Cryptopia has been in "maintenance" for the last 14 hours!

[Raja_MBZ]

We finally have an update after months of waiting:

A "win" for customers?

Website: https://www.stuff.co.nz/business/120913953/cryptopia-account-holders-win-battle-over-assets-worth-140m
Title: Cryptopia account holders win battle over assets worth $140m
Byline and Date: Martin van Beynen and Sam Sherwood - 18:33, Apr 08 2020
Archive link: https://archive.vn/IpDZh

(1/2) Today, 8 April 2020, Justice Gendall delivered his judgement finding firstly, cryptocurrencies are “property” within the definition outlined in s2 of the Companies Act 1993 and secondly, that account holders' cryptocurrency were held on multiple trusts, separated by ...

(2/2) ... individual crypto-asset type. This means that the cryptocurrencies are beneficially owned by the account holders and are not assets of the company. Read the full judgement here: https://bit.ly/3c1tbMx

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

[1714475738]

1714475738

[1714475738]

1714475738

[1714475738]

1714475738

[1714475738]

1714475738

[gentlemand]

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

A true definition of shitcoin.

Does this judgement definitively mean people will get a decent portion of what they had there back or is it just the first step?

Are there any threads on here about exchange ruination resolution? I saw a thing about a Cryptsy payout today, an insulting one, I can't think off the top of my head about any dead exchanges that had a happy ending.

[figmentofmyass]

is there a full accounting of the crypto funds posted somewhere? all the numbers i've seen are old and converted to USD. i'm wondering because the hack occurred in january 2019 when BTC was only worth half its current value.

Does this judgement definitively mean people will get a decent portion of what they had there back or is it just the first step?

it sounds definitive, but who knows?

supposedly account holders were slated to get back 1/2 their holdings in a bankruptcy like mt gox. now they will get considerably more: https://www.stuff.co.nz/business/120913953/cryptopia-account-holders-win-battle-over-assets-worth-140m

[Raja_MBZ]

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

A true definition of shitcoin.

True, most of such coins revolve around the decisions of just two or three developers. They can do anything they want with their chains.

Are there any threads on here about exchange ruination resolution? I saw a thing about a Cryptsy payout today, an insulting one, I can't think off the top of my head about any dead exchanges that had a happy ending.

It's not just you; I can't think of one good ending either.

is there a full accounting of the crypto funds posted somewhere? all the numbers i've seen are old and converted to USD. i'm wondering because the hack occurred in january 2019 when BTC was only worth half its current value.

That's a good point. I googled quite a lot and didn't really find the number of coins. It's frustrating that Cointelegraph or Coindesk didn't bother to at least filter such stats out from the Cryptopia's addresses.

[figmentofmyass]

it seems to be. i'm pleasantly surprised! i would have thought they'd have gone the way of standard bankruptcy proceedings (like mt gox) where account holders are ranked behind other creditors.

under that scheme, account holders would only recover ~1/2 of their funds. they will probably recover closer to 80% or more this way.

Most likely because they "understand" that most of the cryptopia creditors are its holders...

the same applied to mt gox.

the difference here is that mt gox held funds in an omnibus account, with no segregation of user accounts. in this case, the court found that since customer funds were segregated properly, they were held "in trust" and therefore are not company funds. therefore those funds cannot be used to pay cryptopia's creditors.

for those who have been fuming at rob dawson and adam clark for their incompetence (or maybe an inside job): at least they properly segregated user funds. now you're gonna get a lot more money back!

[Raja_MBZ]

Liquidators’ Third Report on the State of Affairs of Cryptopia Limited (in Liquidation) Company number: 2392901 (12 June 2020)

https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/third-liquidators-report_cryptopia-12-06-2020.pdf

[freedomno1]

Liquidators’ Fourth Report on the State of Affairs of Cryptopia Limited (in Liquidation) (Dec 11 2020)
https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/fourth-liquidators-report_cryptopia.pdf

[zazarb]

Maybe i woke up too late  and  this is not the place, but i can't find another one where the claims of account holders are discussed?
( I still not received inviting  to register on the Cryptopia claims portal.)

[Bitcoin_Arena]

Maybe i woke up too late  and  this is not the place, but i can't find another one where the claims of account holders are discussed?
( I still not received inviting  to register on the Cryptopia claims portal.)

You have been away for too long especially for someone with funds in an exchange. It has always been said that it's not a good practice to use exchanges as wallets to hold funds for long periods of time as anything from short notice shutdown to hack can happen to an exchange

Trying using the forum search button or this tool (https://ninjastic.space/search) to locate different threads discussing Cryptopia

I did get a few threads and links
1. https://bitcointalk.org/index.php?topic=5244875.0
2. https://bitcointalk.org/index.php?topic=5114363.0
3. https://www.grantthornton.co.nz/cryptopia-limited/
4. https://twitter.com/Cryptopia_NZ