cryptopia withdrawal 1

A Christmas miracle?

In 2021, while the platform was being liquidated, it was hacked again – this time by a former employee who stole $170,000 in crypto from a wallet tied to the platform. We recommend that any account holders who have entered into a sale and purchase or assignment agreement with any of these third parties seek independent legal advice. These third parties might use the name « Cryptopia » in their email address, subject line, or in headings of their communications to account holders. These communications and approaches are not from the liquidators.

In November 2020 Grant Thornton issued a warning to Cryptopia account holders after a New Zealand court mistakenly released Cryptopia customer data to an “unauthorised third party”. Issues stem from the cryptopia withdrawal difficult nature of some of the questions used in the verification process. For example, some users have been asked to provide a date that they performed a specific action on the exchange, or a blockchain transaction ID for a trade or withdrawal. For many users this information is difficult to retrieve due to the length of time that has passed since the exchange was shut down. The latest developments from reporting from New Zealand news site Stuff on February 18th that more cryptocurrency was stolen from a Cryptopia related wallet on February the 1st this year. Stuff says $62,000 worth of the XSN cryptocurrency was removed from a wallet owned by US company Stakenet.

About the Cryptopia Exchange

• The firm revealed that 10,000 accounts is just the tip of the iceberg, as the exchange has an estimated total of 960,000 users entitled to compensation after the crypto exchange’s untimely demise.
• The liquidation process is ongoing, with Grant Thornton currently in the claim registration stage, urging affected users to file their claims to recover their assets.
• From 14 to 17 January, $16 million worth of cryptocurrency was stolen from the exchange.

If you are dissatisfied with the liquidators’ decision, you may, at any time up until the final cut-off date of 30 September 2025, request a review to determine if the decision should be reversed or varied. The entitlement of each account holder to your respective Cryptocurrency is calculated as at 14 May 2019. Cryptopia closed after the hack, re-opened for a short period, and was then placed into liquidation in May 2019. It’s like the hallmark end of the era where everything followed the question « wouldn’t it be cool if…? »Now we have regulatory overreach, chasing big profits but whining about counterparty risk/customer service, influencers, and Raccoons in suits. Wallet Address Collection will be launched for those qualifying and registered Bitcoin and Dogecoin holders in the coming weeks. Our Content on the Website is Our own opinion and does not constitute financial or investment advice in any way whatsoever.

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• Grant Thornton also reports that they have received orders permitting them to convert NZ$5 million worth of DOGE (held by Cryptopia).
• In a somewhat bizarre turn of events, Glaser emailed the Grant Thornton team to reveal he was the BTC thief and also admitted to stealing NZ$10,000 worth of other cryptocurrencies.
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Instead, you’ll need to acquire either BTC, USDT, NZDT, LTC, or DOGE and transfer it to your Cryptopia account to begin trading. Cryptopia’s terms and conditions record that account holders may not assign their rights or obligations. The liquidators consider that the terms and conditions remain in force, and any assignment or transfer of an account holder’s entitlements is not binding or enforceable against Cryptopia. This is explained in more detail in our update on 20 February 2024. We issued proceedings against these third parties to prevent them from continuing to mislead or confuse account holders. In response the New Zealand Courts has granted injunctions prohibiting these parties from continuing to represent themselves using Cryptopia’s name.

The project initially started off as a hobby, but by 2017, the duo quit their jobs to run the platform full-time, probably thanks to the soaring Bitcoin (BTC) prices at the time. Numerous users have begun reporting issues with deposits as well as withdrawals. Apparently, transfers either freeze or never show up, and customer support is slow to respond to any issues. This means that you’re unable to use it to buy coins with fiat currencies like the USD.

Grant Thornton New Zealand released its Liquidators’ Third Report on the State of Affairs of Cryptopia on June 12th. AML/CFT verification – Account holders’ identities will be verified to the standard required for New Zealand’s antimoney money laundering and counter financing of terror laws. Ahh true to Interest.co.nz nature, an article is only on cryptocurrency when it’s related to failures or bankruptcies. If you are not already registered, please register to comment. Feature it in our next industry report, where data meets impact. Get crypto market analysis and curated news delivered right to your inbox every week.