New Zealand-based crypto exchange Dasset has gone into liquidation and is denying customers access their funds, according to reports.
The link to Dasset’s official website. dassetx.com, redirects to a notice from the legal advisor Grant Thornton. The legal firm mentions that the Dasset management has appointed it as a liquidator.
Dasset Liquidators Cannot Confirm if Users Will Get Funds Back
Grant Thornton executive Russel Moore said:
“We understand users and creditors will be disappointed by the news that Dasset has gone into liquidation. The process of securing the assets is complex; there are third parties involved and nearly 100 different types of digital assets.”
Currently, liquidators are trying to recover Dasset assets from offshore exchanges. To users’ dismay, the liquidators said they could not confirm if creditors would get their funds back until they completed the recovery process.
Dasset has not been actively communicating with its users. So far, it has not posted updates about the liquidation through the official X (Twitter) account. Its last post was on July 31.
A user who is unable to access $40,000 worth of funds wrote to Dasset on August 2:
“Dassetx please communicate with us. We are your users, we have supported you during the good times and the bad. You have frozen our accounts and locked our assets onto your platform. Not one of us (and there are many) has heard from you in months.”
And last month, a Reddit user said:
“Quite a few users (myself included) have been locked out of our Dasset account for over 3 months and have not been able to access our assets. Dasset has ceased email communications, phone number deactivated and their address is for lease when I visited.”
Prime Trust Seeks Bankruptcy Protection
Along with Dasset, crypto custodian Prime Trust has filed for bankruptcy. The firm wants to explore strategic alternatives, such as selling the company’s assets and operations.
According to a court filing, the firm has estimated liabilities in the range of $100,000,001 to $500 million. Plus it has around 25,001 to 50,000 creditors.
Prime Trust has been going through turmoil for months. Recently, the State of Nevada alleged that the company lost access to wallets containing assets worth millions of dollars.
Click here to learn more about the best crypto wallets.
On June 23, the company suspended deposits and withdrawals, affecting other crypto projects’ operations. BitGo suspended plans to acquire the firm as it had not received the required financials.
Previously, on June 10, the stablecoin issuer TrueUSD announced a pause in TUSD mints. The announcement resulted in a brief depeg of the stablecoin.
And Prime Trust subsidiary Banq also filed for bankruptcy in June because of internal disputes and unauthorized transfers of over $17.5 million.
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