JollyGood]

What a preposterous suggestion.... Why would anybody associated from the liquidators or Courts give unnamed exchange anything related to the Cryptopia scam?

On a slightly different note, who exactly is the owner of unnamed exchange and how can anybody serve legal documents on them/him if they feel they have a case against them? There is no legal protection as no LLC or company name is mentioned nor is any company address. An extremely amateurish attempt at making a serious exchange.

Handing anything over to unnamed exchange is akin to handing something over to an exchange operator/owner who himself hides behind anonymity and the notion of doing so is completely absurd.

@TillKoeln

You have offered a quick fair solution.
If the liquidators transferred  user/pasword datadump, then provable account holders could login, aka proof by login.
AML why?  We are talking about reclaiming not stolen funds, aka, non-liquid coins.

Once registered by valid logins.   liquidators transfer funds to @TillKoeln, the victims withdraw, done.

All unclaimed asset never hit @TillKoeln platform.  

[four3200]

point 11

    Can anyone else tell me my account balance?

We are the only ones with access to the customer database at the date of Liquidation. No one outside of the Liquidators has access to the customer database, nor should they be communicating any information about balances to account holders.

Anyone outside of the official communication channels pertaining to have access to this information or offering to tell account holders what balances are in their accounts is doing so without the Liquidators authority. Please be wary of any such approaches and note that any communications relating to the Liquidation will come from the official channels such as the Grant Thornton website, or the Grant Thornton and Cryptopia twitter accounts.

These wankers could announce what they actually HAVE without breaking down into cust accounts.

[JollyGood]

The creditors will not let go of all that cash easily, they will either appeal or they will try to recoup what they already spent on investigating the Cryptopia scam.

New communication about Cryptopia

The liquidator of the now defunct exchange Cryptopia plans to begin the claims registration process by the end of 2020.
The exchange lost NZD 30 million ($17.85 million) in crypto-money due to hacking in 2019.
The recent court order gave Cryptopia account holders priority over creditors.

[minernoob1]

New communication about Cryptopia


snip

This is kind of good. I would really like access to my account because like many, at this point I have no idea the account balances and/if it is even worth it to go through the whole process.

[TheCryproMaster]

These are the swanky offices on the River Avon on a sunny Monday lunch time. I sat eating my home made sarny opposite and thought its good to know the hard earned funds milked from the Cryptopia cow are being put to good use.

And just to let everyone know there is not a bluer sky anywhere else on the planet it is crystal clear, of course helps having no ozone layer