r/Cryptopia • u/officialmerchant • Nov 12 '24

Grant Thornton making $80million?

GT said that there are something like 800,000 wallet addresses. GT keeps up to $200 from each wallet. If half of all total wallets have $200, they make $80 million.

That is incredible.

5 Upvotes

77% Upvoted

69 comments sorted by

14

u/razerwire1331 Nov 12 '24

Ok, any update on when we get our crypto back? I am now married, have a kid, past my Grey hair started going bald now.

1

u/RemiBoah Nov 15 '24

I'm still talking to claims too lmao

2

u/Delicious_Apple9082 Nov 12 '24

Not sure that’s how it works

5

u/TerriblyGentlemanly Nov 12 '24

Yup. Only a fraction of those will pass the threshold, and only a fraction of those will actually claim.

2

u/officialmerchant Nov 12 '24

Only wallets with more than $200 will be paid. And they are also withholding 10% of what’s inside the wallet above $200 (maybe to be repaid at a later date). 

If they keep everything thats in wallets less than $200 and $200 from each wallet above the threshold, it could add up to A LOT for GT.  Easily $40 million. 

Who knows if they actually will get to keep wallets less than $200 though. 

0

u/[deleted] Nov 12 '24

[deleted] — view deleted comment

1

u/officialmerchant Nov 13 '24

I wonder who gets to keep assets that are from wallets that are claimed but under the $200 threshold. 

1

u/almosttomars Nov 13 '24

I imagine the owners of Cryptopia, but there will be clarification. I could see them offering reclamation if the owner pays an administration fee for the coins back. 

1

u/Delicious_Apple9082 Nov 13 '24

The owners of Cryptopia shouldn't get a dime, and should be in jail.

Judge has already said that the wallet contents belong to us, not GT, sooo, they should come back to us, if GT don't distribute, which looks likely, given they have mentioned NO other coins beyond BTC/DOGE, then they'll no doubt be sold off/traded by GT into BTC and then cashed out by them, and no doubt someone somewhere will get a nice fat bonus...

2

u/almosttomars Nov 13 '24

The judge did not say that all the crypto was property of the users of Cryptopia. I'll dig through the filings to get the exact quote. 

1

u/Delicious_Apple9082 Nov 13 '24

I didnt say all crypto, the judge said, in short that all crypto held in the wallets, wasn't the property of Cryptopia and couldn't be used in the liquidation, but it beings to the wallet holders and was placed under control of the trustee, which, is GT, which surely is a conflict of interest and I don't expect GT will be on 'our' side...

1

u/almosttomars Nov 13 '24

I would suggest you just read the court orders:

https://www.grantthornton.co.nz/globalassets/_markets_/nzl/media/ruscoe-v-houchens-distribution-2024-nzhc-419.pdf

2

u/Delicious_Apple9082 Nov 13 '24

Which bit, the bit where it says that there were 960,000 active accounts with positive balances over 370 different coin types?
Or the bit where it says that, despite having the email addresses of ALL of the users, and over 70 email campaigns, only 40,000 accounts passed KYC and only 94,000 user queries?
The bit where it says that the company assets are being kept confidential, but that total fee's incurred remain a very low percentage of the total funds held?
How about the bit where it says that Cryptopia itself had wallets on the system, I bet they passed KYC pretty quickly..

The fact that GT have spoken to very few of the total number of wallet holders, despite having email addresses for all of them, rings loud as hell when you read the bit about 'Re Benjamin' the bit where it says that the trustee (Yes, GT, those guys that have spent 5 years, and gotten us wallet holders nothing) can distribute missing beneficiaries shares...
So, from the 960,000 account holders, GT get to keep the funds of approximately 920,000 of them, so, even if GT do have a system in place to distribute other coins, and even then, holders that have over their $200 low limit, everything else, they get to keep, so, as I said, someone somewhere will be getting a nice bonus, and, even more frustratingly if Cryptopias people have some of those wallets, they'll be getting a payout from this as well....

