Website:
https://steemit.com/palnet/@vcdragon/version-of-the-story-of-cryptopia-from-developer-him-self-how-it-start-and-end?fbclid=iwar2rvp-3fyfpuxhpe8lwfdxwb7vxmrpjzo2k2uwslqyc0clwetna2fo-s34Title: Version of the story of cryptopia from developer him self how it start & end.
Byline and Date: vcdragon (58) in palnet • 4 days ago (edited)
Archive link:
https://web.archive.org/save/https://steemit.com/palnet/@vcdragon/version-of-the-story-of-cryptopia-from-developer-him-self-how-it-start-and-end?fbclid=iwar2rvp-3fyfpuxhpe8lwfdxwb7vxmrpjzo2k2uwslqyc0clwetna2fo-s34 (has already been removed)
here is in a version of the story of cryptopia from deve him self hex. I do belive him very much ty to his exchange i know all abuot crypto, i lost alot that crytopia die, that ok. but is not ok that bad guys win they take every thing from us now all we can do is let the world know this story, and hope for better. so guys plz read this story. ** is long but is real
Around January 2014 Adam and I started working on a project as a hobby called Cryptopia which was a website for Crypto enthusiasts including an exchange, mining pools, forums and other features. After the project started to materialize into something starting to resemble a finished product we incorporated the company Cryptopia in July 2014. In December 2014 when we thought we were ready we launched the website live into production. For the next few years we spent all of our free time working on Cryptopia and in 2015 I resigned from my full time job to keep working on Cryptopia while Adam continued at his job and working on Cryptopia in his spare time.
After I had burned through all my savings I needed to look at finding another job, Adam was currently working as a Developer for Intranel. Adam got me an interview at his work, but the day of the interview I instead went to see my parents and told them that I didn't know what I was asking them for but I felt like if I had to go back to working a regular job it was going to kill me. My parents took out $45,000 from their retirement fund to buy shares in the company so that Adam and I could use it to continue to work on Cryptopia.
Adam resigned from Intranel, but they said they didn't want to lose him and wanted to keep an eye on us so they offered a room in their office for rent, which we would pay for by Adam doing sprint code work for Intranel, and when they didn't have work for them they charged us cash. Intranel showed an interest very early on but Adam and I felt that we were handling things just fine on our own for the size we were and the work we were doing and didn't see any need to get them involved.
Intranel continued to show an interest in us, and after the beginning of 2017 when things really started to kick off and we started experiencing exponential growth at a scary pace we started to take Intranel's offers more seriously as neither of us identified ourselves as business men and only wanted to continue doing the development and innovation work we were already doing.
Intranel made us an offer that for 20% the company they would handle all of the business management and development, things like helping hiring and managing staff, paying tax, lobbying for regulator guidance, all the "boring business stuff" and that they would contract us out 4 of their FTEs at a discounted rate while they helped us find and hire staff of our own.
Instead of hiring staff for us they hired staff for themselves and continued to contract them out to us at exorbitant rates even including the agreed upon 30% discount, and put their staff in key managerial positions to allow themselves degrees of autonomy without seeking shareholder or director consent. If and when shareholder and or director consent was ever sought for anything, if the response they got was "No" they would just ignore it anyway.
They immediately set to playing games of divide and conquer and playing he said she said trying to pit us against each other and split us up. They would come to one for a request, get a no, go to the other for a yes, and then play us off against each other. Once we were reliant on the work they were doing for us and the staff they were providing for us they turned around and said they wanted an extra 5% of the shares or they would leave us high and dry with our engagements. To further divide us they insisted that I make up the extra 5% because they thought Adam was worth more to the company than I was.
Adam reached a point of frustration where they were trying to manage him and the work he was doing and how he should do it that he got fed up and resigned. They told me I should take a holiday so I don't get burned out like Adam, while I was away they simply stopped paying me. Not formally dismissed, no change of contract, no nothing. Just stopped paying me, and when I came back they told me they had given away my desk and there physically wasn't room for me in the building anymore, and wouldn't let me back.
After being a shareholder for 1 month, without shareholder or director approval or consent they issued a dividend. Adam and I never received this dividend. They also gave to themselves the same amount proportionately they claimed to have given Adam and I even though we'd been there for years and they had been a shareholder for a month. Again, Adam and I never actually received the dividend they say they issued.
The reason they forced the extra 5% was because they needed the extra shares to be able to block any major transaction the company tried to undertake so that we could not achieve a 75% threshold. They also used their position to veto listing policies in place to maintain the companies integrity in order to list and trade on coins their friends had made.
They sought director consent to create a company in the UK to act as our support desk, which we told them we didn't want them to do. They did it anyway, created it under their own names personally, and then again without director or shareholder consent issued themselves a loan for approximately $300,000 from the company to them personally for "startup costs".
They took on clients using our name for projects we said we weren't interested in or capable of, they assured us they were handling that work for themselves and they were just using our name as partners, they then billed us for that work. They issued invoices from Cryptopia for themselves, approved and paid them. They bled money everywhere they could, we paid for tax on their staff's flu shots? We paid for taxes on christmas gifts to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries the company could not afford and engagements that ultimately buried us.
They made deals to list coins for a fee in Bitcoin instead of in the exchanges native coin DOT, this had negative impacts on the DOT markets and the ecosystem built around DOT as well as deprived CEFS holders of the DOT they would have received from those listings had they gone through the normal listing process.
They also stripped out all of the functionality from the site that wasn't purely an "exchange", dismantling the eco system that had been built and cultivated around our original slogan of "Your one stop Crypto shop" and aims to be a blockchain services platform and turned it into something completely foreign to the site that had been the initial draw for users.
They tried to sell the company out from under us 3 separate times.
If they had not been removed in November the company would have been bankrupt in December, but we didn't find this out until after we removed them forcibly, no one had any idea the dire situation they had gotten the company into, or that it would not have been able to afford their own next invoice.
I believe the Hack was orchestrated to bury everything they have done, and was planned to happen before we removed them so that it could tidily explain the state they had gotten the company into. And then rushed after their plan was interrupted when they were forcibly removed from the company.
They are now partnered with ANZ a bank that refused Cryptopia banking services, and PWC a firm that was supposed to be providing Cryptopia counsel on various legal matters, working on projects Cryptopia was gearing up to work on.
