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Finance

Cryptopia Users Can Claim Assets From End of 2020, Says Hacked Exchange's Liquidator

Grant Thornton said the process of repatriating $100 million worth of crypto assets from the now-defunct Cryptopia exchange will begin later this year.

By Paddy Baker
AccessTimeIconSep 18, 2020 at 1:21 p.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
Cryptopia

The liquidators of defunct cryptocurrency exchange Cryptopia have told users they'll soon be able to register to claim their trapped digital assets, worth a combined $100 million.

  • The New Zealand branch of accountancy firm Grant Thornton said the claims registration process, previously described as a "mammoth task," will open "by the end of the year," although a precise date hasn't been given.
  • The liquidators will reach out to the 960,000 account holders via official channels, and will verify identities and account information of claimants.
  • Grant Thornton has said the steps are necessary to ensure the repatriation of assets complies with New Zealand law and doesn't inadvertently fall into the hands of criminals or even the exchange's hackers.
  • An estimated $17.8 million worth of cryptocurrencies was stolen from Cryptopia in early 2019.
  • Although the exchange attempted to restart its trading services, the blow to its business forced it to enter liquidation in May of that year.
  • Cryptopia held an estimated $100 million worth of digital assets at the time of its liquidation.
  • These funds were held by liquidators and were embroiled in a legal case over whether they should be used to settle claims of the exchange's creditors.
  • But a court found in May that the cryptocurrency in question should be classed as a form of property that belonged to users and was only held in trust by Cryptopia.
  • As such, users are entitled to receive their cryptocurrencies back.
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