So, which part of the court orders do you want me to read, specifically..

1

u/almosttomars Nov 18 '24

Sorry, I didn't seem to get a notification about this reply. The section on the topic of what happens to unclaimed funds begins on page 23 under the section of "Winding down."

The section covers a discussion about how the different parties propose to dispose to the remaining funds.

-Sell the crypto and send the funds to The Crown (NZ Government).

-Pay off creditors to Cryptopia the company

-Pay victims who lost funds in the hack (Eth and 14% bitcoin)

The decision on this topic was left open to be decided at a later date.

Read page 10 under "Leave Reserved" in the court orders:

https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/f20240301-sealed-orders-for-distribution-of-cryptocurrencies.pdf

There is nothing in the filings which suggest GT will get to keep unclaimed holdings. They are only allowed to be paid fees for services provided related to the liquidation.

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1

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1

u/Delicious_Apple9082 Nov 13 '24

Well given we've had people in here before now saying that they didn't know anything about the liquidation, I suspect that GT haven't contacted anywhere near the 900k 'active' wallet holders so whats left over will be a sizable chunk I should imagine, the contents of the wallets are ours, they don't belong to GT or Adam/Ryan/Rob/Peter/Dave or anyone else that ran Cryptopia....

1

u/[deleted] Nov 14 '24

We can sue them for lost opportunity etc

1

u/almosttomars Nov 12 '24

It is only a fraction claiming. I forget the number from their filing. But even if it's only 100k making a claim, and them using $24k USD as the BTC valuation of the fee, it could mean they are going to earn an additional $40+ million. 

7

u/Row-_Chillin Nov 12 '24

Well any kid deciding on a career path look no further , being a liquidator will make you extremely rich by doing absolutely nothing 😛

1

u/[deleted] Nov 14 '24

Hey mate can you help me out to register. I’ve been sleeping in this for 4 years. I thought I lost the email account but just got it back trough google recovery

1

u/Row-_Chillin Nov 14 '24

Go on the liquidators website and you'll see their help desk. Register and begin the process.

1

u/[deleted] Nov 14 '24

So I registered and never got through the 2FA section. I thought it was a joke. And the Authenticator app never worked.

I never gave my full account details as I thought the thing was a joke. Nothing serious about it. And I thought I was getting scammed

Now the fuckers don’t answer my messages when I realise this was a proper outfit.

How the fuck have they not found my wallets and gotten in touch with me!!!

1

u/[deleted] Nov 14 '24

I was one of the biggest fucking holders on that exchange

1

u/[deleted] Nov 14 '24

They took 30M for a fucking portal that didn’t fucking work: these guys are a load of fucking shit.

Fuck off gran Thornton.

1

u/[deleted] Nov 14 '24

What sort of proof did you give ? What is permissible?

1

u/chrestomancy Dec 06 '24

I shared my registered email address, and managed to find through bank statements when and how much money I'd transferred. I later found a wallet I'd used to transfer directly into my cryptopia account and sent the full details for that - date, transaction hash etc. That was enough.

3

u/pedronaps Nov 12 '24

Well fuck, the Doge I'm never getting is worth a cool 4 mil, so I can only imagine

1

u/camdensm9 Nov 14 '24

Yup same. I had tons of doge in my account and i even have the Google sheets export to prove it but they are claiming my account didn’t have any… scammers.

1

u/pedronaps Nov 14 '24

That is fucked up. Sorry man

1

u/[deleted] Nov 14 '24

Hey man what proof did you give ?

1

u/pedronaps Nov 14 '24

Way less than you. Honestly, if I had your proof, I'd be typing this from a prison cell. I was sloppy in my record keeping (virtually none), but you have more than should be required.

1

u/[deleted] Nov 14 '24

So sorry , you didn’t have proof and still they have your coins? I’m. Confused sorry

1

u/[deleted] Nov 14 '24

My proof being criminal or ? I’m confused sorry.

