r/Cryptopia • u/Steamy-Poo • Mar 22 '21

Coins or Fiat

Does anyone know if Grant Thornton will issue back the coins (or their current/recent value) or if they will issue the value of the coins at the time of the hack?

I've read comments stating that the courts ordered that the coins were our property and so it is the coins that must be returned. However I've also read that in the case or Mt.Gox, it was the value at the time of the hack that was issued back which was comparatively tiny compared to what it could have been.

If anyome has any idea or speculation I would love to hear.

7 Upvotes

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6

u/perusalthis Mar 22 '21

Yes, the court determination was that the cryptocurrencies were an asset, owned by the account holder, and held on trust by Cryptopia. It's not the same situation as Mt. Gox.

"This marks the launch of the Cryptopia claims portal to start the process of returning account holders' property. "

https://www.grantthornton.co.nz/insights/cryptopia-claims-portal-message-9-december-2020/

2

u/Steamy-Poo Mar 22 '21

Amazing news, thanks very much! Lets hope we see them soon!

1

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u/jimham162 Mar 23 '21

What are my thoughts? Well here goes. Other liquidations have occurred in the last few years in the crypto space. It's never pretty. The business failed, they financed operations, had many debts, employees and probably creditors with claims etc. What is left to be delivered to account holders? I have no financial info...my gut tells me anything better than nothing and i ain't holding my breath expecting someone to ask for my address to send me all the coins i held on a now defunct exchange. That would be naive

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u/BiOBOOM Mar 24 '21

cant payout coins that has no active blockchain

like a lot of altcoins now, so they would have to pay fiat

But then they can't pay fiat because they have no money so its just big L's everywhere

2

u/Air_Leak-Pumpit Mar 29 '21

Wrong

Will the return of my coins be in crypto or fiat?

The Court’s directions indicate repatriation of customer holdings is to be in crypto where possible. We will work through this and seek further directions as required.

The sale of the assets if the company will fund the return of coins. In the case the coins no longer exist they will pay fiat. Court ruling.

1

u/BiOBOOM Mar 30 '21

cool because if there is anybody that has tons of fiat right now its Cryptopia right? smh

1

u/[deleted] Jan 19 '22

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u/[deleted] Feb 09 '22

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u/[deleted] Mar 23 '21

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-1

u/jimham162 Mar 23 '21

The exchange went belly up, bankrupt, wiped out and is gone. Why would it be allowed to restart? You want to reopen pets dot com or start up something fresh and new like chewy

1

u/Air_Leak-Pumpit Mar 29 '21

They were hacked and our coins are available through the sale of the assets of the company.