The payouts mark the beginning of the end of years of waiting
The long-awaited compensation for victims of the 2019 Cryptopia hack has finally begun. Grant Thornton, the liquidator handling the now-bankrupt cryptocurrency exchange, has started distributing funds to verified account holders affected by the security breach. The hack, which targeted Cryptopia nearly six years ago, resulted in the theft of millions in crypto assets.
Over the past two days, payouts totaling over $225 million, or roughly 400 million New Zealand dollars, have been distributed to more than 10,000 verified users holding Bitcoin and Dogecoin. This marks a major step forward in the liquidation process, which has been underway since the launch of the Cryptopia claims portal in 2020.
The liquidators have confirmed that additional distributions are planned. Account holders who have yet to register on the claims portal are encouraged to do so to ensure their eligibility for future payouts.
Grant Thornton has announced that there may be further “top-up” distributions, potentially allowing registered users to recover up to 100% of their holdings. These additional payments would utilize unclaimed assets from users who fail to complete the registration process by the cut-off dates.
Cryptopia, once New Zealand’s largest cryptocurrency exchange with around 1.4 million users at its peak, was founded in 2014 and was among the pioneers in the country’s crypto space. It launched the NZed (NZDT), a New Zealand dollar-backed stablecoin, in 2017.
However, the platform’s downfall began in January 2019, when hackers made off with approximately $16 million worth of cryptocurrency. Months later, Cryptopia entered liquidation, owing $4.2 million to creditors.
While the payouts provide some relief to those affected, many users are still awaiting their share, and the process remains ongoing. Future distributions are expected in the coming months as more users verify their claims.
Editor at the Big Blind, is a rising star in gambling journalism with a decade of experience, focusing on clear and accessible communication for a diverse audience.
