You need to sign up to the claims portal below if you haven’t already and you’ll receive email updates from their team. Judge Gendall says the courts had to clarify concerns around the legal nature and status of the digital assets and potential equitable interests in them. Whether digital assets could be considered property and if Cryptopia’s account holders had rights to this property.

Since then, the investors have been in a state of limbo and the assets have remained frozen for a couple of years. After the hack, Cryptopia announced that they would give a rebate to users who lost their funds, but the team didn’t give further explanation as to how. David Ian Ruscoe and Malcolm Russell Moore, of Grant Thornton New Zealand Limited, were jointly appointed as liquidators of Cryptopia Limited. Grant Thornton New Zealand released its Liquidators’ Third Report on the State of Affairs of Cryptopia on June 12th.

What’s Cryptopia’s Legal Status?

If you are one of the victims of the Cryptopia hack and want to get your digital currencies back, you simply need to follow the announcements of Grant Thornton regarding the liquidation process. Also, you should make your claim on the so-called claimant portal and report your loss. Currently, the process is still in the claim registration stage, as the liquidator company says they need to collect more claims to proceed forward. So, if you are one of the victims of the Cryptopia hack, we cryptopia withdrawal strongly recommend you join the claim registration process. The Report says that customers did not have individual wallets, and it would be impossible to determine individual ownership using just the cryptographic keys registered within the Cryptopia wallets. Cryptopia operated as a centralized exchange and customer trades occurred on the exchange’s internal ledger, without any confirmation on blockchains like Bitcoin or Ethereum.

As previously communicated to account holders, those having trouble with the Claims Portal, need to raise a ticket through the Cryptopia Customer Support Portal . This support portal is separate from the claims portal and can be accessed by any account holder, provided they register and click the “Sign Up” button on the page. Cryptopia, a New Zealand-based crypto exchange being liquidated following a 2019 cyber attack, will start returning crypto to some of its account holders, according to an email sent to users on Thursday. Plus, the holders will be paid in the cryptocurrency they had in their accounts, rather than in fiat currency. With the announcement of distribution plans the Liquidators expect to see an increase in bad actors trying to interfere in the Cryptopia claims process. Liquidators had to forensically reconstruct parts of the exchange wallet based on on-chain movements to corroborate customer withdrawals.

Taken over by the accounting and advisory organization Grant Thornton LLP, Cryptopia’s liquidation process has been going on for a couple of years now. Despite the good news Cryptopia victims received in 2020 on their ownership over the virtual assets, the company still hasn’t refunded the entirety of the loss that occurred due to the alleged hack. Victims of the Cryptopia hack should follow Grant Thornton’s updates and register their claims on the provided portal. The asset transfer stage has not begun yet but is anticipated, with applications for redistribution expected to start in the first half of 2022.

1. When Bitcoin and altcoin prices skyrocketed in 2017, Cryptopia had also seriously expanded its services to keep up with the booming market.
2. “This marks the launch of the Cryptopia claims portal to start the process of returning account holders’ property,” the liquidator’s post reads.
3. Before the ruling, there was a lack of clarity surrounding whether the digital assets residing in Cryptopia’s wallets were held in trust for account holders.

Cryptopia update – Liquidator Says It’s Close To Returning Funds

The latest Cryptopia news is that a new liquidators report has been released in the last week, following the previous report which came out in November 2022. To maintain our free content and further support our work, we receive compensation from some companies advertising on Crypto Head. Because Cryptopia operated as a centralized exchange (CEX), it kept custody of its users’ funds and had access to all of the private keys. The platform suffered a security breach on January 14, 2019, causing significant losses to users from over 183 countries around the globe. The Cryptopia team immediately informed the legal authorities, suspended trading activity on the platform, and took Cryptopia into maintenance mode.

How to Get a Refund From Cryptopia Exchange?

Cryptopia, a New Zealand-based crypto exchange, suffered a significant hack in 2019, resulting in the loss of a large sum of digital assets from user wallets, leading to the platform’s liquidation by Grant Thornton. After a court ruling in 2020, Cryptopia’s users were declared entitled to their funds, with reimbursement in cryptocurrency rather than fiat currency. The liquidation process is ongoing, with Grant Thornton currently in the claim registration stage, urging affected users to file their claims to recover their assets. This ruling also gave Moore and Ruscoe permission to begin the process of reconciling assets lost by Cryptopia. Before the ruling, there was a lack of clarity surrounding whether the digital assets residing in Cryptopia’s wallets were held in trust for account holders. It’s not clear what percentage of their original holdings users are likely to receive via their claims.

Grant Thornton first began referring account holders to the Cryptopia claims portal in December of 2020. It is safe to assume that factors including gas costs, particularly given the number of ERC-20 token that Cryptopia listed, may complicate this process further. Any users hoping for a Cryptopia refund should urgent engage in the process via the Cryptopia claims portal if they haven’t yet done so. Cryptocurrency trading is fraught with risks, including the high volatility of assets and potential security breaches on blockchain platforms.

About the Cryptopia Exchange

On 8th April 2020, the High Court of Christchurch issued a judgment stating that the liquidators estimated Cryptopia had cryptocurrency currently worth about NZD 170 million at the time of the hacks. Somewhere between nine and 14 percent of its cryptocurrency was stolen, according to the court document. At the time of its collapse, Cryptopia had 800,000 users with a positive balance and well over US$100 million worth of funds trusted to it. Additionally, most of Cryptopia’s users were international, complicating this process. If you are one of the victims, we offer our condolences and advise you to keep yourself posted on the latest updates regarding the liquidation of the platform. If you are not, we hope that you take a valuable lesson from this story on the risks that come with storing your assets on exchange platforms.