Get Ready to Claim! Bankrupt Cryptopia Exchange Returns Crypto to Eligible Creditors
Cryptopia Plans to Distribute Bitcoin and Dogecoin to Account Holders After Cyberattack
The bankrupt crypto exchange Cryptopia has recently announced its plans to return bitcoin and dogecoin to qualifying account holders in the next few months.
The company, based in New Zealand, filed for liquidation in 2019 after millions of dollars worth of tokens were stolen in a cyber attack. However, with the approval of a valid process, Cryptopia is now on track to distribute funds back to its users.
-
02:26
DCG Reaches In-Principle Deal With Genesis Creditors
-
02:06
Crypto Custodian Prime Trust Files for Bankruptcy
-
04:58
Celsius Can Start Converting Altcoins to Bitcoin, Ether as of July 1, Judge Says
-
05:48
FTX’s Bankruptcy Fees on Track to Be ‘Very Expensive’, Court Examiner Says
This decision was made following a March 1 ruling in the high court in Wellington, New Zealand, where Cryptopia’s bankruptcy case is currently unfolding. According to an email sent to users on Thursday, the first round of distribution will see qualifying users receiving their BTC and DOGE over the next three months.
“After the initial distribution, we will continue to adhere to the approved process, which includes providing notice of any deadlines, and aim to distribute all remaining bitcoin, dogecoin, and other cryptocurrencies of sufficient value by the end of 2024,” the email stated.
This news comes as a relief to Cryptopia’s users, especially after the platform was hacked again in 2021 while undergoing liquidation. A former employee stole $170,000 in crypto from a wallet connected to Cryptopia. However, with the possibility of recovering stolen assets, the company plans to return the funds to account holders who contributed to “hack recovery costs” as well as those whose funds were stolen.
“The liquidators and Cryptopia will be utilizing the assets recovered by the FBI to take further tracing and recovery actions,” the email explained.
