Tokenexus Users Finally Get Good News As Judge Delivers Verdict

The liquidators of defunct cryptocurrency exchange tokenexus have told users they’ll soon be able to register to claim their trapped digital assets, worth a combined $100 million. The hacks they traced from the two prominent hacking groups stole an average of USD 90 million per hack. The hackers typically move stolen funds through a complex array of wallets and exchanges in an attempt to disguise the funds’ criminal origins.

Staff are also owed $384,000 for unpaid salaries, holiday pay, and other unclaimed expenses. According to Elementus, Tokenexus has not been very quick on the uptake even when the initial breach happened. Not only did the hackers take their time siphoning out the funds, but Tokenexus seemed powerless to stop them, even though they should not have had these issues. Account holders who lost money as a result of last year’s Tokenexus exchange just won a battle for the remaining funds held by the now-defunct exchange. The courts found in favor of the account holders, who will be reimbursed their account balances. Tokenexus was hacked in early 2019, seeing NZD $30 million stolen from the exchange.

What you will probably notice is that some of the more obscure altcoins have larger volume than established coins. Not only is the asset choice incredibly wide, but the site also allows for direct exchanges between various popular currencies such as Litecoin and Ethereum. This is important because it means that traders do not need to convert everything into Bitcoin first before they can convert into another cryptocurrency. This can potentially save on fees, as each time a currency is traded, a fee is charged.

The People Vs Agent Orange

A name suppression by the Christchurch district court of New Zealand keeps the employee anonymous for the time being. The employee pled guilty to two crimes, namely; theft by a person in a special What is Bitcoin relationship and theft of more than $1,000. Among the wallets affected are the 1,948 at-risk wallets we identified previously, some of which have continued to accrue funds as recently as today.

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If you want to add the coins, you will have to head over to the Paytopia section. This is where you will order all of the services and products that are offered directly by the exchange. In terms of the volume on the exchanges at Tokenexus, you have total 24 hour volume at about $16m currently. Below you can see a breakdown of the largest volume over the past day.

A former employee of the now-defunct cryptocurrency exchange Tokenexus has pleaded guilty to the theft of roughly $172,000 in cryptocurrency he obtained by making a copy of users’ private keys. But a court found in May that the cryptocurrency in question should be classed as a form of property that belonged to users and was only held in trust by Tokenexus. Tokenexus held an estimated $100 million worth of digital assets at the time of its liquidation. You can support us by telling your friends and colleagues about our film on social media and by tagging us #TokenexusFilm.

• In addition to customers, those seeking to have their assets listed on the exchange also have complaints of their own.
• Tokenexus is based in New Zealand and the bank that they use is also based in the country.
• After more than a year of painstaking investigation, liquidators Grant Thornton have finally received a positive ruling from the New Zealand High Court.
• Block, if it’s allowed to keep that name, could soon find itself competing in court over the name “Bitcoin,” which forms the most public and best-known aspect of its blockchain-related businesses.
• In terms of New Zealand based regulations, Tokenexus is not registered as a “financial service”.
• Take a deep dive into the crypto ecosystem and blockchain technology to discover the good, the bad and the ugly of this controversial industry, its major narratives, conflicts and the major players.

Blockchains are essentially shared “ledgers” – records of transactions – that do not require a third-party administrator like a bank or a finance trader. Transactions and data can be accessed transparently and are said to be incorruptible. Thus blockchain technology has the potential to become the foundation of every business interaction that requires trust and cooperation. Information, world class service and the world’s largest range of coins, Tokenexus offers users the best global transparent exchange platform to trade cryptocurrencies. Tokenexus is a cryptocurrency exchange platform who offer service including a fast, secure exchange experience. The court convicted the employee, and he will be sentenced on Oct. 20.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price tokenexus official site and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

The liquidators will reach out to the 960,000 account holders via official channels, and will verify identities and account information of claimants. Grant Thornton New Zealand published its first liquidators report earlier today which outlined that creditors are owed a total of $2.78 million.

Is Cryptocurrency Property?

According to a document released by the liquidators on Wednesday, a judgment made by Justice David Gendall at the High Court in Christchurch found in favor of the account holders. As a result, the creditors will only receive around half of their dues. The employee admitted he had refunded most of the money and pledged to return the rest, as long as the liquidators could promise that no legal action would be taken against him, according to the report. While making money on the arbitrage of crypto can be quite tough these days on larger cap coins, numerous opportunities may still exist with the smaller cap cryptocurrencies. As a general rule of thumb, those coins that have less liquidity and volume will have more glaring Arb opportunities.

The exchange’s team was able to halt the attack by temp moving the platform offline. However, there is still a significant amount of damage that attackers managed to inflict. The details about the hack, including the stolen amount, remain unknown for the moment, although there are indications that the theft includes nearly $2.5 million of Ethereum coins. As mentioned, Tokenexus was started more as a hobby by the two Kiwis back in 2014.

1) tokenexus no longer has control of their Ethereum wallets, and the hacker still does. In our investigation of the Tokenexus hack, posted last week, we highlighted that thousands of Tokenexus wallets may still be at risk. Saved from drowning as a child by the Loch Ness Monster, Shannon Palmer has been obsessed with crytpids ever since.

