Grant Thornton, the liquidator overseeing the bankruptcy of the once-popular cryptocurrency exchange Cryptopia, has officially started distributing funds to users affected by a devastating hack that occurred nearly six years ago. This marks a major step forward in the long-awaited liquidation process for more than 10,000 verified account holders.
On December 20, 2024, the liquidating firm announced that over the past two days, users holding Bitcoin (BTC) and Dogecoin (DOGE) have received crypto distributions totaling at least 400 million New Zealand dollars (approximately $225 million). This payout follows the approval of a claims portal by Grant Thornton in 2020, which enabled affected users to register and claim their lost assets from the hack.
The hack, which took place in January 2019, resulted in Cryptopia losing around $16 million worth of various cryptocurrencies. The event left thousands of users in a state of uncertainty, but the commencement of these payouts offers a ray of hope for those who lost funds in the breach. The exchange had around 1.4 million registered users at its peak in 2018, making it one of New Zealand’s largest and most well-known crypto platforms.
Despite the progress, this is only the first wave of distributions. Grant Thornton has stated that further distributions are planned for the new year. The liquidator emphasized the importance of all remaining account holders registering on the claims portal to ensure eligibility for future payouts. Users who have not yet registered are encouraged to complete the necessary steps before upcoming cut-off dates.
Grant Thornton also hinted at the possibility of additional “top-up” distributions, which could allow users to receive up to 100% of their holdings by redistributing assets from those who failed to register before the cut-off dates.
While the loss of funds from the 2019 hack remains a painful memory for many, the current distributions offer closure and a resolution to a lengthy process. For now, the Cryptopia liquidation saga continues, with more distributions expected in the near future.
As the liquidation process progresses, affected users are urged to stay updated on official notices from Grant Thornton to ensure they receive their rightful payouts.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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