New Zealand Crypto Exchange Dasset Begins Voluntary Liquidation, Customer’s Assets Frozen
New Zealand-based cryptocurrency exchange Dasset has begun a voluntary liquidation process, with assets of customers frozen to prevent any further loss following the exchange’s insolvency. The liquidation process began after the exchange announced on its website that it had discovered irregularities in its banking account. While the exchange is now solvent, customer assets remain frozen and the liquidation process is being overseen by an independent liquidator. The exchange has set up an information webpage to answer questions customers may have. Customers can access customer statements to check balances of funds and crypto assets, in addition to other available information. The completion of the liquidation process is expected to take up to 12 months. Any funds received Throughout the process will be distributed to customers according to the order of priority provided by the Companies Act 1993 and the Insolvency Legislation. The news follows similar incidents of insolvencies within the crypto space, with four other NZ exchanges having closed in the past year.