Additionally, any contact by agents regarding the hacker’s trades would invalidate the treaty. The demands include “complete executive control” over the Kyber company, temporary authority over KyberDAO, and ownership of all related documents and assets. This is the official subreddit of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
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. More than four years on from the beginning of the Cryptopia exchange liquidation process, liquidators Grant Thornton have yet to return any account funds to Cryptopia’s customers. The liquidation process which began in May 2019, following the all-encompassing exchange hack of January 2019, remains ongoing. Grant Thornton first began referring account holders to the Cryptopia claims portal in December of 2020.
This means that the cryptocurrencies are owned by the account holders, and will not form part of the pool of assets available to unsecured creditors. Crytopia is a peer-to-peer cryptocurrency exchange based in Christchurch, New Zealand, launched by Rob Dawson and Adam Clark in 2014. Just like Binance or Coinbase, Cryptopia used to be a cryptocurrency exchange platform. The project initially started off as a hobby, but by 2017, the duo quit their jobs to run the platform full-time, probably thanks to the soaring Bitcoin (BTC) prices at the time. This isn’t because blockchain technology is inherently risky or vulnerable to fraud or scams.
- In both attempts, the XMR was withdrawn from my trading account, sat in limbo for a couple of weeks, and then got deposited back in my Cryptopia trading account.
- Cryptopia’s team promised all of the users who lost their funds in the hacking attempt that they would get their funds back in their accounts.
- The decision was firstly driven by the fact that cryptocurrency is “property” for the purposes of the Companies Act 1993.
- I keep seeing threads appear regarding the amount of time it takes to withdraw from cryptopia.
We’ve covered everything from the number of coins the platform supports, fees, regulation, and of course, its recent multi-million dollar hack. While there are still a large number of Cryptopia users yet to withdraw from cryptopia be accounted for, the Grant Thornton customer support says it has engaged with 93,700 claimants. As of a December 2022 update, 84.5% of users had participated in the Cryptopia claims process in some way.
What happened to Cryptopia after the security breach?
The focus will be on the user accounts that are believed to have received funds from the hack. Since then, the investors have been in a state of limbo and the assets have remained frozen for a couple of years. Cryptopia continued saying they were going to restore all funds within a few months. Because Cryptopia operated as a centralized exchange (CEX), it kept custody of its users’ funds and had access to all of the private keys.
- This drew a lot of attention from coin enthusiasts around the world and turned Cryptopia into a trending platform.
- If you’re looking for a new cryptocurrency exchange to join, but not sure which one to go with, you might be thinking about using Cryptopia.
- While there are still a large number of Cryptopia users yet to be accounted for, the Grant Thornton customer support says it has engaged with 93,700 claimants.
- On the contrary, the technology has been rock solid in keeping an immutable ledger by recording every single transaction ever made.
- It derives its name from “(Bi)nary fi(nance)” and was founded in 2017 by Changpeng Zhao and Yi He.
As we have already discussed, fiat currency deposits are only available for New Zealand residents, via a New Zealand bank account. Alternatively, you’ll need to use cryptocurrency to deposit and withdraw funds. As noted above, Cryptopia has one of the most extensive lists of supported coins. At the time of writing, this exceeds over 500 different cryptocurrency pairings. Here’s a list of the coins that were supported before the platform went down for maintenance.
In the end, take this experience as a lesson and always make sure to opt for crypto exchanges that have proven records and security measures with current standards. You should also consider storing your cryptocurrency in hardware wallets, such as Trezor and Ledger. These are some of the main reasons why many people prefer to trade on the Binance Exchange.
Cryptopia update – Liquidator Says It’s Close To Returning Funds
This created a dispute in terms of the ownership of the assets after the hack. After the hack, Cryptopia announced that they would give a rebate to users who lost their funds, but the team didn’t give further explanation as the hows of it were still not clear. When Bitcoin and altcoin prices skyrocketed in 2017, Cryptopia had also seriously expanded its services to keep up with the booming market.
What is the Cryptopia exchange?
Grant Thornton has reported that some restrained assets attributed to the hack and theft have been traced to the USA, and that US law enforcement has been petitioned to offer support. The international nature of Cryptopia has meant that actions have been filed in the United States, Singapore, and Malaysia to track assets. This was mainly done to track whether assets attained during the hack were shifted to exchanges and then sold or laundered. They have also continually worked with NZ police over the last four and a half years. At the time of its collapse, Cryptopia had 800,000 users with a positive balance and well over US$100 million worth of funds trusted to it.
How to sign up and trade on Cryptopia
The decision was firstly driven by the fact that cryptocurrency is “property” for the purposes of the Companies Act 1993. And secondly, the account holders’ cryptocurrency is held in trust by Cryptopia on behalf of users. Judge Gendall says the courts had to clarify concerns around the legal nature and status of the digital assets and potential equitable interests in them. Whether digital assets could be considered property and if Cryptopia’s account holders had rights to this property. Liquidators had to forensically reconstruct parts of the exchange wallet based on on-chain movements to corroborate customer withdrawals.
On the contrary, the technology has been rock solid in keeping an immutable ledger by recording every single transaction ever made. However, especially at the early stages of the crypto hype, the pitfalls of blockchain technology weren’t discovered yet, and measures against cybercrime weren’t regularly implemented. Binance is perhaps the most popular cryptocurrency exchange in the world today. It derives its name from “(Bi)nary fi(nance)” and was founded in 2017 by Changpeng Zhao and Yi He.
If your coin isn’t paired with the coin you deposited with, you might need to make an additional trade. Once you’ve decided which coin you want to deposit with, click on the ‘deposit’ button placed next to it. Paste the address in, decide how much you want to deposit, and confirm the transfer. First you will need to head over to the Cryptopia homepage and register an account.
David Ian Ruscoe and Malcolm Russell Moore, of Grant Thornton New Zealand Limited, were appointed jointly as liquidators of Cryptopia Limited in May 2019. The latest Cryptopia news is that a new liquidators report has been released in the last week, following the previous report which came out in November 2022. After further investigations, Cryptopia announced that 9.4% of the assets stored on its servers were stolen. This number was equal to 23 million NZD or 16 million USD at the time and was considered to be the biggest scam ever pulled in New Zealand. If you are into cryptocurrency trading, you must have learned by now that it’s a risky business – either by doing your research or by having your fingers burned and learning it the hard way.