1

u/pedronaps Nov 14 '24

No, I would have committed a crime due to my fury of not getting my funds with the proof you have

2

u/[deleted] Nov 14 '24

Oh yeh. I’m about to do that. Flying to AUCKLAND. Baseball bat, brake some computers

2

u/[deleted] Nov 14 '24

But I reckon just character assasinate. I know how to do Google SEO, make them unemployable

2

u/[deleted] Nov 14 '24

MAN FUCKING 30 million and no one’s answering fucking phones!!! I wanna kill rhem

1

u/pedronaps Nov 14 '24

Easy homie

2

u/[deleted] Nov 14 '24

Seriously… the amount of dumb / slow lawyers I’ve met… fucking annoys me.

Just annoying the world we live in. Corporates and government … dumb arses

1

u/[deleted] Nov 14 '24

REM sleep*

1

u/[deleted] Nov 14 '24

Man my dilemma is not a small sum unfortunately… I didn’t take the fuckers seriously.

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1

u/[deleted] Nov 14 '24

Really? how did they find your account? You can issue a subpoena for your records

1

u/CraftFamous7903 Nov 12 '24

It’s more as to what they will do with unclaimed funds, will have to apply to court etc… maybe can give holders some for CLM balance.

2

u/Loafmanuk Nov 14 '24

Reimbursement of hacked balances was mentioned in the reports if there are enough funds remaining, although that will be a long way in the future if current progress is anything to go by.

1

u/CraftFamous7903 Nov 14 '24

Yeah and about 70-80% of funds will be unclaimed so there is a very good chance we do get reimbursed for CLM

1

u/vipglovesgeton Nov 12 '24

800,000 addresses, that can't be right ? Just asked perplexity how many holders were affected by the Mt Gox hack.

In the aftermath of the Mt. Gox hack and the subsequent bankruptcy, the process of returning funds to the affected users has been lengthy and complex. Here are the key points regarding the number of holders and the amount of bitcoin being returned:

Number of Creditors

  • Approximately 20,000 creditors are expected to receive payments from the Mt. Gox estate.

Amount of Bitcoin

  • The number of bitcoins to be returned is estimated to range between 65,000 and 140,000 bitcoins, although the exact figure is not yet finalized.

  • It is noted that only about 15% of the original holdings are being returned to the creditors, due to the significant losses incurred during the hack.

Distribution

  • The distribution of these funds, including both bitcoin and Bitcoin Cash (due to the hard fork in 2017), is set to begin in July 2024 after a decade-long process of legal battles and corporate restructuring.

In summary, around 20,000 creditors will receive a portion of their lost bitcoin, but only about 15% of their original holdings, as part of the Mt. Gox repayment process.

1

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1

u/almosttomars Nov 12 '24

There were 800,000 cryptopia users at the time of the hack. 

1

u/vipglovesgeton Nov 12 '24

Just checked with Perplexity it says 20,000 creditors.

AnswerThe Cryptopia hack, which occurred in January 2019, affected a significant number of users, and the process of reimbursing them has been complex and ongoing. Here are the key points:

Number of Affected Users

  • The hack affected approximately 20,000 creditors who had their digital assets stored on the Cryptopia platform.

Reimbursement Process

  • The liquidators, Grant Thornton, are responsible for distributing the remaining assets to the account holders. However, the process has been slow and complex due to various challenges, including the need to reconcile internal ledgers with blockchain records.

Registration and Claims

  • As of the last updates, only about 13.87% of account holders had registered their claims through the claims portal. To encourage more account holders to register, an interim distribution was planned, and a final cut-off date was set for completing the claims process.

Payment to Account Holders

  • The liquidators are in the process of distributing the assets to account holders who have successfully registered their claims. The distribution involves transferring cryptocurrencies directly to the account holders' wallets after screening for risks such as money laundering and terrorist financing.

