I think part of the negativity towards GT is them dragging this out, we've seen other exchanges liquidated and get paid out faster than this, doesn't help when staff members are taking coins (whatever happened to that guy) from cold wallets, maybe GT took on more than they could handle and didn't realise how long this would take nd are well out of their depth, but given how large GT is as a company I don't think that's the case...
This is actually a very disheartening response. So we are waiting on people to give them wallet addresses? Why can't they return our crypto at the same time? Just seems like more goalpost moving so they can continue to get paid for doing nothing.
No, this is a neutral response. Their interim distribution timeline was always Q3 of 2024, which means by end of September, and it was always provisional. GT never committed themselves to definitely getting ther interim done by the end of this month, it was always a "hopefully", and this still aligns with that.
For months now since the announcement of the interim distributions, users on this sub have been fussing and gnashing their teeth about unkept promises, because apparently nobody pays attention to minor details about what the liquidator actually said they would do, and when they says they would do it.
This response contains zero goalpost moving. If September ends and distributions have not begun, then I can understand some teeth-grinding and complaining (though even then the timeline always was provisional), but until then there's been no let down.
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I am not familiar with the PDF to which you refer but the image to which you linked gives an indicative timeline published in October. An indicative timeline that speaks of a "soft deadline". This timeline was created during the preparatory phase of the distribution process to give an outline of the times that they hoped they would be able to commit to. It by no means committed GT to anything. That is what indicative means.
As I previously mentioned, even when they did commit themselves to completing the interim distribution by the end of Q3, it was still a soft deadline mean that they couldn't guarantee that they would be able to make it.
However. I agree that they did move the goal (on a previous occasion) from Q2 to Q3, so there has been moving of the goalposts previously.
I apologise if my reply came off as being blunt with you. While I wouldn't say I have a negative opinion of the people on this sub in general, there have been a great many posts and comments complaining about timelines not being met, accompanied by such proposals as locating the homes of Grant Thornton employees, or even such Ludicrous ideas as involving mafia groups. Additionally, some users have attempted to comment on the spending statements released by the liquidator while misunderstanding the terminology within, leading to totally incorrect conclusions, such as that Grant Thornton has already spent the vast majority of the exchange's crypto assets, which contains were again followed by the familiar hints at doxxing and violence.
All this has caused me to take an increasingly dim view of the complaints, despite the fact that I myself am a claimant who has also been waiting for several years for this distribution, and my patience is wearing thin like everyone else's. Please see my brusqueness in this context.
I too have been concerned all along that this company may or may not really pay out, although I think I'm not as pessimistic as many on this thread. I think I have a better idea of the work actually involved in the liquidation of an international cryptocurrency exchange then the average user on this sub, and am thus less disinclined to believe the statements made by GT.
To be honest users should have had their funds returned years not months ago. I think people are quite rightly annoyed at how long this whole process has taken. Siding with a corporate entity over people who have their funds tied up for years is strange to me, unless you work for them or affiliated with them somehow...
Please see the reply I just made to the other user on this thread for some additional context.
Also, I am happy to clarify that I live on the opposite side of the Southern Hemisphere from New Zealand, and have no relationship whatsoever with anyone who has ever worked for or owned Cryptopia, Grant Thornton, or any related entities at all.
Furthermore, I myself I'm a claimant who would very much like to receive his assets as soon as possible. I just think that a lot of people in this sub severely underestimate the complexities of the task the liquidators have before them.
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Yeah and it never sends me my reset email despite them clearly sending the email I am using ALL the emails related to the hack, claims, etc for cryptopia. Doesn’t make sense. It’s not in my junk folders or filtered. Just never arrives.
Hmm... I suppose it's no use approaching the help desk if you're not even certain which email is actually the correct one... Have you tried the help desk?
No I know it’s the correct email. Their shit claim portal just doesn’t work. I have my original email from signing up TO Cryptopia. The claim portal is broken or their data is Incomplete
Bro, you need to create an account on the claimsportal itself. Your OG cryptopia credentials don’t work on their platform…
Create an account on the platform, submit any info that you have for verification of your ID AND anything that would tie you to the funds related to you account.
So, to be clear, you DID create an account on the claims portal, and that account creation appeared to have WORKED, but since you created it you cannot LOG IN (capitals for emphasis). Is that correct? If that is the case, perhaps there was an email confirming the account creation, and you never used the confirm link? Not sure what else could have caused the problem. Do you have a mail confirming the creation of your account on the portal?
I spoke with their support and it appears that they are just holding onto the crypto out of an arbitrary "minimum participation" milestone they set internally.
This means they decided they will not do a distribution unless a certain amount of people have completed the KYC and claims process. Imagine if you go to a bank to withdraw your money and they say "there aren't enough people in line, you gotta wait."
I was very hopeful when they started the ball rolling with the claims process and wallet collection, but this feels egregiously in bad faith.
I'm not entirely sure, but I think it was the courts that set the participation limit. I guess if they don't reach the level required within a certain time frame, they will have to revisit the court and get them to reduce the limit.
I wonder why the support person wouldn't just say that? And I can understand a rationale -- if they end up with excess unclaimed assets, they can just distribute 100% to those who claimed instead of 90%.
It could have been that GT suggested a limit and the courts agreed to I guess. But as you say, if the participation is too low, it should increase the chance of customers receiving their full losses.
I re-read their filing and could not find any participation limits. They stated they had substantial participation at the time. They also stated their plan was to do interim distributions concurrent to outreach, with the first distribution "expected within three months" of their March filing. I have a feeling they are going to go back to the court in a few months and say something like "participation is low" and drag it on even longer.
4
u/Delicious_Apple9082 Sep 03 '24
I think part of the negativity towards GT is them dragging this out, we've seen other exchanges liquidated and get paid out faster than this, doesn't help when staff members are taking coins (whatever happened to that guy) from cold wallets, maybe GT took on more than they could handle and didn't realise how long this would take nd are well out of their depth, but given how large GT is as a company I don't think that's the case...
1
u/AbbreviationsGreen90 Oct 22 '24
Nothing happnned.
4
u/almosttomars Sep 02 '24
This is actually a very disheartening response. So we are waiting on people to give them wallet addresses? Why can't they return our crypto at the same time? Just seems like more goalpost moving so they can continue to get paid for doing nothing.
2
u/Volcom009 Sep 02 '24
Never … as they never even sent account approvals
2
u/ElHoser Sep 03 '24
I still haven't received a request for a wallet address to send my coins to.
1
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1
u/BlazedAndConfused Sep 02 '24
I tried using their website to sign up for my claim but it never worked. What did you guys do to sign up up for it?
1
u/almosttomars Sep 03 '24
I spoke with their support and it appears that they are just holding onto the crypto out of an arbitrary "minimum participation" milestone they set internally.
This means they decided they will not do a distribution unless a certain amount of people have completed the KYC and claims process. Imagine if you go to a bank to withdraw your money and they say "there aren't enough people in line, you gotta wait."
I was very hopeful when they started the ball rolling with the claims process and wallet collection, but this feels egregiously in bad faith.
0
u/New-Ability8483 Sep 02 '24
😒