Cryptopia Liquidators Face Further Complaints from Anguished Creditors
- GNY claims to have been the largest wallet holder in the now defunct exchange, which closed its doors in 2019 after a hack.
GNY, a machine learning platform for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term applications, has opened fire on liquidators for hacked cryptocurrency exchange Cryptopia, alleging that they failed to comply with their duties. GNY isn't the only Cryptopia victim seeking recourse and have recently had clashes with David Ruscoe and Russell Moore from Grant Thornton, who are overseeing liquidation.
GNY claims to have been the largest wallet holder in the now-defunct exchange, which closed its doors in 2019 after suffering a devastating hack. The Channel Islands-based blockchain firm reported losses of more than $18 million when millions of dollars' worth of LML tokens siphoned from its digital wallets.
GNY's legal notice further states that liquidators, despite having all the information they requested, didn't accept or reject its claim. It also accuses them of failing to investigate the hack, which, according to GNY, should be separate from the police probe underway to determine criminal liability.
GNY also voiced concerns about Grant Thornton's fees and expenses, which allegedly consumed more than half of "the receipts in the liquidation to date." It added that liquidators have paid themselves over $1.3 million and also did not explain the work they have made to warrant more than $600k incurred in fees.
These costs continue to mount at the expense of creditors, and thousands of users who were left out of pocket or with little recourse said GNY.
Cryptopia users win battle over locked assets
The digital assets that the company held on Cryptopia were Lisk Machine Learning (LML) tokens, which, according to GNY, has lost over 95% of its market value. After the hack, the remaining cryptocurrency on Cryptopia was valued at $170 million, but now it is worthless as the bitcoin price nearly halved.
"GNY also has no quarrel with Cryptopia's account holders. They should get every penny they had returned, and we agree with them that surplus funds and the company's own funds should be used to make the hacked accountholders whole. As beneficiaries, we believe that the company's own assets must now be preserved for that purpose," read GNY's notice of failure to comply.
A court order obtained in April enabled Grant Thornton to use Bitcoin held by Cryptopia to fund the liquidation after the judge classified Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as "property."
Cryptopia creditors, however, wanted the court and liquidators to treat and rank account holders equally with other unsecured creditors in the insolvency process.
GNY, a machine learning platform for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term applications, has opened fire on liquidators for hacked cryptocurrency exchange Cryptopia, alleging that they failed to comply with their duties. GNY isn't the only Cryptopia victim seeking recourse and have recently had clashes with David Ruscoe and Russell Moore from Grant Thornton, who are overseeing liquidation.
GNY claims to have been the largest wallet holder in the now-defunct exchange, which closed its doors in 2019 after suffering a devastating hack. The Channel Islands-based blockchain firm reported losses of more than $18 million when millions of dollars' worth of LML tokens siphoned from its digital wallets.
GNY's legal notice further states that liquidators, despite having all the information they requested, didn't accept or reject its claim. It also accuses them of failing to investigate the hack, which, according to GNY, should be separate from the police probe underway to determine criminal liability.
GNY also voiced concerns about Grant Thornton's fees and expenses, which allegedly consumed more than half of "the receipts in the liquidation to date." It added that liquidators have paid themselves over $1.3 million and also did not explain the work they have made to warrant more than $600k incurred in fees.
These costs continue to mount at the expense of creditors, and thousands of users who were left out of pocket or with little recourse said GNY.
Cryptopia users win battle over locked assets
The digital assets that the company held on Cryptopia were Lisk Machine Learning (LML) tokens, which, according to GNY, has lost over 95% of its market value. After the hack, the remaining cryptocurrency on Cryptopia was valued at $170 million, but now it is worthless as the bitcoin price nearly halved.
"GNY also has no quarrel with Cryptopia's account holders. They should get every penny they had returned, and we agree with them that surplus funds and the company's own funds should be used to make the hacked accountholders whole. As beneficiaries, we believe that the company's own assets must now be preserved for that purpose," read GNY's notice of failure to comply.
A court order obtained in April enabled Grant Thornton to use Bitcoin held by Cryptopia to fund the liquidation after the judge classified Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as "property."
Cryptopia creditors, however, wanted the court and liquidators to treat and rank account holders equally with other unsecured creditors in the insolvency process.