Grant Thornton, Cryptopia Liquidators Releases Update

The Cryptopia liquidators, Grant Thornton has announced a new update apparently in a bid to let the exchange customers know of the progress it has made towards refunding them. This is the second update since July 3, 2019.

According to the release, there have been challenges in the reconciliation of the exchange customers with their holdings due to the fact that individual accounts were not linked with specific wallet addresses as may be found in most centralized exchanges.

The fact that cryptopia had more than 900,000 customers holding 400 digital assets made the task even more daunting. However, the liquidators announced that it was able to access as the customers’ data from the datacenter serving the exchange.

This server located in the US has given the liquidators the break they needed since there are certain digital assets information that were accessed through the datacenter.

Assets Moved To Safe Environment

On the safety of the Cryptopia assets, Grant Thornton announced that it has moved all assets belonging to investors to safe non-hackable environment since it has not yet been determined how the exchange security was bridged.

It stated that it is working with the Swiss police to unravel the cause of the hack buy has completed securing the assets, a move initiated by Cryptopia before handing over to the liquidators.

The release announced that the slow pace of work is due to the fact that reconciliation of customer account with their holding is being done manually. The good news is that progress is being made. 

However, the customers were alerted to the fact that there are still some legal hurdles that would be determined by the New Zealand courts. These are related to the status of digital assets and the fact that the exchange has been closed.

Fresh KYC for All Cryptopia Investors

Consequently, it made it known to Cryptopia customers that in future, they would be communicated on when identification processes would be commenced. This would entail conducting new KYC and AML procedures for all the customers.

Cryptopia was hacked at the beginning of the year. Weeks later, the exchange declared bankruptcy and Grant Thornton was appointed as liquidators. Since then, the firm has been working on the complex process of identifying all the exchange’s assets and reconciling them with the customers’ accounts.

 

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Author: Chris Mharc

Hello, I am Christ Marc, a young crypto enthusiast who has been in the market for a few years, I heard from bitcoin via a few friends and since then I became deeply interesred in this technology, now I am pursuing my studies with the incentive to master tomorrow's technology.

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