I know a lot our members had accounts and some funds on Cryptopia and here is latest news about cryptopia:
Quote from Cryptopiahack Telegram channel:
https://t.me/cryptopiahackedHere's a longer summary of the latest liquidator statement:
GOOD NEWS
- The liquidator, global accounting firm Grant Thornton (GT), has solved the MOST IMPORTANT AND URGENT PROBLEM; they have recovered the client database from the supplier in Phoenix, US.
NEXT STEPS FOR LIQUIDATORS
- GT is now reconciling the customer database with the Cryptopia wallets. This is complex as there are hundreds of thousands of wallets.
- This process is made more complex as new wallets were established at the time of the hack (either by the hackers or by Cryptopia staff to protect the assets from the hackers, the statement does not make this clear).
BAD NEWS
- Because of the January hack, the reconciliation process is complex and time-consuming.
- When returning assets to customers, GT must be compliant with NZ and International anti-money laundering (AML) and know-your-customer (KYC) laws. Note they do not say what the process will be, only that they need to follow the laws.
- Legal advice will be needed to determine the nature of the legal relationship between Cryptopia and its clients.
- Because of the previous hack, GT cannot simply open the exchange to let customers recover coins.
OTHER THOUGHTS
- GT does not make any comment the amount of funds that will likely be available to reimburse customers. I interpret this as good news; the initial accounts published by GT show that the company does NOT have large debts. If the amount of the recoverable funds were lower than previously expected, I would guess they would say this to prepare customers for the worst.
- GT are going to pay for a fair amount of lawyers, which will ultimately reduce the amount available to pay to customers.
BOTTOM LINE
- GOOD NEWS: GT is doing a great job and customers will likely recover most (?) of their holdings.
- BAD NEWS: The situation is complex and the process will take time. You will have to wait months, not weeks.
https://t.co/7JDLqxTCLl?amp=1
