Update for Dasset Creditors and Users 18 August 2025

Following a hearing on 14 July 2025, the High Court of New Zealand issued sealed orders in relation to the liquidation of Digital Asset Exchange Limited (Dasset). These orders have important implications for all Dasset Account holders.

Please read the sealed orders carefully, together with the accompanying judgment:

The orders and accompanying judgment confirm the following matters:

Digital Assets Held on Trust

  • All cryptocurrencies held by the liquidators of Dasset are legally recognised as property.
  • These assets are held on trust for all account holders, with each holder having a proportional interest based on their holdings.
  • The trust was established on 24 April 2017, when Dasset began trading. 

Liquidators' Role

  • The liquidators, David Ian Ruscoe and Malcolm Russell Moore, are authorised to act as trustees.
  • They may convert digital assets to fiat currency to cover liquidation and trust expenses and distribute proceeds to account holders.
     

Claims Process

  • Valuation Date: Claims will be assessed based on holdings as of 14 August 2023 the date of Liquidation.
  • A full claim process is expected to be launched at the time of the release of the Liquidators next statutory report due in September 2025
  • A notice will be sent to all known account holders when the claims process is launched. This will provide full details and confirm the cut-off date for registering claims.
  • The claims process will require account holders to complete a customised claims form and provide supporting evidence, including bank transactions, blockchain transactions, and details of the cryptocurrency being claimed. 
  • An overview of this process is as follows:
    • Registration: Submit your claim using the custom claims form available at grantthornton.co.nz/DASSET.
    • Email Submission: Send completed forms and supporting documents to Dasset@nz.gt.com.
    • Cut-off Date: Claims must be submitted within 60 days of the notice mentioned above. Late submissions may be treated as abandoned. 
       

Important Notes

  • Claims of low value (where costs exceed potential payout) may be excluded.
  • Liquidators may revise claims and will convert assets to NZD for distribution.
  • Future recoveries (if any) will be distributed as top-up payments.
     

How You’ll Be Notified

  • You will also receive an email with further instructions regarding the claims process. If we do not have an email on file, documents will beposted to your last known address. 
  • Due to the large number of account holders, we will not be responding to individual emails. All previous communications and circulars issued by the Liquidators are available on the Dasset liquidation page at grantthornton.co.nz/Digital-asset-exchange-limited/Dasset-updates/