As a researcher who has been following the intricate web of events surrounding the Cryptopia hack since its occurrence, I must say that this recent development brings a glimmer of hope to the crypto community and the affected users alike. After years of relentless work by the liquidators, the distribution of over $400 million NZD worth of cryptocurrency is indeed a monumental step towards justice.
In simple terms, the liquidators of the Cryptopia exchange are distributing a total of $400 million to the victims who suffered losses during the 2019 hack. Further distributions are expected to be made to confirmed users in the upcoming new year.
The liquidators handling the collapsed Cryptopia exchange have made a notable advancement in their ongoing liquidation. Over the past two days, over 10,000 verified account holders have received their initial cryptocurrency payouts as part of an endeavor to return assets to those impacted by the Cryptopia hack from 2019.
Within merely two days, Grant Thornton, responsible for the liquidation process, announced that approximately $400 million NZD in cryptocurrency, including Bitcoin and Dogecoin, had been successfully recovered and transferred on the blockchain. After tireless efforts to trace and confirm the users impacted by the hack, this is a significant milestone in the recovery process.
Cryptopia Liquidators Work to Return 100% of Holdings to Users
Since 2020, liquidators have been diligently working on the Cryptopia claims portal to balance out transactions from approximately 960,000 users. This process follows Justice Gendall’s decision from March 2020, which mandates that assets be returned “in-specie.” Essentially, this means that users will receive their cryptocurrency holdings in the same form they were initially stored.
While this initial distribution is a major accomplishment, it is not the last. Going forward, liquidators will stick to the approved process and distribute any remaining Bitcoin, Dogecoin, and other cryptocurrencies of sufficient value before cut-off dates are given.
Additionally, there might be a distribution where extra funds are given to account holders. This would mean that users would receive the full value of their assets, with any unclaimed assets being taken from those users who haven’t registered on the claims portal before the announced deadlines. Account holders will be informed about the soft deadline by the liquidators in the near future.
For all account holders yet to do so, it’s important to sign up on the claims platform to ensure eligibility for forthcoming disbursements. We have plans for more distributions to newly verified users starting the new year.
The liquidators expressed gratitude to account holders for their understanding and cooperation. Despite putting in countless hours trying to distribute the assets to all qualified users, they haven’t completed the task just yet. Given that the process continues, no additional comments will be given for now.
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2024-12-21 21:31