Users of Hacked Exchange Cryptopia Can Now Make Claims to Recover Funds

The liquidator of the defunct cryptocurrency exchange Cryptopia has told former customers they can now begin making claims for the return of their funds.

In a blog post Wednesday, the New Zealand branch of accountancy firm Grant Thornton said it has opened a claims portal allowing affected users to register for the repatriation of property still held by the exchange. All accounts were frozen after over US$17 million in in ether and ERC-20 tokens was stolen during a hack in early 2019.

Grant Thornton said the “sheer volume” of emails means it is informing users about the portal in batches throughout the week.

Around 960,000 former Cryptopia users are being informed, and those registering are being asked to confirm some account details to ensure only verified users of the exchange make claims. As previously reported, Grant Thornton said the steps are necessary to ensure the repatriation of assets complies with New Zealand law.

In April 2020, a ruling by the High Court in Christchurch said customers were entitled to the assets they held in Cryptopia accounts, determining those assets are classed as “property.”

In turn, that ruling paved the way for Grant Thornton to initiative the claims. “This marks the launch of the Cryptopia claims portal to start the process of returning account holders’ property,” the liquidator’s post reads.

At the time of liquidation, Cryptopia had US$100 million in cryptocurrencies. It’s not clear what percentage of their original holdings users are likely to receive via their claims. As well as the large number of account holders, 37 creditors, 90 shareholders and New Zealand’s tax agency are also seeking a good portion of the company’s remaining assets.