The Serious Fraud Office (SFO) says it has opened an investigation into failed Auckland-based Digital Asset Exchange Ltd which was trading as Dasset.
Dasset was placed into liquidation in August last year. The exchange had more than 5000 registered users, and liabilities of $6.9 million with just $600,000 in assets, according to the liquidators Russell More and David Ruscoe of Grant Thornton.
Grant Thornton's latest update on Dasset, from December 21, said the liquidators have been trying to recover information and remaining assets from a third-party offshore exchange.
Progress on the liquidation has been hampered by chief executive Stephen Macaskill being uncontactable since Dasset went under.
"However, our overall progress has been hindered by the fact that we have had no contact with the CEO (who is also a director) since the 3rd day of the liquidation, despite our numerous attempts to contact him," Grant Thornton said.
The liquidators also interviewed ex-employees and noted that "it appears there were significant problems with how the company maintained accurate records including user balances."
Grant Thornton expects that as the recorded assets held by Dasset were less than 10% of user and creditor balances, any funds available for repayment will be minimal. Inland Revenue is owed $203,000 in goods and services tax, as well as PAYE. Dasset staff entitlements were said to be $16,700 by Grant Thornton, which added in its first report that it was unknown at that stage if any funds would be available to pay preferred creditors.
Dasset registered as a financial services provider in July 2017, with a business address at 15 Sale St in Auckland with Macaskill as the director and shareholder. Other shareholders of Dasset included Techemy Limited, whose co-founder and chief executive Fran Strajnar also held shares in the crypto exchange.
The crypto exchange deregistered from the Financial Service Providers' Register in January 2023.
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