Digital Asset Exchange traded under the name Dasset. Photo: Lev Dolgachov/ 123rf
The Serious Fraud Office (SFO) has started an investigation into the multimillion-dollar collapse of a local cryptocurrency trading platform.
Digital Asset Exchange, which traded under the name Dasset, was put into liquidation in August last year with $6.3 million in investments unaccounted for.
The SFO called for anyone with relevant information to get in touch, but declined any further comment.
Stephen Macaskill. Photo: Supplied / Linkedin
A report by liquidators from accounting firm Grant Thornton last December said $600,000 in assets, including cryptocurrency, had been secured, but they had been unable to find the unaccounted funds of around 5000 investors.
"The recorded assets held by the company were less than 10 percent of the reported user and creditor balances at the date of liquidation. Accordingly, it is expected that unless further recoveries can be identified, any funds available to be repaid to users or creditors will be minimal," the liquidators' report said.
The report said liquidators had been in touch with a third party offshore exchange to try to track down investments, but their efforts had been "hindered" by not being able to contact Dasset's chief executive and major shareholder, Steve Macaskill.
Dasset provided a trading platform for investors to trade a wide range of cryptocurrencies in New Zealand dollars.