Cryptopia Hack Victims Finally Receive $225 Million in Crypto Payouts
Victims of 2019’s infamous Cryptopia hack are finally getting some relief as liquidators of bankrupt exchanges begin returning millions of dollars worth of cryptocurrency. This marks a big step forward in addressing the aftermath of one of the crypto world’s most famous hacks.
Hack victims eventually receive $225 million in compensation
in a recent press releases Grant Thornton, the liquidation firm responsible for the Cryptopia case, confirmed that more than 10,000 verified account holders have received payments totaling more than $225 million in crypto assets, including Bitcoin and Dogecoin.
These distributions were made possible after years of efforts to identify users and verify millions of transactions across nearly a million accounts.
secretive Claims portal, launching in 2020is a key tool in this process. The liquidators worked to ensure payouts were consistent with a March 2020 court decision that clarified how assets would be returned to users.
More funds will be allocated
This initial distribution is just the beginning. Grant Thornton plans to offer additional payouts to verified users, with the possibility of “top-up” allocations for those who have not yet received their full holdings. These top-ups may use unclaimed assets from users who did not register on the claims portal by the final deadline.
The liquidator urges all remaining account holders to complete registration on the portal to be eligible for future distributions.
A new round of payments is expected next year, giving hope to more users waiting to get their money back.
Cryptopia hacker
CryptoeaOnce New Zealand’s largest cryptocurrency exchange, with 1.4 million users, it peaked in 2018. It has played a pioneering role in the local cryptocurrency space and even launched a stablecoin in 2017.
However, the exchange’s story took a dark turn in January 2019, when a hack resulted in the loss of $16 million worth of crypto assets. Shortly after, Cryptopia entered liquidation, owing creditors $4.2 million.
Perhaps, the recent payments have given hope to the thousands of affected users, showing that even in difficult situations, solutions can be found.
