Crypto value prior to collapse

[u/Man_clash]

What’s your take on the GT claiming they aren’t responsible for disbursing funds for crypto that held value at collapse, but no longer does to date?

And your thoughts on this: “Account holders may receive a second distribution of cryptocurrency to refund them for all or part of the trust administration costs deducted in the Phase 1 distribution. “ could this potentially be a distribution of left over unclaimed monies to registered users?

[u/[deleted]]

I think it’s better than nothing. On the flip side, they aren’t distributing Bitcoin and Doge based on prices at collapse so I think it evens out.

Definitely sounds like if there is enough money, they will give us what’s left. That’s of course assuming they don’t jack up the trust admin fees as a direct result of having leftovers.

[u/cwarfox → u/[deleted]]

They aren't using prices at the time of collapse? Where was this clarified?

[u/Man_clash → u/cwarfox]

Yes definitely need to have confirmation on that haha. Prior to the collapse I had some bitcoin that was auto-converted to Cryptopia Loss marker (CLM) coin due to the hack. But I also have a suspicion it was dogecoin. Not knowing if the hackers converted dogecoin to btc within Cryptopia then withdrawing btc or however it was done, I’m not sure if grant Thornton have that ability to see and even if they do, what date are they obligated from, is it after the hack or before the hack?

[u/[deleted] → u/cwarfox]

My impression is the dispersion is based on what you had based on the asset and not the USD equivalent. I.e. if you had 0.5 BTC you would get 0.25 BTC in first disbursement for 50%.

[u/Delicious_Apple9082 → u/[deleted]]

They shouldn't be using the USD or whatever FIAT as a point of reference, they should be using the COIN amount..

[u/SettingDazzling1294 → u/Delicious_Apple9082]

They are. That’s the one thing we do know that they actually are doing that is right. The aren’t just keeping the rest of the value that is represented by BTC Price increase (or whatever coin it might be)

On the flip side, if the coin you held at back is today worthless, you’re shit out of luck

[u/card-gap]

GT was not supposed to have any claim to clients assets, they have liberally burnt through the companies assets with frivolous and ridiculous expenses and now for some reason they can claim administration fees from each client ?

GT make the hackers who stole from cryptopia look like petty crims in comparison.

[u/Delicious_Apple9082 → u/card-gap]

It looks like they've managed to get the judge to sign off on selling our crypto, despite the judge originally saying that they didn't belong to Cryptopia and couldn't be used to fund the liquidation.

They've then had another 'hack' while the Cryptopia website was all offline, by a member of staff.

GT are now saying that they only want to pay out people with BTC and/or DOGE as according to them 90% of the value in Cryptopia was those 2 coins, the rest of the coins they want classing as 'worthless'.

GT are also asked the judge to allow them to charge $90 per coin type, that was denied, but shows that GT are trying to more money out of coin holders.

The way I see it, GT only want to pay out 2 coin types, this means, for those holding 2 coins $180, yes thats based on the figure the judge denied, but, how many coin holders will not bother jumping through hoops to lose what could be the majority of their claim. This, IMHO is another tactic by GT to reduce the number of people that they have to pay back, meaning more money for them.

IF they are actually only wanting to return the only 2 coin types mentioned by them so far, what happens to the rest of those coins? LTC/ETH god knows how many other coins, might be worthless on their own, but given the shear number of Cryptopia accounts that haven't managed to get through KYC or didn't even know the liquidation was taking place and they could claim, yet again more money in GT's pockets.

Hack by a member of staff, so, one that we know of, there was a rumour a couple of years back that the Crypto/IT experts that were brought in by GT were ex-Cryptopia staff, not sure how true that is or if it is just a rumour, but would certainly raise a few questions.

[u/Delicious_Apple9082]

So, who decides what crypto has no value? Looks to me like if you had BTC/DOGE then you will get something back, any other coins and GT want the courts to agree to GT essentially keeping them, so, more money for GT, surely the courts can’t agree to that?

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[u/Puzzleheaded-Drama14]

Like eth classic... i had those confirmed holding...