New Zealand-Based Crypto Exchange Dasset Enters Bankruptcy Liquidation, Leaving Users Stranded Without Access to Funds

New Zealand-Based Crypto Exchange Dasset Enters Bankruptcy Liquidation, Leaving Users Stranded Without Access to Funds

Crypto News – Dasset, a cryptocurrency exchange based in New Zealand, has taken steps towards declaring bankruptcy and initiating liquidation procedures, leaving a considerable number of customers unable to access their funds. The Herald has reported on this concerning development.

According to CEO Stephen Macaskill, Dasset’s attempts to find alternative banking service providers have proven unsuccessful. Despite voluntarily entering into liquidation, the exchange has not yet appointed a clearing institution, resulting in ongoing difficulties for customers to access their funds. This unfortunate situation has naturally led to frustration and disappointment among the platform’s user base.

Customers of this Auckland-headquartered cryptocurrency exchange are expressing their dissatisfaction as they find themselves locked out of their accounts. Disturbingly, reports suggest that a notable portion of customers have sizeable crypto holdings trapped within their accounts, with values reaching tens of thousands of dollars. The prevailing sentiment among these users is that Dasset has been grappling with issues for a number of months.

Although founded in 2017, Dasset remains smaller in scale when compared to its major competitors within the industry. However, the impact of its current situation is significant.

Affected customers have come forward to voice their grievances. One individual has recounted a frustrating three-month-long attempt to withdraw $40,000, which represents their life savings. Another has shared a similar experience of receiving direct communication from Macaskill himself, but still encountering obstacles when trying to access their account.

Visitors to the Dasset website would notice that contact details have been removed, leaving only an accessible request form. While a FAQ page ostensibly explains the process for withdrawing funds, users have encountered persistent difficulties in accessing their funds since April, even when dealing with relatively modest amounts like $5,000.

Crucially, the platform has not provided clear instructions to both existing and new customers regarding the procedures for making withdrawals. This lack of guidance only adds to the growing concerns surrounding fund security and the overall reliability of the platform.

This situation underscores the specific challenges that smaller exchanges like Dasset face in an increasingly competitive cryptocurrency landscape. As customers await a resolution, anxieties regarding the safety of their funds and the dependability of the platform itself continue to mount.