As a researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find it both fascinating and heartening to witness the return of $225 million worth of cryptocurrency to Cryptopia account holders. Having closely followed the unfortunate demise of this exchange back in 2019, it’s a relief to see some form of resolution taking shape.
In simpler terms, after filing for bankruptcy in 2020, the failed cryptocurrency exchange Cryptopia has started returning approximately $225 million in digital currencies to its account holders. This is part of their initial distribution plan.
As a crypto investor, I’ve just learned some exciting news from the NZ Herald: The liquidators of a New Zealand-based cryptocurrency exchange announced that over 10,000 account holders have received cryptocurrencies valued at over NZ$400 million ($225 million) in the last 48 hours. That’s quite a substantial inflow for our crypto community!
Since the opening of Cryptopia’s claims portal four years ago, as per Justice David Gendal’s 2020 decision, Grant Thornton – the firm responsible for distributing Cryptopia’s assets – has been diligently working to identify users in order to make payouts to customers.
The company disclosed that only 10,000 accounts represent a small fraction, since it’s thought that approximately 960,000 users are eligible for compensation following the collapse of the cryptocurrency exchange.
Grant Thornton stated that the intricate procedure encompassed restoring the compromised cryptocurrency platform and balancing out over eight hundred thousand users’ transactions worth millions,” in simpler terms.
Furthermore, the company suggested a supplementary redistribution plan for Cryptopia account holders, enabling them to potentially receive up to 100% of their “unclaimed assets” from accounts that were not registered in the claim’s portal past the specified deadline.
As a crypto investor, I’m being advised to ensure my account is registered on the designated portal promptly. It’s crucial to comply with all the prerequisites for any future distributions to avoid missing out.
In the near future, the people handling the liquidation process will inform account owners about the preliminary deadline, often referred to as a ‘soft cut-off date’. Additionally, the company has plans to distribute funds to recently verified users starting from the New Year.
Back in 2019, Cryptopia experienced financial collapse following a cyber attack that resulted in approximately $16 million worth of cryptocurrency assets being stolen. By May of the same year, liquidators calculated that the platform had debts amounting to roughly $4.2 million to its creditors.
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2024-12-20 13:09