Hacked Cryptopia A Step Closer To Returning Stolen Funds

In January 2019, the New Zealand-based crypto exchange, Cryptopia, was hacked and lost cryptocurrencies worth $17.85. Later in May 2019, due to this, the exchange went into liquidation process.

Account Holders Win Over Creditors

Recently, Cryptopia's account holders achieved a big win over its creditors in the court. Now, as per the court’s order, Cryptopia’s creditors would have to return the lost funds to the account holders. 

The account holders are now a step closer to getting back their lost funds.

While following the court’s order, the company released an update notifying the account holders, “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.”

In order to refund the claims to the former clients of Cryptopia, Grant Thornton has planned a procedure. According to that, initially, the company would be using a special portal for verifying the account and other data of the clients.

Grant Thornton To Not Re-Open Cryptopia

Cryptopia’s liquidator has stated that till the completion of the first process, it could not go any further.

It also mentioned that the company could not afford to re-open the exchange in order to return the stolen funds. Grant Thornton, while giving the reason, stated that the company was hacked in the year 2019, and to date, the authorities have not been able to find the source behind.

Presently, the New Zealand police are investigating into the matter.

Grant Thornton has notified that before starting its reconciliation process, the company decided to put all the tones in a non-hacked environment. The company believed that by doing so, it would be able to re-secure the coin from being hacked.