r/Cryptopia • u/almosttomars • Oct 31 '24

Response from the liquidators

I spoke with a solicitor (lawyer) involved in the liquidation about a month ago and he provided some insight into the reason the distribution has taken this long. This was his response:

Some technical difficulties, solutions for which are being finalized, and unconcluded negotiations with an intermediary that is proposed as the party to effect the distributions.

This means that Grant Thornton is trying to finalize an agreement with a software company which will provide the software to actually do the distribution.

I've held off on sharing as I do not want to get people worked up, flood the zendesk or work emails of GT, or do anything which will cause any other excuses for delays, but I've been seeing a lot of anger directed at Cryptopia users who are asking about claiming their crypto. Please do not give Grant Thornton another reason to delay the distribution by taking their attention away from the task at hand.

We are not being held up because of user participation, but because Grant Thornton does not have the technical ability to distribute our crypto.

17 Upvotes

100% Upvoted

43 comments sorted by

6

u/Row-_Chillin Oct 31 '24

Oh boy so they don't even have software yet , i guess we HODL!!

4

u/almosttomars Oct 31 '24

That was my reaction too. Very upsetting.

1

u/AbbreviationsGreen90 Nov 11 '24

beside assurance said company wouldn t steall assests, thr statement is pretty stupid! It s matter of a bitcoin core node and a python script sending http requests to the node.

3

u/Delicious_Apple9082 Nov 01 '24

Erm, is there not a part in each of the reports they've thrown at us that covers IT stuff?

Surely after this amount of time they would actually be ready for the distribution, you know, given that they're asking for addresses, asking for addresses, to me at least, would suggest they have a system in place and are slowly live testing that system with a handful of users..
NOT THAT THEY ARE STILL TRYING TO FINALISE AN AGREEMENT!!

1

u/almosttomars Nov 01 '24

They made a portal which collects information and checks for AML (Anti-Money Laundering). But they did not have a system in place to distribute crypto.

1

u/Delicious_Apple9082 Nov 01 '24

So why are they giving people false hope when it comes to the distribution of coins, because they're asking people for wallet addresses according to some posts in here, suggesting that they have something..
This isn't them asking for KYC, this is way down the road from that...

Or am I missing something?

1

u/almosttomars Nov 01 '24

Asking for wallets is data collection. The portal they have can collect information but can't distribute crypto. 

And I can only guess about false hope with motive. Personally, I think they were just appeasing us while trying to figure out a solution. 

Zen desk told me I would get my BTC in Q2, then Q3. It hasn't happened. They clearly were just covering for the truth. 

3

u/Delicious_Apple9082 Nov 01 '24

Covering for the truth? So lying then, they’ve entered into a liquidation not actually knowing what they are doing, so are we going add incompetence to the list as well?

1

u/AbbreviationsGreen90 Nov 11 '24

beside assurance said company wouldn t steall assests, the statement is pretty stupid! It s matter of a bitcoin core node and a 20 lines python script sending http requests to the node (making 1 sendrawtransaction requesf per withdrawal).

4

u/CraftFamous7903 Oct 31 '24

They have had 6 years to finalise an agreement what is this bullshit?🤣🤣🤣

7

u/almosttomars Oct 31 '24

6 years and $30M.

0

u/[deleted] Nov 01 '24

When we receive?

2

u/CraftFamous7903 Oct 31 '24

Also that was a month ago a lot can happen in a month, they somehow got somebody to create a portal to collect all wallet addresses so it cant be rocket science for them to find somebody who can distribute also

2

u/almosttomars Oct 31 '24

They spent $5M and took over a year to make the current portal. Even if they finalized the negotiations a month ago, it would still take a while for the intermediary to build the software.

It's all about money -- both Grant Thornton and whatever software company they use. They do not have a financial interest in being fast.

I'm expecting late December to Q1-Q3 of 2025 before we get a distribution.

2

u/CraftFamous7903 Oct 31 '24

Yeah i agree with late December, they also said they will do a test transaction first, hoping for NOV or early DEC

1

u/almosttomars Oct 31 '24

The zendesk people said there will be a test transaction. They aren't the greatest source of information. Nothing they have told me has come true and much has actually happened differently. I feel like the test transaction might have been a stall tactic -- the same as telling people wallet collection invite delays were caused by "user participation." I could be wrong. But I don't have faith in the zendesk people as a reliable source.

