Grant Thornton, the liquidator of bankrupt Cryptopia, has commenced the reimbursement of funds to the users of the exchange. The liquidator made the announcement on Friday via a post on its official web page. 

According to the statement, the company will send funds to above 10,000 verified users who lost their assets to the hack on Cryptopia in 2019. As revealed, registered account holders have received about $225 million in the last two days, marking a significant milestone in the liquidation process. 

Cryptopia is one of the earliest cryptocurrency exchanges following its establishment in New Zealand in 2014. The exchange swiftly established its presence in the market and matured into one of the largest virtual assets service providers in New Zealand. 

In 2017, Cryptopia became the first stablecoin issuer in New Zealand after launching NZed (NZDT), backed by the country’s local currency NZD. As of 2018, the exchange already had 1.4 million verified users.

It is worth mentioning that in January 2019, Cryptopia suspended the withdrawal of funds on its platform after suffering a cyber breach. Then, early estimates indicated that the cryptocurrency exchange lost $16 million of digital assets to the attack.

How Grant Thornton Handled the Repayment Process for Cryptopia 

However, in May 2019, Grant Thornton, via an official statement, disclosed that the exchange had a debt of $4.2 million to pay creditors. Thereafter, the company launched a claim portal in 2020, urging affected users to register on the platform. 

Following the flag off of the refund effort, Grant Thornton hinted that it would continue to maintain the standard for the reclaim process. Also, the company added that it will constantly provide information that will assist traders to keep up with the operation. 

By that, the liquidators promised to provide details of cut-off dates before sharing the remaining assets between verified account holders. Meanwhile, the company explained that there may be an additional reimbursement that will see users receive about 100% of their assets. 

Grant Thornton stated that it will use unclaimed assets belonging to users who fail to register in the claims portal after the cut-off dates. Therefore, the firm urged all users of Cryptopia to register on the claims portal following stipulated guidelines. 

Lastly, the company explained that the distribution process for newly registered claims will come up by 2025. 

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