The huge rise in value of Bitcoin and Doge since Cryptopia was put into liquidation means the estimated value of coins tied up in the liquidation will now exceed US$750 million.
The liquidator will be in no hurry to distribute these coins whilst his extravagant fees continue to suck the last of the companies cash reserves. David Ruscoe of Grant Thornton is on sworn affidavit record that he wants the court to approve the sale of unclaimed coins to further fund his costs. This seems underhanded considering he has made the claim process almost impossible.
Account holders are becoming more and more frustrated with the liquidators registration process and we are seeing the number of people now registering on cryptopiarescue.com increasing significantly every day.
The legal process in New Zealand requires affected people, who are not able to register with the liquidator, to file their own legal proceedings in the court to prove their entitlement.
Victor Cattermole, spokesperson for Cryptopia Rescue, said today that Cryptopia Rescue was the only cost effective hope for hundreds of thousands of account holders. The group legal action kept the cost of claiming very low.