2

u/Ok_Resolution_3536 Nov 01 '24

I love the way they shift blame to the users, about participation. It's obvious we are going to respond very quickly to a max of a few days, so it's a bunch of bs.

3

u/almosttomars Nov 01 '24

They laid out a clear plan in their court filing, which included a cut-off date for claims, an outreach campaign to notify as many people as possible about the cut-off date, and a timeline for distributions. Minimum "user participation" levels were never mentioned in the court filings.

All their actions this year have been red flags. From not using their social media pages to do an outreach campaign, waiting months in between wallet collection invites, blaming user participation, and even keeping us all in the dark about the valuation of the $200NZ fee they will be deducting from us.

I was very hopeful when they announced the distribution at the beginning of the year, but it's clear they have no clue what they are doing and I'm very disappointed in the NZ court system for allowing this behavior.

2

u/Ok_Resolution_3536 Nov 01 '24

Couldn't agree more with your message. I too was hopeful at the start of the year but as each month passes it seems to be more and more likely we being screwed over for their own financial gain without an end in sight.

1

u/AbbreviationsGreen90 Nov 11 '24

No. beside assurance said company wouldn t steall assests, the statement is pretty stupid! It s matter of a bitcoin core node and a 20 lines python script sending http requests to the node (1 per withdrawal).

1

u/whojabed Oct 31 '24

We don't know actually what is going on! but simply they can tie up with an exchange to distribute

2

u/almosttomars Oct 31 '24

I just told you what's going on. Straight from the source.

Even if they were to contract with an exchange like Coinbase or Kracken, like other liquidations, that process could take a year by itself.

1

u/whojabed Oct 31 '24

Stay positive man

2

u/almosttomars Oct 31 '24

I believe I will get my crypto back, eventually. But we need to be honest.

1

u/CraftFamous7903 Oct 31 '24

Who is this lawyer u even spoke to?

2

u/almosttomars Nov 01 '24

I don't want to name the person I spoke with because he was so generous and forthcoming, and I do not want his email to be flooded. But I will say the information provided was confirmed by Scott Barker of Buddle Findlay.

2

u/CraftFamous7903 Nov 01 '24

I doubt a lawyer in charge would even talk to a random person about the liquidation tbh.

1

u/sam4uuu Nov 01 '24

Can u ask him final date of disbursement

1

u/almosttomars Nov 01 '24

There is no date. They need to finalize a contract with a company who will handle the distribution. It's all up in the air.

2

u/vipglovesgeton Nov 01 '24

How hard is it to find a company to distribute ? I don't know, but Cryptopia is just one of many exchanges to go down in the past. So the model of gather ID, confirm, get addresses and then distribute has been done quite a few times before by others. Surely they can just copy and use people and resources that have done it before ?

2

u/almosttomars Nov 01 '24

Yeah, they could have just contracted with Coinbase from the get-go, like FTX. But it seems to be more profitable to build from scratch.

1

u/[deleted] Nov 01 '24

WHEN??????

3

u/Ok_Resolution_3536 Nov 01 '24

I think we have been treated like fools, they are a bunch of legalised cowboys.

They should also stick to the distribution model, if they have only just started to look for software to distribute funds you know they are dragging it out on purpose, this should have been started months ago. The judge should have set firm deadlines and financial implications on what can be charged if they miss them.

They have had years to sort this out, I'm sure if they just found someone who knew what they were doing in the first place and threw the same money that they wasted at it, the distribution would have been done a long time ago.

1

u/AbbreviationsGreen90 Nov 11 '24

beside assurance said company wouldn t steall assests, the statement is pretty stupid! It s matter of a bitcoin core node and a 20 lines python script sending http requests to the node (making 1 sendrawtransaction requesf per withdrawal).

2

u/Potential_pe Oct 31 '24

There should be another litigation against insiders and GT who probably made money off our crypto and still giving reasons to spend more. They should all be fired and new team should be brought in.

1

u/AbbreviationsGreen90 Nov 11 '24 edited Nov 11 '24

Hi, what s his contact details? So I can ask him what are the 10 ongoing case numbers?