The Serious Fraud Office (SFO) is currently investigating the collapse of Dasset, a cryptocurrency trading platform based in New Zealand. The company was placed into liquidation in August 2023, and the SFO is seeking information from anyone who may have relevant information or was a customer of Dasset.
According to the first report released by the liquidators on August 21, at least $6.3 million in cryptocurrency is unaccounted for. This includes $600,000 worth of digital assets that were not found in customers’ digital wallets. The company also owed $16,700 in unpaid wages, $203,700 to the IRD, and $53,700 to various unsecured creditors.
In a subsequent report on December 21, the liquidators revealed that they had recovered most of the missing $600,000, but efforts to locate the remaining $6.3 million were hindered by the disappearance of Dasset’s CEO, Stephen Macaskill. The liquidators have been unable to contact him since the third day of the company’s liquidation, and he was the only person with detailed knowledge of the company’s systems.
The liquidators are still in the process of verifying the balances of around 5000 customers. However, their efforts have been hampered by the fact that Macaskill was the only person with key knowledge of Dasset’s systems.
Dasset faced difficulties after losing its banking services provider in January 2023, which was not replaced. As a result, customers were unable to access their funds, transfer them to another exchange, or reach anyone at Dasset. Although Dasset was registered as a Financial Services Provider and subject to the Insurance & Financial Services Ombudsman Scheme (Ifso), the scheme lacked the power to address customers’ complaints about being unable to access their accounts or reach Dasset staff.
In July 2023, Ifso dropped Dasset from their register due to their failure to respond to customer complaints. The liquidators then referred the case to the SFO, and the Financial Markets Authority (FMA) also launched an investigation. The FMA has sent questionnaires to Dasset customers, including a mother who lost $40,000 and an investment banking veteran who lost millions.
The liquidators have been unable to contact Macaskill, and the SFO has not provided any comment on the investigation. The FMA has also been approached for comment.
Chris Keall, a senior business writer and technology editor for the Herald, is based in Auckland and joined the team in 2018.
