Users of Hacked Exchange Cryptopia Can Now Make Claims to Recover Funds

The liquidator of the defunct cryptocurrency exchange has opened a portal so former users can begin making claims to retrieve their trapped funds.

Dec 11, 2020 at 11:33 a.m. UTC
Updated Sep 14, 2021 at 10:41 a.m. UTC

The liquidator of the defunct cryptocurrency exchange Cryptopia has told former customers they can now begin making claims for the return of their funds.

In a blog post Wednesday, the New Zealand branch of accountancy firm Grant Thornton said it has opened a claims portal allowing affected users to register for the repatriation of property still held by the exchange. All accounts were frozen after over US$17 million in ether and ERC-20 tokens was stolen during a hack in early 2019.

Grant Thornton said the "sheer volume" of emails means it is informing users about the portal in batches throughout the week.

Around 960,000 former Cryptopia users are being informed, and those registering are being asked to confirm some account details to ensure only verified users of the exchange make claims. As previously reported, Grant Thornton said the steps are necessary to ensure the repatriation of assets complies with New Zealand law.

In April 2020, a ruling by the High Court in Christchurch said customers were entitled to the assets they held in Cryptopia accounts, determining those assets are classed as "property."

In turn, that ruling paved the way for Grant Thornton to initiative the claims. "This marks the launch of the Cryptopia claims portal to start the process of returning account holders' property," the liquidator's post reads.

At the time of liquidation, Cryptopia had US$100 million in cryptocurrencies. It's not clear what percentage of their original holdings users are likely to receive via their claims. As well as the large number of account holders, 37 creditors, 90 shareholders and New Zealand's tax agency are also seeking a good portion of the company's remaining assets.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Crypto Wallet BitKeep Raises $15M at $100M Valuation

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

2
SEC’s Gensler Uses Crypto Oversight Needs as Case for Higher Budget

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

3
Mike Novogratz Ends Twitter Silence, Shares Take on UST/LUNA Crash

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

4
Chainalysis Reveals ‘Storyline’ Product to Follow the Money in Crypto Crime

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.