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  • POS Market Cap
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  • Masternodes Market Cap
    $3.392B -6.24%

Update for Users of the Hacked Exchange, Cryptopia

By Lorenzo - 2019-10-26

Cryptopia was hacked back in January and reported significant losses. Months later, a professional liquidator firm called Grant Thornton took on Cryptopia’s case and stated that the company made good progress in securing all the assets of Cryptopia. 
The latest update of the case states that the firm has applied to the High Court of New Zealand for directions and they are seeking other directions regarding the legal status of customers’ holdings and the ability to hold cryptocurrency on trust.
The announcement states that is really hard to determine customers’ holdings as they did not have individual wallets so it’s impossible to determine the individual ownership using just the keys in the wallets. 
As a centralised exchange, customers' trades would occur in the exchange's internal ledger without confirmation on the blockchain.
The latest report also states that the firm is not investigating the root cause of the hack but rather how to recover all the hacked assets. 
The process is split into three main phases, securing assets and company data, which Granth Thorton claims to have completed, wallet environment and customer reconciliation, also completed and identifying users and repatriation of returns which according to the firm is still in early stages as a number of legal matters will need to be resolved first. 
The report also states that everyone will need to undergo a KYC process and cannot be avoided. 
Anyone who did not complete KYC while the exchange was open will also be given the opportunity to confirm their identity.