New communication about Cryptopia

Will we be entitled to our respective forks (BSV-BTT.....)?

https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/

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COMPANIES IN RECEIVERSHIP AND LIQUIDATION
Update for Cryptopia account holders 18 September 2020
18 Sep 2020
Since the release of our Third report in June 2020, we have made further progress in the Liquidation and provide an update with an additional set of frequently asked questions.

Our main focus has been working to continue the development of a claims process that achieves the following objectives:

Process    Details
Claims registration   1. Allows the registration of account holders details and to make claims for their account balances
AML/CFT verification   2. Verifies account holders' identities to the necessary AML/CFT standard
Asset transfer   3. Instigates asset transfers to account holders

We expect the claims registration process to be open by the end of the year.

Our next statutory report is due for release December 2020 but we will update stakeholders further in the lead up to the launch of the claims process prior to this.

Frequently Asked Questions:
How do I get my coins back?
As outlined above once we have finalised the claims process the Liquidators will be in touch with coin holders via official channels around registering their claim. Coin holders will need to verify their account and identity through an online claims portal. Until the claims process has been completed the Liquidators cannot begin the repatriation process. Coins will only be returned to those who complete all of the above processes.

When can I get my coins back?
The expectation is the claims process will open by the end of the year with the AML to follow this. Once these two phases are complete, we expect the repatriation process to follow. It is important to note that:

We have to establish a claims process and cannot just open up the Cryptopia exchange: the exchange was hacked prior to the liquidation. With the source of the hack still not identified we cannot open up an exchange that has been compromised
We have to complete the reconciliation process: this includes re-establishing coins in a non-hacked environment and then reconciling coin balances to the customer database. With over 900,000 active customers and up to 900 different coins, this is not a quick process
We will likely need to go back to court to seek further directions in respect of the distribution process including AML requirements. As liquidators, we need to follow the laws in New Zealand and cannot just return coins to account holders without completing appropriate KYC procedures
Do I need to register my claim?
You will need to register your claim, however, at this point, we are not ready to receive account holder claims. We have recently agreed on a claims portal which we hope to launch by the end of 2020. We will advise account holders via registered Cryptopia email and our official channels when we are ready to receive account holder claims.

What does the Court decision mean?
The Court decision means that Cryptocurrency is property and coins were held on express trust by Cryptopia. A separate trust exists for each type of cryptocurrency and they are beneficially owned by the account holders so will not form part of the pool of assets available to unsecured creditors.

The next steps now will be completing the reconciliation process to determine total customer holdings and finalising a distribution model for returning coins to beneficial owners. This process is being completed alongside the claims and KYC process mentioned above.

The Court has ruled that you are holding my coins, I demand that you return these to me immediately.
Whilst the Court ruling confirms that Cryptocurrencies were held on express trust, the process of returning these coins cannot begin immediately due to the incomplete reconciliation process, AML concerns, and various other legal guidance needed on numerous matters. The Liquidator has a duty to all beneficiaries of these trusts and so repatriation cannot begin until the reconciliation process is complete and the Liquidators are ready for claims from all beneficiaries.

Are you selling my coins to fund the Liquidation?
The Liquidation is currently being funded with company assets. Allocation of costs of returning account holders assets will be subject to further direction from the Court.

To clarify the account holders assets are not recorded in the Receipts and Payments statement, found in the Liquidators reports.

Will the return of my coins be in crypto or fiat?
The Courts directions indicate repatriation of customer holdings is to be in crypto where possible. We will work through this and seek further directions as required.

Will KYC be needed?
The KYC process cannot be avoided, as it is a legal requirement in New Zealand. Before returning crypto-assets we will correspond with customers within this claims process. Please note, customers who have previously completed the KYC process with Cryptopia will still need to go through the process set by us.

Why have you not replied to my email?
There were over 960,000 active account holders of Cryptopia. We cannot reply to individual email queries due to the sheer number of emails we receive and the time it would take to reply to all account holders queries. Please refer to the Grant Thornton New Zealand and Cryptopia websites and their respective social media channels for updates.

Can you tell me my account balance or provide a transaction report for taxation purposes?
At this stage, we are not able to confirm the underlying transactions or trade history that make up customer balances and therefore cannot communicate account balances to account holders at this time.

Can anyone else tell me my account balance?
We are the only ones with access to the customer database at the date of Liquidation. No one outside of the Liquidators has access to the customer database, nor should they be communicating any information about balances to account holders.

Anyone outside of the official communication channels pertaining to have access to this information or offering to tell account holders what balances are in their accounts is doing so without the Liquidators authority. Please be wary of any such approaches and note that any communications relating to the Liquidation will come from the official channels such as the Grant Thornton website, or the Grant Thornton and Cryptopia twitter accounts.

Will Cryptopia ask me for further funds?
No, we will not ask you to deposit any further crypto-assets or confirm account holders' details at this stage. The only direct point of contact will be made via the email address you used when you registered on the Cryptopia exchange.

Please take care to ensure that any communications asking you to deposit further funds are not scams.

Why cant you simply re-open the exchange and allow account holders to withdraw their coins?
We cannot re-open the exchange to return account holders coins. The exchange was hacked and the source of the hack is still unknown and is still being investigated by the New Zealand Police. Because of the hack, we have had to re-secure all of the coins in a non-hacked environment prior to undertaking the reconciliation process (which had never been completed before). This is not a quick process but is necessary to ensure that coins are secure and that a further hack does not occur.

Because no detailed reconciliation process between the customer database and the crypto assets held in the exchanges wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.

Will trading on Cryptopia resume?
No. The Company is in Liquidation so will not be re-opening for trading. Please do not deposit any funds into historic deposit addresses.

My crypto was not affected by the January hack, why cant I withdraw them?
Because no detailed reconciliation process between the customer database and the crypto assets held in the exchanges wallets was ever undertaken, we cannot confirm that account holders' coin balances will match the actual holdings for each coin.