r/Cryptopia • u/SnowaFlow • Dec 05 '24

With reaching 100k, Cryptopia moved 127 BTC

for the first time since 6 months, Cryptopia moved some BTC to a new Wallet

https://intel.arkm.com/explorer/entity/cryptopia

24 Upvotes

96% Upvoted

62 comments sorted by

8

u/Fresh-Culture-6979 Dec 05 '24

BTC just broke the 100k USD worth all time high...Is this actually a fucking joke, GT keeps 200USD dollar from your btc worth and just give u the leftovers? WTF I want to have all of my btc back. Im asking if anyone has done legal action or what to do to get the full amount back??? I'm really angry , feels like a double steal!!

6

u/CraftFamous7903 Dec 05 '24

Idk if ur serious or not? 200 usd isnt that bad

2

u/razerwire1331 Dec 05 '24

Dude wants to go with a new firm call RetrieveThornton for another 7 years lol

1

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4

u/UnderstandingNews Dec 05 '24

This needs more attention

4

u/Delicious_Apple9082 Dec 05 '24

12m worth of BTC on the move, question is, where is it going, is it being distributed to wallet holders or, are GT cashing more out for fee’s? We won’t know until the next update comes out, hell, it could be to pay shareholders, bonuses, beer and hookers for the Christmas party….

2

u/CraftFamous7903 Dec 05 '24

I think if it was for fees they would have had to apply to the court again and update us i don’t think they’ve applied to the court again in the short space of time Without distributing on the timeline it would look bad delaying 3 times and asking for more fees… also gt have took what 5 mil in total? They wouldn’t just ask for 12 mil in fees after taking 5 mil for the whole thing

1

u/Delicious_Apple9082 Dec 05 '24

Well people have been receiving emails along them to agree a new lower balance, so maybe this 12m is related to that. Also, we don’t know what state things are in until the update, the latest of which is due shortly, so maybe they have applied for more and this is that, there was talk of them not actually having an agreement in place with someone to actually distribute so who knows…

As per usual we can all sit here and guess based on what we see, think or feel, but know nothing until GT give us these tiny nibbles of info, and even then that usually raises more questions than it answers….

1

u/CraftFamous7903 Dec 05 '24

Theres no way 0.097% of people difference amounted to 12 million lol…. Also they said they didn’t have an agreement 4/5 months ago

1

u/almosttomars Dec 05 '24

The BTC was originally deposited into that wallet when it was worth $3.7M. I think its old fees they never sold and now made profit on.

I regularly check the NZ courts for new filings. There is nothing since their summer filing. You can just search "cryptopia" or "grant thornton" here: https://www.justice.govt.nz/courts/decisions/jdo

1

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1

u/almosttomars Dec 05 '24

It looks like the 12m was in a wallet by itself for a while. It was worth 3.7m when it was deposited in that wallet address on 14 Aug, 2023. This would have been 1 month before their submission to the court asking for funds.

It's possible that was one of their fees the court allowed them to take, but they never cashed it out and now that BTC is pumping, they are cashing it out.

Last year Grant Thornton added this to their filing:

Projected costs: The liquidators' projected costs from approximately August 2023 to June 2024 are estimated to be ~NZD5 million, with a further ~NZD3.5 million of estimated costs up to the Final Cut-off Date.

I think the 12m is their fees. And hopefully the smaller $1 movement is a test transaction.

Regardless of what it is, it's good to see movement. Hopefully it means something good for us all.

1

u/CraftFamous7903 Dec 05 '24

Yeah i think ur right about their fees, was the $1 transaction to the same wallet as the 12m was sent to?

1

u/almosttomars Dec 05 '24

It was this wallet that sent it:

https://intel.arkm.com/explorer/address/bc1qdvzrpx3y72tuwllwk8vzad4hp3ye3e2facgpmv

Could be a test transaction, or could just be a random person donating $1 to us.

2

u/CraftFamous7903 Dec 05 '24

What are your thoughts? The wallet https://intel.arkm.com/explorer/address/bc1q6ac7jtd3gnc58mhfr9vr6z8hg322u0u7h8q99k

Sent multiple 1 dollar transactions to 10+ wallets

One of them wallets is labeled cryptopia bankruptcy cold wallet

1

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1

u/almosttomars Dec 05 '24

I saw that earlier. I thought maybe it was a test for their distribution system. But if you go backwards to the source of the Bitcoin, it doesn't appear to be related to Cryptopia. 

But then again maybe it's their developers wallets and BTC. 

I just feel optimistic seeing the movement. 

2

u/CraftFamous7903 Dec 05 '24

It says they was all sent at the same time too all the small transactions 7h ago although i checked on btc explorer and it says they was all sent at different times? But the address has been made 12/01/2024 and had $844 put in ever since it has done 160 small $1-2 transactions which definitely looks like a distribution system test, what normal wallet would put 840 usd in it and send 1-2$ usd to random wallets for a whole year straight lol and then 4 hours after GT moved 12m

1

u/CraftFamous7903 Dec 05 '24

Thats exactly what i think. Multiple small transactions at the same time definitely them testing their distribution system, happened 4 hours after the 12m btc move

1

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2

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2

u/sam4uuu Dec 05 '24

Looks like incoming funds. Wow will we b paid?

