Grant Thornton releases new progress report for NZ Cryptopia

Posted 03 July, 2019

The liquidator of dead NZ Cryptopia cryptocurrency exchange has released a fresh report about the ongoing process at the platform. The company has published the update report on its website today.

According to the report, Grant Thornton has managed to achieve certain progress in the process. In particular, it was taken measures to protect cryptocurrency holdings. 

"We have obtained Chapter 15 Bankruptcy Recognition in the United States. Now that the Recognition Order has been entered, certain protections apply to Cryptopia and its property within the territorial jurisdiction of the United States," the report reads.

In the area of customer holdings, the liquidator also successfully settled down one of the key challenges. They have recovered holdings database from Phoenix. Thus, Grant Thornton's team is taking actions to compare the data with the wallets that remained under the platform's control.

"We have begun and continued the process of recovering certain wallets which were established after the January hack and moving them into a “safe non-hacked environment”

The liquidator is cooperating with legal experts to return the remaining assets to holders. Still, this process requires time depressed by the January hack, as it was stated in the document. Specifically, the exchange that was hacked can not just re-open services. The liquidators in the country must follow certain local and international requirements including AML and KYC.

Grant Thornton managed to get a bankruptcy status for the exchange in the USA, which brought extra protection for crypto assets in the USA. However, the international investigation remains at the very beginning.

The company said it would keep publishing regular progress reports on its Twitter or Facebook pages.

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