The current plan by Grant Thorton is to return assets to account holders by the end of 2024. You need to sign up to the claims portal below if you haven’t already and you’ll receive email updates from their team. CoinCodex tracks 44,000+ cryptocurrencies on 400+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders. Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum.
Withdraw stuck at processing
Later, in March, the exchange restarted trading services, but still had banking issues. Possibly signaling changes afoot, Cryptopia website went under maintenance yesterday without any message to the public on its social media platforms. It was first noticed by a Redditor who asked whether the exchange had been hacked again.
- The liquidators ensured the distribution process adhered to a 2020 court ruling, which declared that digital assets held by Cryptopia are property in the context of liquidation.
- In October 2021, Grant Thornton put the second stage of the claims process in motion.
- After years of work to identify and confirm the users affected by the hack, this is a major step.
- It is really powerful, in the sense that it supports over 400 different cryptocurrencies.
- Currently, the liquidation process is in its second stage of claim acceptance, and the liquidator company is working on collecting enough data from the holders.
However, as Cryptopia accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies. This New Zealand cryptocurrency exchange doesn’t charge different fees between takers and makers. They offer flat fees of 0.20% of the order value of each order from both the takers and the makers.
Top 5 Exchanges
Thus, it was an obligation of the exchange to compensate its users in the future. The funds (USD) securing the value of CLM were to come from fees for user transactions. In essence, it was a form of credit taken by the owners of Cryptopia from users of this portal, and the credit was to be spread over a long period of time. Since such a loan is a liability, as a Cryptopia liquidator, they have taken over the obligation to repay it. As I should understand the acceptance of balance CLM, you cannot send it because it does not exist in blockchain technology Ultimately, users who register and verify that they had a Cryptopia account will be able to retrieve their cryptocurrency.
Cryptopia Returns Millions in Crypto to Users After Liquidation
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
- You can follow the updates regarding the process from Grant Thornton’s page on Cryptopia liquidation.
- This wallet is exceptionally user-friendly, enabling direct transfers, swaps, purchases, and sales of items.
- Should I retry withdrawing through some other coin or is it completely pointless?
- Cryptopia is conceived as a self-governing society where its citizens actively shape policies through a secure and transparent decision-making process, with policies becoming effective only upon majority approval.
- In essence, it was a form of credit taken by the owners of Cryptopia from users of this portal, and the credit was to be spread over a long period of time.
- Whether you’re new to crypto or an experienced trader, we’re here to help you every step of the way.
Company:Cryptopia
Cryptocurrency trading is fraught with risks, including the high volatility of assets and potential security breaches on blockchain platforms. Cryptopia, a New Zealand-based crypto exchange, suffered a significant hack in 2019, resulting in the loss of a large sum of digital assets from user wallets, leading to the platform’s liquidation by Grant Thornton. The liquidators of the bankrupt Cryptopia exchange have reached a significant milestone in their ongoing liquidation process. More than 10,000 verified account holders have now received their first cryptocurrency distributions over the past two days. It is part of an effort to return assets to those who have been affected by the Cryptopia 2019 hack.
The company is now notifying Cryptopia users via email, but says it’s doing so in batches due to the »sheer volume« of users involved. Cryptopia, the cryptocurrency exchange hit by a major hack in mid-January, has gone into liquidation and suspended trading operations. If you have been in this space for less than 4 years, chances are you might have never even heard of Cryptopia, the once mid-sized (and largest in New Zealand) crypto exchange. Earlier today my friend sent me the image below, the 9th update (from 1 week ago) from the creditors ‘Grant Thornton’ based in New Zealand who have been processing the liquidation of Cryptopia since… 2019. That’s right, this company has been milking any hopes that customers had to have their funds returned to them for more than 4 years, although, there may be light at the end of the tunnel, for some at least. LiveBitcoinNews is a leading online platform dedicated to providing the latest news and insights about Bitcoin and the broader cryptocurrency market.
On 15 January 2019 Cryptopia announced that they had « suffered a security breach which resulted in significant losses ». A report from Elementus, a New York-based blockchain company, estimated the value of stolen funds cryptopia withdrawal time to be around $23 million NZD (US$16 million). It also stated that the theft began on 14 January and continued until the 17th.
Either way, 4+ years is a lot of time, and although I don’t know how difficult a liquidation case like this is, it sure seems like it’s been extended to slowly get through it while being paid their fees. This is all still ongoing, in stage 4 there will be a wallet collection for each of the assets owed so the creditors can send the assets owed to the recipient. As can be seen in the image above, they are finally at the application for distribution stage. During these 4 years they have spent $20,500,000 (NZ$) of users funds to go through this process. The liquidators also thanked account holders for their patience and cooperation. Although they work tirelessly to get the assets to all eligible users, they still have not done it yet.
Bankruptcy proceedings for Cryptopia are currently pending in New Zealand courts. While it was operating, Cryptopia was among the most popular cryptocurrency exchanges for public pump-and-dump activities. From May to December 2017 Cryptopia grew from 30,000 to 1,000,000 users.
In October 2021, Grant Thornton put the second stage of the claims process in motion. The process involves reaching out to account holders to register their claims and creating a dedicated customer support portal on Zendesk to assist account holders with their asset transfer process. You can follow the updates regarding the process from Grant Thornton’s page on Cryptopia liquidation.
The platform suffered a security breach on January 14, 2019, causing significant losses to users from over 183 countries around the globe. The Cryptopia team immediately informed the legal authorities, suspended trading activity on the platform, and took Cryptopia into maintenance mode. However, it was later found out that the hacks were still going on even after the police had been involved.
The New Zealand branch of professional services firm Grant Thornton was appointed as the liquidator, and one of its responsibilities is to set up a claims process for users who still had funds left in their Cryptopia accounts. Cryptopia was a New Zealand-based cryptocurrency exchange that was forced to shut down after suffering a major security breach in January of 2019 in which hackers stole a significant portion of the cryptocurrencies held by the exchange. According to estimates, the value of the stolen crypto assets was over $20 million at the time.
After you upload documents to your personal account or send them by e-mail, our operator will process the data within several working hours. If the documents meet the requirements, they will be submitted for review to the internal control service. You’ll be notified of all verification stages by e-mail.Please direct your attention to clause 1.4 that regulates this issue. We hereby certify that we do not aim to delay our clients’ withdrawal requests while we also guarantee the utmost security and safety for all transactions between our clients and us. To learn when we reserve the right to ask you for identification documents, please refer to the Agreement for International Financial Services. Explore our comprehensive guides and support resources designed to help you navigate the world of cryptocurrency.