Dasset Customers Face Slim Returns as Liquidators Distribute Funds, Regulatory Scrutiny Looms
Auckland, New Zealand – Customers of the failed Auckland-based cryptocurrency exchange Dasset are facing the prospect of recovering only a fraction of their investments, as liquidators begin distributing recovered assets.More than 90% of the funds recovered to date are earmarked for liquidators and related costs, leaving a small percentage for distribution to creditors, including dasset’s customers. The collapse of Dasset, which held approximately $3.5 million in cryptocurrency on behalf of its users, has highlighted the risks associated with unregulated crypto exchanges in New Zealand and is prompting calls for increased oversight.
Dasset customer Leo D’Ambrosio, a Wellington IT professional who had $20,000 invested with the exchange, expressed dwindling hope of recovering his funds. “My hopes are very low, but still present,” D’Ambrosio told the herald. “After seeing that over 90% of the recovered amount was destined for the liquidators, my hopes decreased.” He, along with others in a Dasset WhatsApp support group, wants answers regarding the circumstances surrounding the collapse and believes authorities should investigate who knew what and when.
Dasset director and CEO Stephen Macaskill, who previously served as president of the Blockchain Association of New Zealand, has not been publicly located. His LinkedIn profile indicates he graduated from the University of Rochester in New York with a finance degree in 2010 and founded a precious metals trading company before relocating to Auckland in 2016.
The Financial Markets Authority (FMA) currently warns that cryptocurrency exchanges in New zealand are not regulated and lack government guarantees. However, the regulatory landscape may be shifting. Associate Justice minister Nicole McKee recently considered a ban on crypto ATMs,following advice from the Ministerial Advisory Group on Transnational,Serious and Organised Crime.
The situation underscores the vulnerability of investors in the largely unregulated crypto space.While law enforcement and regulators face limitations in overseeing crypto operations, the Dasset collapse is adding momentum to calls for greater investor protection and regulatory clarity.