Re: Cryptopia Cryptocurrency Platform Services and Development
Looks like the stolen Ethereum is on the move and being laundered on Huobi
https://www.coindesk.com/the-cryptopia-hackers-are-moving-funds-into-at-least-four-wallets
MtGox was very different. They only traded bitcoin and were insolvent for some time (several hacks).
It was initially thought there were no bitcoins left but a cold wallet was eventually "found".
MtGox was based in Japan so Japanese law applied and funds were intermingled with company funds.
NZ law is different. Most of the coins I don't expect to have been intermingled. I have previously posted how I expect the liquidation to be conducted.
here and here Any other way would be stupid and will get a lot of opposition.
https://www.coindesk.com/the-cryptopia-hackers-are-moving-funds-into-at-least-four-wallets
Quote
Now, according to an analysis by CoinFirm, the hackers are moving that cash into separate wallets, including two CoinDesk found that were directly connected to Huobi.
OK so there's something that's confusing me a lot regarding cryptos and liquidation. Particularly with MTgox and what happened to their customers and apologies in advance if I've got the wrong idea regarding this.
MTGox repaid their customers in USD value at the time of the liquidation, they did not return the coins users had.
If cryptopia does this in a few months and say we still go at the parabolic rate the market is going in now, can they do the same thing and pay back what the USD value is now?
What happens, if they do pay the $$$ value, to the coins left over. Who gets them?
Same question with MTgox, who or what entity is now owners of the bitcoins not paid out?
MTGox repaid their customers in USD value at the time of the liquidation, they did not return the coins users had.
If cryptopia does this in a few months and say we still go at the parabolic rate the market is going in now, can they do the same thing and pay back what the USD value is now?
What happens, if they do pay the $$$ value, to the coins left over. Who gets them?
Same question with MTgox, who or what entity is now owners of the bitcoins not paid out?
MtGox was very different. They only traded bitcoin and were insolvent for some time (several hacks).
It was initially thought there were no bitcoins left but a cold wallet was eventually "found".
MtGox was based in Japan so Japanese law applied and funds were intermingled with company funds.
NZ law is different. Most of the coins I don't expect to have been intermingled. I have previously posted how I expect the liquidation to be conducted.
here and here Any other way would be stupid and will get a lot of opposition.