Victims of the hacked New Zealand crypto exchange Cryptopia may soon recover their stolen funds with the liquidators planning to begin the claims registration process before the end of the year.
Cryptopia was one of the cryptocurrency exchanges to suffer a security breach in 2019. In all, 12 major platforms suffered a similar fate with over $290 million stolen and half a million customer details compromised by hackers.
Cryptopia Claims Registration Portal to Go Live in December
Grant Thornton, the accounting firm handling the liquidation process, issued a new update on Sept. 18 detailing the progress made in the case. According to the public release, the Cryptopia liquidator is still finalizing the preliminary claims process.
Upon completing the preliminaries, Grant Thornton plans to launch a claims registration portal. Affected users of the exchange will need to verify their accounts as well as complete another Know-Your-Customer (KYC) verification step.
According to the company’s statement, the claims registration process will commence in December. The Cryptopia liquidator plans to publish another update containing all the required information for the fund repatriation exercise.
Responding to frequently asked questions by affected Cryptopia users, the liquidator revealed that company assets belonging to the defunct exchange will fund the restitution process. Based on an earlier court decision, Grant Thornton also revealed that the return of customer funds “will be in crypto where possible.”
As previously reported by BeInCrypto, victims of the Cryptopia hack scored an important legal victory back in April. At the time, the New Zealand High Court ruled in favor of the affected users granting them priority over creditors of the defunct exchange.
Cryptopia was the first reported cryptocurrency exchange hack of 2019, with the breach occurring barely two weeks into the start of the year. The hackers reportedly stole about $16 million in crypto tokens from the platform. Several attempts to resume operations in 2019 proved abortive.