Bankrupt Cryptopia exchange distributes $225M to hack victims

Liquidators Distribute Millions to Hack-Affected Cryptopia Users

Grant Thornton, the liquidating firm for bankrupt cryptocurrency exchange Cryptopia, commenced distributing funds to over 10,000 verified account holders who were impacted by the 2019 hack.

Verified accounts received crypto distributions worth over 400 million New Zealand dollars ($225 million) in Bitcoin (BTC) and Dogecoin (DOGE) over the past two days.

Next Steps in the Liquidation Process

Grant Thornton will continue the approved process, including providing notice of cut-off dates before distributing remaining BTC, DOGE, and other coins to account holders.

Additional distributions may be made to account holders who register with the claims portal before the deadlines. They could potentially receive up to 100% of their holdings using "unclaimed holdings" from inactive accounts.

Background on Cryptopia

Cryptopia, established in 2014, was an international cryptocurrency exchange based in New Zealand. The hack in January 2019 resulted in the loss of approximately $16 million worth of crypto assets.

Grant Thornton, appointed as liquidator in May 2019, estimated the exchange's liabilities to creditors at $4.2 million.

Call to Action

Grant Thornton urges all Cryptopia account holders to register on the claims portal and complete the required steps for future distributions.

"Further distributions for newly verified users are planned for the New Year," stated Grant Thornton.