New Zealand crypto exchange Cryptopia has announced the third phase of its reimbursement plan after a 2019 hack that saw customers lose over $15 million.
In the third phase, account holders whose identities were previously verified can log onto a claims portal to confirm that their balances are correct. After that, in stage 4, customers will receive their outstanding asset balances.
Cryptopia’s 2019 hack
Cryptopia filed for bankruptcy protection and went into liquidation in May 2019 after a Jan. 2019 hack that saw 15% of client funds stolen.
Since 2020, liquidator Grant Thornton has called on account holders to register and identify themselves. This is because Cryptopia stored customer funds in a pooled wallet rather than individual wallets. The exchange executed trades on an internal ledger and recorded them in a database. Accordingly, the liquidator had to reconcile both to find out customer balances before the…
