9 Oct, 2019

Defunct Exchange Cryptopia Announces New Updates

Now-defunct cryptocurrency exchange, Cryptopia, announced new updates, following their announcement of their liquidation process.

Earlier this month, Crypto-News India had reported that the New-Zealand based cryptocurrency exchange, Cryptopia was shutting down and has already been placed under liquidation. A statement from Grant Thornton, an accounting company stated that the consecutive hacks which took place in January this year had a severe impact on the trading.

At the time, David Ruscoe and Russell Moore from Grant Thornton New Zealand were appointed liquidators of Cryptopia. Ruscoe had said, “We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders. Given the complexities involved we expect the investigation to take months rather than weeks.”

Now the exchange has answered a few questions, on the liquidation process. The company said, “On Friday 24 May 2019, we filed a petition in the Bankruptcy Court in the Southern District of New York (SDNY) seeking recognition of the New Zealand liquidation in the USA, and we also applied for urgent interim relief. We took these steps to preserve the Cryptopia information that is stored and hosted on servers with an Arizona based business.”

The company stated that the interim order would help retain the Cryptopia data, which included 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 would be impossible, the company added.

It further stated that withdrawal of the tokens, owing to the large number of users, would take a few months and they were working on that as quickly as possible.

The company said that the information was available on both- Cryptopia website as well as the Grant Thornton website.