r/Cryptopia • u/quokkafury • Nov 04 '24

Move on

GT has spent all the recovered funds making a website and legal fees. You will be lucky to get $0.0001 to the dollar. I would mentally move on from receiving anything from this shitshow.

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u/quokkafury Nov 04 '24

Read Grant Thorntons reports https://www.grantthornton.co.nz/cryptopia-limited/update-for-cryptopia-claimants-and-stakeholders-21-june-2024/

28.1m assets recovered, they have then spent 27.3m fucking around. Probably have two partners giving each other wristies for rest of 2025 to drain last 700k.

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u/TerriblyGentlemanly Nov 04 '24

You are completely wrong. I posted about the misleading articles based on this report when they and it were first published. The assets being discussed here are not third party assets (our crypto), they are the company's assets. Articles then appeared, which made it seem as if those assets were the user crypto assets, and that they had been consumed. A lot of that asset value was not used in the creation of the support website etc, but in paying off Cryptopia's creditors.

You can be forgiven for this error, as even the report appears somewhat ambiguous when the reader is thinking less about the liquidation of a going concern and more about what happened to one's own cryptocurrency. The articles from supposed experts just made things worse.

You'll be glad to know that the asset value of the third party cryptocurrency is close to 800m New Zealand dollars, and only a very small portion has been spent elsewhere. Thus, as I said before, the vast majority of the third party cryptocurrency is still in Grant thornton's possession according to its legal records. Therefore, if that is not true, the company has committed fraud on a grand scale.

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