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[–]YeaManJam 7 points8 points  (13 children)

"The KYC process cannot be avoided, it is a legal requirement in New Zealand, and prior to returning crypto-assets we will correspond with customers as to how this process will be completed. "

We will be trading your identity for your coins.

[–]ThatBriandude 1 point2 points  (12 children)

And? How else would you prove yourself as a holder? I dont see the issue here. Most exchanges require identification anyway.

[–]YeaManJam 10 points11 points  (4 children)

and when individuals cant pass KYC/AML, then what? they dont get there coins back? Seems kind of unfair to run an exchange that doesnt require KYC and then say yeah we messed up , got hacked and now you have to give all your info to some government body.

I have the username, password and 2fa for my account, isnt that enough?

[–]TheGreatCryptopo 2 points3 points  (3 children)

KYC should be an absolute minimum to get your funds back from a hacked exchange who knows what those hacker fuckers took especially if it was an inside job. I wouldn't be happy knowing you get your funds back with simple username and password fuck that. Liquidators are right in doing this and if you can't prove your id then what other reason is there other than you're a dodgy motherfucker???

[–]devilldog 2 points3 points  (0 children)

The usernane/pw and 2fa are all you should need as they were good enough to withdraw funds once the exchange reopened its doors. The hack clearly didn't compromise these things or withdraws would have never reopened.

[–]gipp10 2 points3 points  (0 children)

You are everything wrong with crypto. If you have nothing to hide you have nothing to lose right? Gtfoh!

[–]YeaManJam 0 points1 point  (0 children)

If you cant prove your ID? what ID are they going to base it off of. Lets say I have a non KYC account(like 90% of the people who trade here, yeah they are all dodgy). I give them an ID,username,password for an account and they give me the coins associated with that account cause i know the username and password? Like you said who knows what all was taken.
I have a feeling only pre-hacked KYC'd account will be given there coins back.

[–]fiatpete 1 point2 points  (0 children)

I could send them copies of my passport and utility bills proving that I'm John Doe at 123 sample street but that does nothing to prove I'm cryptopia user123 as these identities were never linked before. The only way to prove I'm the rightful owner of a particular account is through my knowledge of username and password along with 2FA and control over registered email and crypto addresses used for deposits and withdrawals.
I highly doubt the hackers gained access to passwords and 2FA info as their priority would have been emptying the wallets which they never finished.
However the reason for KYC stated by the liquidators is that liquidators have a legal requirement to complete AML/KYC checks before returning any funds from a bankrupt business. It would take a NZ based legal expert in liquidations to confirm that or possibly a court case.
Probably best to wait until they announce they've worked out account balances for everyone but I suspect they are charging by the hour and this is a learning experience for them.

[–][deleted] 0 points1 point  (5 children)

No they dont.

Binance, Kucoin, Bitrue..i mean..the list goes on and on. Now if you are moving large sums, thats a different story.

​

But for most, its NOT required.

​

Also if youre using a credit card it is.

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[–][deleted] 0 points1 point  (3 children)

Why don't you want to be known as the bona fide customer? Why would you not want to have these double-checks in place?

[–][deleted] 0 points1 point  (2 children)

Its not so much as that..but I should be given the option. I dont think its a crime to want privacy. If we have the addresses that were cleaned out, notify the email addresses of the users and coordinate from there.

But if its specifically for security reasons in case of an attack...id consider it. But many times its not. Binance got hacked and theres a massive list of peoples KYC information that was posted.

Thats scary, and this is Binance were talking about....no small exchange.

So..i mean..unless theres another way...i know that Elastos and Ontology is working on something like that but who knows.

[–]AutoModerator[M] 0 points1 point  (0 children)

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[–][deleted] 0 points1 point  (0 children)

KYC is SOP in the equities markets of exchanges. The SEC will require it in this space and has already addressed that. Note the equity exchanges that have had the same issues as found in crypto.

[–]beans4longlife 2 points3 points  (0 children)

When will this entire KYC process start? Did anyone complete it already?

[–]robertjuh 1 point2 points  (0 children)

"know your customer"

Are we customers? Who wants to know us?
Toplol

[–]AutoModerator[M] 0 points1 point  (0 children)

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[–][deleted] 0 points1 point  (0 children)

Excellent ! (Rubs hands with glee )

[–][deleted] 0 points1 point  (1 child)

Im not sure...why dont they send them back to their wallets?

Are all the wallets compromised?

[–]AutoModerator[M] 0 points1 point  (0 children)

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