DAPS will be undergoing a mainnet transition on 30 September 2019 lasting for a period of 60 days.
A problem presented with the mainnet transition is many individuals of the DAPS community have DAPS Tokens stored in Cryptopia’s wallets.
As many of you know, Cryptopia is currently undergoing liquidation.
Grant Thornton New Zealand (https://www.grantthornton.co.nz/) are appointed as liquidators of Cryptopia.
Grant Thornton New Zealand currently holds custody of a large amount of DAPS Tokens that belong to users of the Cryptopia Exchange. These tokens will need to undergo mainnet transition.
We have recently received a response to our emails from Grant Thornton, stating they are willing to co-operate with the mainnet transition. Their technical team will be in contact with DAPS technical team shortly.
DAPS Token Holders Affected by Cryptopia’s Liquidation
We have been in contact with our lawyers and they have advised us on the following:
DAPS is in no way responsible for the DAPS Tokens held in Cryptopia’s wallets. If Grant Thornton New Zealand fail to undergo the transition they will be considered completely and wholly liable.
Grant Thornton New Zealand is the legal entity who holds custody of the DAPS Tokens stored in Cryptopia’s wallets. They are likely to be considered trustees of DAPS Tokens.
It is Grant Thornton’s legal obligations to act in the best interests of the beneficiaries of the DAPS Tokens held in Grant Thornton’s custody. Thus, it will be Grant Thornton’s obligation to conduct the mainnet transition of the DAPS Tokens, otherwise they may be subject to scrutiny for breach of fiduciary duty. Please note, Grant Thornton intends to co-operate with the mainnet transition of the DAPS Tokens.
The mainnet transition will only be open for 60 days from the 30th of September 2019. DAPS Tokens that are not transitioned within the 60 day period will not be able to transition at a later stage. Development for the pre-transition tokens will cease.
What happens if Grant Thornton misses the transition window?
If Grant Thornton fails to complete the mainnet transition of the tokens currently held in their custody, there will be no future opportunity for the tokens to be transitioned to mainnet. Individuals who have their DAPS Tokens stored in Cryptopia wallets may or may not eventually receive the non-mainnet tokens which will be effectively inoperable.
Where can I find more information regarding the Mainnet Transition?
The manual and recommended claiming process is here
Stex Exchange will support automatic transitioning.
Any legal questions will be answered by our lawyers, Agile Legal Consulting. Their website can be found here https://www.agilelegal.com.au/.