Liquidators Find $6.3M Missing From NZ-Based Crypto Exchange Dasset

The financial record accuracy of the now-bankrupt cryptocurrency exchange Dasset is being questioned as liquidators discover that $6.3 million worth of customers’ assets are missing. According to the local media outlet The Herald, the liquidator added that law authorities have been informed about the matter.

What Happened to Dasset?

Dasset is a troubled cryptocurrency exchange based in Auckland, New Zealand. The company’s financial struggles date back to October 2022, some months after the bankruptcy of major projects like Three Arrows Capital (3AC) and Celsius Network. At the time, customers found it difficult to withdraw their assets.

In January 2023, the banking provider that collaborated with the crypto exchange stopped with the firm. Dasset failed to secure a new partnership with other banking institutions. According to Dasset CEO Stephen Macaskill, “The banks do not like the crypto industry.”

Between June and July, other users lost access to their Dasset accounts. The company’s top executives – founder, chief executive, major shareholder, and CEO – are also currently impossible to reach.

$6.3M is Missing

On August 15th, The Herald reported that Dassat has been subjected to liquidation by the accounting and advisory organization Grant Thornton. Just one week after investigations, Grant Thornton representatives Russell Moore and David Ruscoe discovered $6.3 million in crypto unaccounted for, after comparing what Dasset clients thought they had in the exchange and what the digital asset custodian had in its assets under management.

“Based on records we have received to date it appears that there is a significant shortfall between the reported level of users’ holdings and the amount of digital assets held by the company, with digital assets of around $0.6m versus user liabilities of around $6.9m,” the report added.

The liquidator has taken the matter to the Financial Markets Authority (FMA) and the UK-based government department Serious Fraud Office. While no comment has been made from government agencies, a cover letter reveals that an investigation into the matter is underway.

Meanwhile, Dasset employees are also owed a total of $16,700 worth of unpaid salaries and holiday pay.