Cryptopia Liquidators Have Made Progress But Yet to Announce Reimbursement Date

  • Liquidators for hacked crypto exchange Cryptopia report making strides in reconciling user funds.
  • Accounting firm stressed patience as they sort through more than 900,000 clients while complying with NZ laws. 

Liquidators for hacked crypto exchange Cryptopia have reportedly made strides in reconciling user funds, but have yet to announce a date for reimbursement. 

New Zealand-based Cryptopia was the first major crypto exchange hacked in 2019, notifying clients on Jan. 14 that it had suffered significant losses. In May, accounting firm Grant Thornton LLP was tasked with liquidating Cryptopia and attempting recovery of the assets to reimburse clients. 

Grant Thornton has previously reported on the difficulty of distinguishing individual account reimbursements, as the exchange pooled all of its funds into a shared wallet rather than using separate client wallets. 

However, the most recent stakeholder update claims the accounting firm says progress with reconciling the database is “well underway,” despite having to sort through more than 900,000 customers and 400 different crypto-assets. 

The update outlined how the accounting firm will proceed once user funds are reconciled, 

While our reconciliation process is progressing well, we still require direction from the New Zealand courts before we can return crypto-assets to customers. The information outlining the legal process included in the last communication is still current and is set out below.

Grant Thornton also stressed the slow process of complying with KYC in returning crypto-assets, which is a legal requirement in New Zealand. 

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