Dasset’s Voluntary Liquidation: Does it Haunt Future of Cryptocurrency Exchanges?

A dark, futuristic cityscape at dusk, ominous, illustrating the demise of a major cryptocurrency exchange. A Cease and Desist sign across a towering computational monolith to signify Dasset's voluntary liquidation. Frantic, digital silhouettes to depict worried users unable to access their assets. Shoals of financial numbers spouting from the gaping hole of the monolith captured in a surreal, Dali-esque manner. Two important figures, in shadowy relief emerging from a glowing, trustworthy beacon in the shape of an audit firm amid chaos and uncertainty, reflecting their role as liquidators. Lastly, a thin, eerie light cuts through the doom and gloom suggestive of the promising yet uncertain future.

A disconcerting revelation has emerged that Auckland-based cryptocurrency exchange, Dasset, has seemingly opted for voluntary liquidation. The abrupt move has left hundreds of its user base unable to have access to their assets. As reported by local media outlet The Herald, efforts by customers to evaluate and retrieve their funds constitute a series of dead ends, with the firm largely unresponsive.

Engagement between an online group of closely 16 irate Dasset customers and the publication revealed an alarming scale of trapped assets, with values between NZ$3000 and NZ$40,000. Furthermore, attempts to withdraw from these accounts have proven fruitless for several months for some users. As tensions escalate, the company’s CEO, Stephen Macaskill, elaborated on the dilemma. According to him, Dasset has been sans a substitute banking provider since January after its antecedent provider evoked its services.

Moreover, the CEO notably laid emphasis on the animosity between banks and the crypto industry in general. This was right before he broke the news, “Dasset has gone into voluntary liquidation.” In an all-shareholders meeting held privately on August 7, Macaskill failed to appease shareholder queries. Sources conversant with the proceedings allude to the passing of a resolution to appoint a voluntary liquidator to the exchange.

In a puzzling turn of events, amidst all of this, the exchange has not made any updates about the liquidation on its website or social media intricacies, and new accounts are currently being set up on Dasset.

In the thick of this crisis, two figures emerge from audit firm Grant Thornton New Zealand, stepping in as the appointed liquidators of Dasset. These are David Ruscoe and Russell Moore. Their main concentration, at this point, remains securing and safeguarding Dasset’s assets.

The ongoing ordeal, a consequence of significant reduction in asset values and trading levels, has adversely impacted its ability to trade profitably, a post by Grant Thornton on its site noted. However, tackling this situation poses its own challenges, as Moore explains citing third-party involvement and nearly a hundred different digital assets, rendering the task of securing the assets “complex.”

As uncertainties loom, Grant Thornton has promised to contact all customers and suppliers shortly about its current position and role. The aim, it seems, is to navigate this crunch as smoothly as possible, keeping stakeholders in the loop and resolving the prevailing issues promptly. The reality, however, remains to be seen on the ground.

Source: Cryptonews

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