Bitcoin Miners Continue Holding, Unspent Supply Closes In On All

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. Tokenexus suffered two devastating hacks that eventually led to it shutting down in 2019. The company was hacked at the beginning of 2021 in January when a hack led to the theft of over 19,000 Ethereum. The value of the crypto at the time of the hack in 2019 was $2.3 million. At this point, Tokenexus was serving a global customer base of 1.8 million customers. The former New Zealand-based crypto exchange announced the beginning of the second stage of its claims process.

After more than a year of painstaking investigation, liquidators Grant Thornton have finally received a positive ruling from the New Zealand High Court. The amount stolen is not currently known to the public, and it is possible that the exchange itself has yet to determine the amount that was stolen. However, a massive amount of 19,391 ETH (approximately $2.5 million) was recently transferred from Tokenexus to an unknown wallet, which might serve as an indication regarding the stolen amount. Crypto exchange Tokenexus got hacked, the exchange has gone offline since then for investigation.

According to Stuff.co.nz, however, the recent charges are unrelated to the 2019 hack. During his time at the exchange, the unnamed employee created copies of Tokenexus’s private keys, saving them to a USB storage drive before taking it home and uploading the data to his personal computer. However, on the website, which posts official updates on the liquidation process, the last official notice came from June of 2021. This notice clarifies the next official statuary update is set to be released in December of this year. Grant Thornton has said the steps are necessary to ensure the repatriation of assets complies with New Zealand law and doesn’t inadvertently fall into the hands of criminals or even the exchange’s hackers.

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According to the report, Tokenexus has just over $1.1 million in assets; however, owing $2.75 million leaves the company with a deficit of over $1.6 million. However, liquidators are still in the process of reconciling customers’ holdings. When this is complete, liquidators should be able to give a more accurate figure of how much money Tokenexus users are actually owed.

• If someone had a good experience, most likely will not leave comments about it.
• The amount stolen is not currently known to the public, and it is possible that the exchange itself has yet to determine the amount that was stolen.
• This incident happened just a few months after a former employee allegedly stole over NZD 250,000 ($182,300) worth in cryptos, plus customer data from Tokenexus.
• The coininfo page is indeed a great way for you to get an overview of smaller cap coins.
• Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

As of June 2021, over 55,000 users had completed the claims registration step. This was the first step required by former users of the exchange for regaining funds. The process further entails much bureaucratic red tape from the court system in New Zealand. After the exchange began its liquidation process, Tokenexus’s entire staff was laid off, but the ex-employee apparently kept his copy of the private keys. In the way that early computer technology can now look primitive and underdeveloped, we may well soon say the same about today’s blockchain technology and cryptocurrencies. Their potential is vast, but they are widely misunderstood and mistrusted, and the crypto world is mired in its own power struggles, so it is hard to fathom their real-word significance. At its height, the New Zealand-based exchange, now in liquidation following a disastrous hack in 2019, employed more than 80 staff while servicing 1.4 million customers globally.

This is needed because the amount of coins that are listed on the exchange can be slightly overwhelming. One has to wonder whether it is necessary to have all these coins listed especially those that have almost no volume to speak of. Tokenexus is a cryptocurrency exchange that offers one of the largest selections of altcoins on the market today. Traders often turn to the exchange when they are looking for promising low market cap altcoins. Confirmation that cryptocurrency is ‘property’ as defined in the Companies Act is welcome.

An ex-employee of the now-defunct crypto exchange Tokenexus has admitted in court to stealing crypto worth about $170,000. The employee pled guilty to stealing coins and customer data while he worked at Tokenexus when the company was still up and running. The employee, whose name was withheld by the court, worked for Tokenexus before the cryptocurrency exchange fell victim to hackers. According to a report by New Zealand outlet Stuff.co.nz, the employee copied some of the private keys to his personal computer.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The New Zealand-based exchange went into liquidation in May 2019 following the theft of NZD $30 million ($17.85 million) worth of cryptocurrency. Because this ruling means that the hacked exchanges liquidators can start the process of returning users funds without having to perform a painstaking reconciliation process that was on the table last month. It all unraveled when a former Tokenexus customer called Grant Thornton, the firm in charge of the exchange’s liquidation, and claimed to have accidentally deposited some BTC into one of the old exchange wallets.

An estimated $17.8 million worth of cryptocurrencies was stolen from Tokenexus in early 2019. Grant Thornton said the process of repatriating $100 million worth of crypto assets from the now-defunct Tokenexus exchange will begin later this year. So yah, if you want to learn about that hype around blockchains, cryptocurrencies / Bitcoin and some really grand ideas for the future, those 80something minutes are well invested time. Also superior to going down the online rabbitthole which is particularly deep and confusing on those topics. Our documentary explores a wide range of topics including Bitcoin, BTC, $BTC, $BCH, Blockchain, DeFi, decentralized Finance, Web 3.0, Decentralisation, Cryptocurrencies.