NZ Hacked Exchange, Cryptopia’s Liquidators To Meet With Token Dev’s Today To Discuss Settlements


In mid-January this year, popular New Zealand crypto exchange, Cryptopia announced its hack which saw users lose crypto assets valued at $16 million USD (which could currently be much higher). After several investigations, court proceedings and pleas for bankruptcy in the U.S, Cryptopia is taking its first steps to reimburse its 900,000 customers’ hacked funds.

Cryptopia Liquidator Calls For A Developers’ Meeting

In a leaked email sent out to developers’ of the exchange platform on Sep 23, Grant Thomson, the accounting firm in charge of the liquidation process of Cryptopia, called for a meeting to discuss the way forward for the reimbursement of funds to users.

The meeting is taking place today, Monday, October 7, 2019, with developers scheduled to meet on a Skype webinar. The meeting will allow Grant Thomson to understand any underlying issues on the liquidation and offer an explanation of the process. Furthermore, the meeting is aiming to develop a platform and provide an opportunity for future collaborations with the accounting firm.

In May, the process to reimburse users hacked funds kicked off amidst doubts if the full amount will be paid out. Reports showed that the exchange pooled users’ funds in their internal server which makes the identification of particular holders’ assets really difficult. The process will take a couple of months as the liquidator has to puts up with strict KYC/AML regulations.

In August, Grant Thompson announced they had recovered users’ database from Arizona based PhoenixNAP – a big stride towards Cryptopia customers’ recovery of funds.

Cryptopia Funds On Binance Frozen

Following the widespread news of Cryptopia suffering a hack, some of the funds stolen from over 75,000 account wallets were transferred to Binance exchange. In a press release two days later, Binance CEO, Changpeng Zhao, confirmed the funds sent to Binance wallets were frozen after the community called out CZ on social media.

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