cryptopiaA New Zealand-based cryptocurrency exchange that went bankrupt after a hack in 2019, has began returning funds to affected users.
Cryptopia was founded in 2014 and quickly became one of New Zealand’s first cryptocurrency exchanges. For 2018, had over 1.4 million users and even launched one of the country’s first stablecoins, NZed (NZDT)backed by the New Zealand dollar.
On December 20 Grant Thorntonthe company that manages the liquidation of Cryptopia, announced the start of payments to users affected by the hack. Over two days, more than 10,000 verified account holders received partial Bitcoin distributions
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The payments totaled approximately NZ$400 millionequivalent to $225 million.
Grant Thornton plans to continue distributing the remaining assets, mentioning Additional payments for newly verified users are expected to begin in the New Year.. They will also announce deadlines for users to register and submit claims before additional distributions occur.
Grant Thornton too urged account holders to register and use the complaints portalensuring they are included in future payments.
Furthermore, liquidators have mentioned the possibility of “rechargeable” payments. These payments allow account holders recover up to 100% of your lost funds using “unclaimed shares” of users not registered in the complaints portal by the specified deadlines.
As Cryptopia users begin to claim their funds after almost six years, another crypto exchange, FTX, is also preparing its refund process. When will FTX distribute the funds to its users? Read the full story.
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