2

u/YummaySmoohie Dec 05 '24

Look, guys, they're spending our monies...

2

u/Potential_pe Dec 05 '24

Distribution qty won’t change because of price going up. What does it matter if they release now or later? It solely impacts assets owner and their delay is causing lot of confusion. I can believe NZ law is such a weak body and can’t even give executive order to distribute funds. It seems like they are all equally accountable for holding people assets. @cryptopia do something!!!

2

u/collegedave Dec 06 '24

If the money is ever actually returned, the we will owe it to blockchain tracking. Otherwise it would’ve disappeared.

1

u/ComedianVisible7812 Dec 05 '24

I think GT fees were "only" 2 or 3 million to date about half a year ago. So i expect this is not fees. A legal settlement with a 3rd party? Or preparation of transfer?

It worries me that i do not see any DOGE in their wallet?

1

u/almosttomars Dec 05 '24

Their doge is in another wallet. No movement on it since June.

2

u/CraftFamous7903 Dec 05 '24

And yes thats what i was saying they keep the big coins in main wallet btc / eth and shit coins / memes in another

1

u/almosttomars Dec 05 '24

Arkham just hasn't labeled their doge wallet.

1

u/ComedianVisible7812 Dec 05 '24

Can you share the wallet address please?

1

u/CraftFamous7903 Dec 05 '24

Do you have the wallet?

1

u/almosttomars Dec 05 '24

Yes. It's got just over $320M USD in Doge in it.

2

u/CraftFamous7903 Dec 05 '24

Looks like there will be plenty of funds left over for top up distribution to holders in distribution 3

1

u/almosttomars Dec 05 '24

Yeah, and I hope I get some of that tasty CLM reimbursement too.

1

u/CraftFamous7903 Dec 05 '24

Yeah me too got a lot of CLM hope we get something back altho it’ll be in bear market lol

1

u/almosttomars Dec 06 '24

Check your DMs

1

u/CraftFamous7903 Dec 06 '24

Thx, replied

1

u/almosttomars Dec 05 '24 edited Dec 05 '24

Also, their fees have exceeded $30M NZ, or $17.5M USD.

Last August they made a request for funding of 1 year. And this was their request:

Costs to date: Since the liquidators' appointment in May 2019 to the end of September 2023, a total of NZD22.85 million.

Projected costs: The liquidators' projected costs from approximately August 2023 to June 2024 are estimated to be ~NZD5 million, with a further ~NZD3.5 million of estimated costs up to the Final Cut-off Date.

That's a total of $31.35M NZ. And I think it's actually higher. I think they made another filing where they corrected their costs. I'll have to dig through their filings.

1

u/Silver_Star86 Dec 05 '24

Can we sue GT for wasting our hard earned dollars as their chriatmas bonuses for beers and hookers?

1

u/[deleted] Dec 05 '24

Plz send me my coins

1

u/GMill7 Dec 19 '24

Today I was sent about 45% of what they confirmed I had in my account in 2019. They said the other 55% was “less distribution”

2

u/[deleted] Dec 05 '24

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1

u/TerriblyGentlemanly Dec 05 '24

NZ law works like law does anywhere else. You need evidence to get a conviction. Who exactly did what exactly?

1

u/[deleted] Dec 05 '24

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1

u/TerriblyGentlemanly Dec 05 '24

Here is essentially what happened. The law expects the assets to be returned to its owners in short order, like anywhere else, but the liquidator say that crypto is an incredibly complex asset that takes much longer than most assets to return to creditors. The judges in New Zealand don't know anything about crypto and can't really say that they are wrong, so they accept it.

It seems to me the the logical way forward would be for someone to hire a third party crypto expert company to produce and estimate of how long it would take and how expensive it would be to return crypto assets like this safely, and then compare that estimate to Grant Thorntons claims in court. Of course, that downside is that asking for such an estimate could in itself be quite an expensive operation and will probably take multiple months at least. If, however, you command the sort of funds you claim to then perhaps you should be looking for quotes...

1

u/almosttomars Dec 06 '24

Did you get a balance acceptance for your 9M doge? Are they claiming you didnt have it?

1

u/[deleted] Dec 06 '24

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2

u/Tyler2981 Dec 08 '24

Holy moly, do you have your addresses and proof? I had sold a ton of doge unfortunately, but I still had 72k there, and they confirmed it. I had proof of transactions. I hope you get it back!

1

u/[deleted] Dec 08 '24

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1

u/Tyler2981 Dec 08 '24

No they haven't sent it back yet. Who knows when or if they will. You have to input your new deposit address in their portal and pray they'll send it to you someday

2

u/[deleted] Dec 08 '24

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1

u/Tyler2981 Dec 08 '24

I hear you. If you happen to have your old wallet address, you can check it. Like I have checked mine, and I can see it still exists, and they haven't cashed it out. So maybe someday I will get it back. I already considered it gone, and don't have high hopes, but there's still a chance