Liquidators of bankrupt exchange Cryptopia have begun distributing millions of dollars to account holders affected by the 2019 hack, which took place nearly six years ago.
The distribution process has begun.
According to an announcement from Grant Thornton, the liquidator of Cryptopia, on December 20, the distribution process was initiated to more than 10,000 verified account holders who were affected by the Cryptopia hack in 2019.
Over the past two days, Bitcoin and Dogecoin account holders have received cryptocurrency distributions worth at least NZ$400 million (approximately US$225 million).
This distribution marks an important step in Cryptopia’s liquidation process, after Grant Thornton opened its complaints portal in 2020.
Next distribution process
Grant Thornton said that after the initial distribution, the process will continue according to the approved procedures. This includes announcing a cut-off date before distributing the remaining Bitcoin, Dogecoin and other cryptocurrencies to account holders.
The liquidator also said there may be additional distributions, allowing account holders who have not registered on the portal to receive up to 100% of their holdings back, based on “unclaimed holdings” from account holders who have not completed their claims after the cut-off date.
Grant Thornton encourages all remaining account holders to register on the portal and complete the necessary steps to be eligible for future distributions. The firm expects to continue making additional distributions to newly verified users in 2024.
Cryptopia Hack in 2019
Cryptopia, founded in 2014, is one of the largest crypto exchanges in New Zealand and one of the earliest crypto trading services in the country. In 2018, the exchange had around 1.4 million registered users and was the largest in New Zealand. Cryptopia was also one of the first stablecoin issuers in the country, launching the stablecoin NZed (NZDT) in May 2017.
However, in January 2019, Cryptopia was hacked, resulting in the loss of approximately $16 million worth of cryptocurrency assets. Following the hack, in May 2019, Grant Thornton, the liquidator of Cryptopia, released its financial report, showing that the exchange owed a total of $4.2 million to creditors.
Cryptopia’s liquidation is underway, and with this distribution, affected users can finally begin to receive the bulk of their assets back. This process will continue into 2024, giving hope to those who participated in the exchange after its massive hack in 2019.
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