The now decedent New Zealand exchange, Cryptopia, announced an update regarding the first liquidation report. As per the update hacked-exchanged shared via their Twitter account, the New Zealand Court granted the exchange an additional ten days to submit the liquidators’ report.
The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted
— Cryptopia Exchange (@Cryptopia_NZ) May 23, 2019
The current state of Cryptopia
Most probably, the extension is to try and ascertain exactly where the funds can be liquidated or whether if they can do it or not since currently most projects on the platform are not traded anywhere (hence making them worthless).
The liquidation process is now managed by representatives of Grant Thornton David Ruscoe and Russell Moore. After the extension, the whole process now is poised to take several months rather than a few weeks as it was initially planned. Yes, not a piece of pleasing news for people who trusted Cryptopia for their funds.
How it All Started
Cryptopia was hacked early this year to a tune of almost $20 million in Ethereum and ERC-20 tokens. