Cryptopia liquidator will have to sell account holders coins, they’re out of money!
Grant Thornton, the firm liquidating Cryptopia, have said they won't ask for money from anyone. Of course, he doesn’t have to - as long as he has coins to sell.
In his second affidavit, dated 8 November 2019, David Ruscoe of Grant Thornton advises the KYC process alone is estimated to cost over $50 per account holder.
If all account holders make claims, that is close to $50 million. How, with only $3 million left in the bank (according to his latest public report), is he going to be able to achieve this?
The $3 million remaining is only going to pay the costs for 60,000 claimants at best.
As has been happening all the way through this process, there is:
No clarity of process.
No plan to redistribute the coins.
No consideration for the account holders.
There are also some significant legal questions that our lawyers are working on answering at the moment.
Not least of which is:
Does the liquidator even have authority to wind up these trusts and distribute any coins?
We dont believe he has.
Join the group action today to make sure you get the representation you deserve.