Grant Thornton unveils some details of action plan for Cryptopia platform

Posted 27 May, 2019

On May 27, the official liquidator of NZ Cryptopia exchange – Grant Thornton – has unveiled the action plan for refunding of the platform's users that lost their money.

According to a notice posted on the firm’s official website, it will take at least several months to restore information and determine how to transfer funds to creditors. The company awaits the official approval of the liquidation process from the US legal authorities. Specifically, this is a required measure since the exchange's data is kept on the services in Arizona. This move must be made to save the data containing information about crypto assets kept on users' accounts as well as personal data otherwise the recovery of the funds become impossible.

"The interim order preserves the Cryptopia data, which includes a SQL database containing all account holders’ individual holdings of cryptocurrencies and the account holder contact details. Without this information, reconciling individual holdings with the currencies held by Cryptopia will be impossible,"  stated Grant Thornton.

For reference, New Zealand cryptocurrency exchange reported a hack attack that entailed huge losses in January. According to some assessments, the total loss could be some $16 million. Later, the platform attempted to restore operations in cooperation with law enforcement units but announced the liquidation process in May.

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