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digit
Legendary
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Activity: 1672
Merit: 1010
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April 10, 2019, 10:30:18 AM |
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Website: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12218933Title: Hacked Cryptopia investors in the dark over 'rebate'Byline and Date: Nikki Mandow 3 Apr, 2019 Archive link: https://archive.fo/n4v31Hacked Cryptopia investors in the dark over 'rebate'
Hacked Christchurch-based cryptocurrency exchange Cryptopia will give a "rebate" to investors who lost funds. But details are sketchy.
And a decision to refund people who lost currency using the NZ dollar price on the day of the hack, January 14, will be controversial, given the big hikes in cryptocurrency values over the last month.
Cryptocurrency experts have estimated that $23 million-worth of investors' crypto coins were stolen when a hacker or hackers broke into the Christchurch exchange.
Cryptopia has been working with New Zealand Police to try to work out who the hacker is and where the cryptocurrency has gone, but investors have been frustrated by the lack of information.
On March 18, two months after the heist, Cryptopia emailed investors with details of "a rebate for customers who unfortunately lost funds".
"We are working through the logistics of this to ensure it is equitable and in compliance with local laws," Cryptopia's co-founder Rob (Hex) Dawson said.
Cryptocurrency and tax specialist Campbell Pentney from law firm Bell Gully says while the proposed rebate is likely to be welcomed by the market as a positive step towards the planned restoration of the exchange, investors are still waiting for details.
"In particular whether they can expect a full refund, how losses will be calculated and whether refunds will be made instantly or over time by way of a fee-sharing arrangement.
In his email last month, Cryptopia's Dawson said the company would be providing more details "shortly" about the rebates and the projected dates for trading to be active again.
"Please be aware we are hoping to achieve this by the end of the month," Dawson said.
However that date, March 31, has come and gone, and with it the end of the tax year.
Pentney says one key concern will be whether investors can obtain tax refunds for their "lost" tokens.
"The challenge here is that this requires a degree of certainty that the funds are absolutely lost and the portion that is missing. One positive step is that traders can now reclaim their trading records which are vital for tax purposes."
To add insult to injury for Cryptopia investors, Cryptopia will set the value of the rebate using what each currency was worth on January 14, the date of the hack. But the last month has been a boom time for cryptocurrencies, particularly the less well-known ones.
"The first quarter of 2019 was a breath of fresh air for the cryptocurrency market, having recorded its first quarterly increase in overall network valuations since the fourth quarter of 2017," journalist Sam Ouimet wrote on the Coindesk blockchain news site this week.
"Interestingly, however, bitcoin is among the least significant price gainers so far this year... This means a sizable portion of the market's recent growth came from the many other cryptocurrencies trading on exchanges today."
Some small or medium cap cryptocurrencies doubled or tripled in value in March, Ouimet said.
Cryptopia traded a wide range of currencies, and was a significant trading platform for some smaller cryptocurrencies.
A list of tokens stolen from Cryptopia in the January hack names 98 currencies. Most are relatively obscure and trade at just a few cents, or fractions of a cent. However they add up to a total Cryptopia loss of US$15.9m.
Some Cryptopia investors will also be unhappy about an announcement that they won't get back any money they might have accidentally put into the exchange after the hack. Some investors, unaware of the site had been closed down, continued to put money into Cryptopia.
"Any users who sent deposits more than 24 hours after we announced the security breach will not have their deposits recovered," Cryptopia says.
"We do not have a deadline for when we will be recovering transactions sent before this cutoff, and any deposits that we recover will be subject to the same haircut that has already been applied to our users."
Meanwhile, in a bizarre twist to the story, an Estonian-based company whose cryptocurrency Mothership was one of the less-well-known ones traded on the Cryptopia exchange, has received half of its stolen tokens back.
Mothership said in a blog that it had been contacted anonymously by someone who claimed to have stolen the private keys to the Mothership currency from the original Cryptopia hacker.
That possible hacker of the hacker then shared the private keys with Mothership, which was able to get back 16.8 million Mothership tokens.
An estimated 32 million were stolen, worth around US$880,000 as of January 19, meaning just over 50 per cent has been returned.
Pentney suggests the return of the tokens might have been a way to re-introduce some liquidity into the market so the hacker, or others, could trade the remaining 50 per cent.
"Mothership relied on Cryptopia for trading volume and, since the attack, it is no longer tradeable - it now has a miniscule volume on a single obscure exchange. Mothership responded by proposing a token "swap" for existing holders, which would render the previous mothership tokens useless.
"It may be that half the tokens were returned in order to revive the project, which would allow anyone holding those previous tokens to sell in the future. This may have partially worked as already the token swap is on hold."
Mothership spokeswoman Linh Le says her company is working with Cryptopia and the police to sort how to get the retrieved 16.8m Mothership tokens back to their legitimate owners.
"At the same time we have received new information about the Cryptopia hacker(s) and are actively continuing to investigate our leads on them. We are cooperating with the New Zealand Police and Cryptopia to aid bringing the culprits to justice."
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Timelord2067 (OP)
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April 13, 2019, 08:08:55 AM |
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Thanks for the updates - I'm sorry I don't have any merits to share.
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Timelord2067 (OP)
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Activity: 3668
Merit: 2217
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May 05, 2019, 12:03:49 AM |
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Occasional bump - am back from vacation and am updating the list on the first page.
Any updates found?
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Timelord2067 (OP)
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Merit: 2217
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May 15, 2019, 03:33:33 AM |
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Trading while insolvent. (Which is what I said months ago) PANIC !!!David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia Limited, a New Zealand cryptocurrency exchange based in Christchurch. The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders. The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended. “We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe. “Given the complexities involved we expect the investigation to take months rather than weeks.” The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations. Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days. An initial report will be available on the New Zealand Companies Office website next week. No further comment will be made until more information is available. Further enquiries, please contact: Claire Cicchini Acumen Republic T +64 21 864 652 E ccicchini@acumenrepublic.com |
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Timelord2067 (OP)
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May 15, 2019, 04:33:44 AM |
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Timelord2067 (OP)
Legendary
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Activity: 3668
Merit: 2217
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May 15, 2019, 11:38:32 PM |
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Thanks people - excellent work!
Keep an eye out for articles in more mainstream news services (USA Today / NY Times, Aust Financial Review/ DW or even RT just to name a few.)
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Timelord2067 (OP)
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Activity: 3668
Merit: 2217
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May 15, 2019, 11:41:35 PM |
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I'll be starting up a new section in the OP for this information, in the meantime: Kudos cestmoi |
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