Cryptopia Hack Victims Finally Receive $225 Million in Crypto Payouts

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Victims of the infamous 2019 Cryptopia hack are finally seeing some relief as liquidators of the bankrupt exchange have started returning millions of dollars worth of crypto. This marks a big step forward in resolving the aftermath of one of the crypto world’s most notable hacks.

Hacked Victims Finally Receive $225 Million

In a recent press release Grant Thornton, the liquidating firm overseeing Cryptopia’s case, confirmed that over 10,000 verified account holders have received payouts totaling more than $225 million in crypto assets, including Bitcoin and Dogecoin. 

These distributions were made possible after years of hard-working efforts to identify users and verify millions of transactions from nearly a million accounts.

Cryptopia’s claims portal, launched in 2020, was a crucial tool in this process. Liquidators worked to ensure the payouts were aligned with a court decision from March 2020, which clarified how assets should be returned to users.

More Funds to Be Distributed

This initial distribution is just the beginning. Grant Thornton plans additional payouts for verified users, with the potential for “top-up” distributions for those who haven’t yet received their full holdings. These top-ups will likely use unclaimed assets from users who fail to register on the claims portal before the final cut-off dates.

The liquidators have urged all remaining account holders to complete their registration on the portal to qualify for future distributions. 

New rounds of payouts are expected in the coming year, giving hope to more users waiting to recover their funds.

The Cryptopia Hack

Cryptopia, once New Zealand’s largest crypto exchange with 1.4 million users, was at its peak in 2018. It played a pioneering role in the local crypto space, even launching 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 went into liquidation, owing $4.2 million to creditors.

Perhaps, the recent payouts give hope to thousands of affected users, showing that even in difficult cases, solutions can be found.