Hacked Cryptopia Exchange Gets Closer To Returning The Funds

The hacked cryptopia exchange gets closer to returning the stolen funds as the liquidator of the New Zealand crypto exchange opens the portal for victims of the hack in 2019 as we reported in the crypto news before.

The exchange lost about $17.85 million worth of cryptocurrency because of the hack in 2019 and the recent court order gave the exchange account holders priority over the creditors. The hacked Cryptopia exchange will likely return the funds as the accounting firm Grant Thornton announced that they expect to open the claims registration process by the end of 2020. The exchange lost about $17.85 million worth of cryptocurrency because of a hack and went into liquidation in May 2019. The account holders recently scored a huge win in court which game them priority over the creditors of the exchange when it comes to returning the lost crypto. They are one step closer to getting the lost funds:

 “The expectation is the claims process will open by the end of the year with the [anti-money laundering process] to follow this. Once these two phases are complete, we expect the repatriation process to follow.”

The firm prepared a procedure for claiming the assets by former clients of the exchange and the latter will have to verify the accounts and other data on a specialized portal but unless this is completed, the accounting company will not be able to proceed:

 “We cannot re-open the exchange to return account holders’ coins. The exchange was hacked and the source of the hack is still unknown and is still being investigated by the New Zealand Police.”

Because of the hack, the liquidator re-secured the coins before undertaking the reconciliation process. Grant Thornton added that cryptopia account holders will have to undertake the know-your-customer procedures even if they already did so before the hack since the legal requirements in New Zealand.
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The users whose crypto was not affected by the hack will not be able to withdraw them:

 “Because no detailed reconciliation process between the customer database and the crypto assets held in the exchange’s wallets was ever undertaken, we cannot confirm that account holders’ coin balances will match the actual holdings for each coin.”

The liquidator assured the account holders that the process is being funded with the company assets and costs allocation of returning the account holders assets that will be subject to more directions from the Court.