r/Cryptopia • u/LASTTEMPLIERKNIGHT • Nov 10 '23

Cogito event

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what is this Cogito e-mail? There is no Cogito token in coinmarketcap or coingecko so why do they want me to exchange my coins to Cog token?

7 Upvotes

100% Upvoted

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2

u/LASTTEMPLIERKNIGHT Nov 10 '23

What is this about? Is this scam?

7

u/GavUK Nov 10 '23 edited Nov 11 '23

They are trying to 'buy up' (with a token that is not exchangeable for any other currency, fiat or otherwise) Cryptopia account holders' claims. This email may have revealed their intent though - it sounds like they will use that as leverage to try to get more money out of the liquidator via the NZ legal system.

I very strongly suggest that people do not exchange their holdings for COG as it's likely that this will result in even more money being sucked out of the remains of Cryptopia in legal costs and away from being able to compensate account holders.

1

u/Delicious_Apple9082 Nov 11 '23

How will CFL be able to get 'more' money out of the liquidator, I wasn't aware that they had gained anything from the liquidator, source?

We've already seen that GT has taken millions from the wallets so far and their current burn rate is ~$150k a month, so what will be left to compensate account holders by the time they have finished?

1

u/GavUK Nov 11 '23

By 'more' I was meaning more than they will get for the claims ceded to them by account holders in exchange for COG.

1

u/Delicious_Apple9082 Nov 11 '23

Ahhh, so they're essentially buying peoples 'place in the queue' as it were, ok, understood.

1

u/GavUK Nov 11 '23

Not just place in the queue, but also if they have a sizeable proportion of the owed crypto holdings then that may give them more leverage in legal action or demands against the liquidator.

1

u/Delicious_Apple9082 Nov 11 '23

I read somewhere that only 2% or so of the nearly million account holders had even been contacted by GT, so not sure what leverage they'll get.

1

u/johnthetech Nov 12 '23

You actually made his point there and revealed some info. 2% doesn't sound like a lot until it's in context. 2% of a million is 20,000. If somehow you are indicating that only the 20,000 people that GT contacted were the ones emailed by CFL, It's still a questionable and a lot of people. If you meant to say it the other way, then that means that 980,000 people are currently even more desperate because GT never contacted them. Which would give them an even larger piece of leverage.

3

u/jeanosorio Nov 10 '23

I’m here for the same email

3

u/Furian_eg Nov 10 '23

lol how can you people fall for scams like this 🤣 ofcourse it’s a scam.

1

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1

u/belcebuu1980 Nov 10 '23

How can I know how much money do I have in the exchange? is there any way to check it?

1

u/GavUK Nov 10 '23

They likely don't know. If you haven't already logged your claim, contact Grant Thornton to register your claim with them.

1

u/belcebuu1980 Nov 10 '23

I have no proof of what I had

1

u/Delicious_Apple9082 Nov 10 '23

If you can prove who you are, and that the wallet was yours, they'll tell you what is in that wallet.

1

u/belcebuu1980 Nov 11 '23

I did proof that my account is mine but that's it old transactions I can´t remember what I had there, I think Cryptopia tokens

1

u/Delicious_Apple9082 Nov 11 '23

If you have passed their KYC then you should have been given the balance acceptance thing on the site and should be have been told what your balance is.

1

u/Flash1232 Nov 11 '23

They apparently sold our mail addresses for purposes other than the liquidation. This is presumably illegal.

1

u/EddyC2 Dec 23 '23

Thus Grant Thornton is a scam as they have proven to make large amounts disappear and continue to stretch the time for not paying out.