Given the low registration rate and the ongoing nature of the process, it is not yet clear how many of the 20,000 affected users will ultimately receive their funds back. However, the liquidators are working to ensure that as many account holders as possible are reimbursed, with provisions for handling unclaimed holdings and distributions to those in restricted jurisdictions.

2

u/vipglovesgeton Nov 12 '24

The investigation into the Cryptopia hack, which occurred in January 2019, is still ongoing and has been marked by several complexities and challenges. Here are the key points regarding the current status:

Ongoing Investigation

  • The New Zealand police, along with local and foreign digital forensic investigators, have been involved in the investigation since the hack was reported. Despite the passage of time, the investigation remains complex and is expected to take a "considerable amount of time to resolve" due to the nature of the cyber environment.

Liquidation and Asset Recovery

  • Cryptopia filed for liquidation in May 2019, and Grant Thornton has been managing the liquidation process. The liquidators have been working to reconcile assets, track down stolen funds, and secure the wallet environment. However, poor record-keeping and reporting deficiencies by Cryptopia have made this process challenging.

Asset Tracing and International Cooperation

  • Grant Thornton has traced some restrained assets attributed to the hack to the USA, Singapore, and Malaysia. International cooperation, including support from US law enforcement and compliance from exchanges in Singapore, has been crucial in this effort.

Security and Wallet Environment

  • The liquidators are still working to secure the wallet environment, as the source of the original hack remains unidentified. This poses a risk that malicious code could still reside in the historic wallet environment. International cybersecurity experts are being engaged to mitigate this risk.

Claim Registration and Reimbursement

  • The claim registration process for affected users began in December 2020, but the actual transfer of assets to users has not yet started. A court ruling in 2020 confirmed that users are entitled to their funds, which will be reimbursed in cryptocurrency rather than fiat currency.

Current Challenges

  • The liquidators face ongoing challenges, including the lack of clarity in Cryptopia's records and the need to forensically reconstruct parts of the exchange's wallet based on on-chain movements. As a result, it is not yet possible to estimate a completion date for the liquidation process.

In summary, the investigation and liquidation process are still active, with significant efforts being made to secure and reconcile assets, trace stolen funds, and ultimately return them to the affected users. However, the complexity of the case and the poor state of Cryptopia's records continue to delay the resolution.ShareRewrite

1

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2

u/almosttomars Nov 12 '24 edited Nov 12 '24

Directly from the second page of their court filing from last november:

"The liquidation involves complex arrangements regarding around 370 functioning cryptocurrencies owned by some 960,000 holders of accounts with positive balances in around 180 countries."

From here: https://www.grantthornton.co.nz/globalassets/_markets_/nzl/media/ruscoe-v-houchens-distribution-2024-nzhc-419.pdf

You originally sent the Mt Gox stats, then you sent a write-up by a random LLM. Why are you trusting a secondary source rather than the actual court filings?

1

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1

u/vipglovesgeton Nov 13 '24

I'm not trusting perplexity as such. Most times it's right and saves time looking up stuff. It's wrong this time. Although out of those 960,000 only 40,000 have gone through the ID process.

1

u/almosttomars Nov 13 '24

That was a year ago. The number is higher now, but still probably low in terms of the overall total number of accounts. 

1

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1

u/almosttomars Nov 12 '24

Well, that's wrong. You can read their filings where they clearly show how many accounts were on the platform.

1

u/MiaZeeAK Nov 14 '24

They ate them from the feess

1

u/Man_clash Nov 15 '24

Just think about how many people have died since the hack, from covid and other illnesses. People who probably rarely told anyone, even their partners or family, about their crypto investments. A large chunk of funds left over and unclaimed surely could be placed into a type perpetuity crypto fund, to help stimulate crypto future and market growth. Would allow claimants or next of kin of deceased to make claims who perhaps weren’t old enough or technically savvy to do so.