Cryptopia liquidation

Anyone know how much MAID they were holding? It seems to me they are posturing to liquidate stupidly. Like I kinda expect it to maybe all come in one big dump. I want to buy a piece of that when it happens. Kinda feel bad cause they pretty much stole this coin from users. On the other hand someone is gonna buy it. I mean its prolly not an insane huge amount as the market there was quite small. Still there was always a few 100k on the order books so it should be at least that. Maybe one of you smarter then me people can figure it out from the blockchain and find their wallets.

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I believe the liquidation of bankrupted Cryptopia will happen by redistributing remaining assets to its stakeholders. Why do you think they will sell remaining assets on other exchanges?

I hope we will get at least 70 % back…

couple reasons:

  1. if they are just gonna give peoples coins back they could just open it for withdrawals now, but they seem to be holding on tightly to those coins
  2. They have appointed some lawyer-y guys as “liquidators”

Sure maybe they will give it back to the rightful owners. That would be nice and I would rather see it pan out that way. At least in the meanwhile can we figure out how many coins they are holding? I didn’t mean to contend that they WILL liquidate them for sure. I just want to go have a look at the wallets.

They have too do this according to New Zealand law.

The Court fees and lawyers will be paid first
Government fees on par with court/lawyers
The staff entitlements and unpaid wages soon after
Accountants and accountancy costs
Major Creditors (not account holders) next
Minor Creditors next
Unpaid dividends up to insolvency in there somewhere
there is some other things probably
then the account holders are bottom last.

Now the amount left for account holders will be a big lot less than the %coins not stolen. In other words if 30% of coins stolen then the remaining 70% will be used to meet the shortfall of all the expenses etc that they have to pay out.

Then what is left after all that will be divided amongst the account holders. And that is why @andyypants they are not allowed by law to let you remove your coins.

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ya so they are gonna have to raise some money somehow. Especially considering 90% of the coins there were shitcoins you can’t even trade anywhere else I think ones like MAID that has other markets might get fully sold off. No way to know for sure though. Maybe they have some other assets that are worth enough like an office building or something. For the POTENTIAL dump though I wish I knew how much they had available to sell.

Even if you’re right and they sell them off, I would assume that they would sell them off in one block like they do with bitcoin when it’s recovered in criminal cases or what not. If you are correct and they have a few hundred thousand coins, at current prices someone would need say $75,000-$125,000 to fill that order.

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I had there 50k, so I assume there were millions rather than hundreds of thousands. But who knows, I was there because I was not able to buy elsewhere after bittrex delist. Until than cryptopia was garbage exchange with no volume on MAID.

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So the administrators basically dump all the coins at once in order to liquidate to fiat? In that case one would think it could in the short term severely bring down price somewhat… Assuming the volumes listed as being traded are faked somewhat.

I am quite sure the amout of MAID on Cryptopia was in millons. Dont forget that, that there is not exactly a lot wallets a people use exchanges simply to store MAID eve when they dont have active orders.

Intereseting thing with the current uptrend is they can end up getting more fiat selling remaining crypto than was fiat value od all fiat before the hack.

ya even though I understand that legally they have to pay other people before their customers, I still think users of the site are getting utterly screwed. Not only do they lose the coins they had but just to throw salt on the wounds they also lose any gains in market value of those coins.

Anyways millions there would not shock me. I just wish someone would track down their wallet and we could just know for a fact instead of speculate.

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oh that’s really good news! I was thinking if most of their coins don’t even have a market then the one’s they will have to fully liquidate are the ones like MAID that are on other markets. Feeling faint hope I will get some of my like 100 dollars worth of MAID I had there back now :stuck_out_tongue:

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Hey @nicklambert, can we see if this Nova exchange really will add MAID for free?

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They have an interesting logo too:

https://novaexchange.com/

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Of course, we’ll support them to do that. Would be great to have yet another jurisdiction facilitating trading.

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As do most debtors and customers when any company fails. The only ones who win are the lawyers and external auditors/accountants.

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