Victims of Cryptopia Hack Receive Over $225 Million in Crypto Assets
After the infamous 2019 Cryptopia hack that shook the crypto world, there is finally some relief for the victims as the liquidators of the bankrupt exchange have started returning millions of dollars worth of crypto assets. This marks a significant step forward in resolving one of the most notable hacks in the industry.
A recent press release by Grant Thornton, the firm overseeing Cryptopia’s case, confirmed that over 10,000 verified account holders have received payouts totaling more than $225 million in crypto assets, including Bitcoin and Dogecoin. This distribution comes after years of meticulous efforts to identify users and verify millions of transactions from nearly a million accounts.
The claims portal launched in 2020 played a vital role in this process, enabling liquidators to align the payouts with a court decision from March 2020 that outlined how assets should be returned to users.
Remaining Funds to Be Distributed
While this initial distribution is a significant milestone, Grant Thornton plans to make additional payouts to verified users, including potential “top-up” distributions for those who have not yet received their full holdings. These top-ups may utilize unclaimed assets from users who do not register on the claims portal before the final cut-off dates.
The liquidators are urging all remaining account holders to complete their registration on the portal to qualify for future distributions. With new rounds of payouts expected in the coming year, there is hope for more users waiting to recover their funds.
Recalling the Cryptopia Hack
Cryptopia, once the largest crypto exchange in New Zealand with 1.4 million users, was a pioneer in the local crypto space, even launching a stablecoin in 2017. However, in January 2019, the exchange suffered a devastating hack that resulted in the loss of $16 million worth of crypto assets. Subsequently, Cryptopia went into liquidation, leaving creditors owed $4.2 million.
The recent payouts bring a glimmer of hope to the thousands of affected users, demonstrating that even in challenging situations, solutions can be found. It is a testament to the resilience of the crypto community and the efforts of the liquidators to ensure that justice is served.