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The developments following the bankruptcy of New Zealand-based cryptocurrency exchange Cryptopia are quite striking. A major cyberattack in 2019 resulted in the theft of millions of dollars in tokens from the platform, leading the company to file for liquidation. This was followed by a court process. An email sent to users now announces that Cryptopia will begin refunding crypto to some account holders.
Email Announces Upcoming Payments
According to the email, in the first distribution round, eligible users will receive their Bitcoin and Dogecoin within the next three months. However, a specific cutoff date is expected before the distribution, and the approved process must be followed. These plans were announced following a court decision on March 1st.
The developments after Cryptopia’s bankruptcy are a long-awaited step for users. However, considering the extent of the cyberattack, it remains unclear how much of the stolen crypto will be covered by the distribution. Additionally, as mentioned in the email, liquidators and Cryptopia’s assets recovered by the FBI may lead to further tracking and recovery actions, which is a significant detail.
Platform Liquidated in 2021
Cryptopia went offline in 2019 after $15.5 million was stolen from the platform. In 2021, while the platform was being liquidated, it was attacked again by a former employee who stole $170,000 in crypto from a wallet associated with the platform. The court process ended with a significant decision.
The court ruled that all cryptocurrency assets within the Cryptopia exchange belonged to the individuals who transferred money to the exchange, declaring that the trusts holding the funds would be accessible to those account holders. The court documents also indicated that Cryptopia acted only as an agent in this case.
These developments during the liquidation process of the cryptocurrency exchange Cryptopia highlight the challenges faced by the crypto world in terms of security and regulation. Protecting the rights of users during this process and ensuring justice remains a critical issue. We can expect more clarity on the exchange’s payments in the coming days.
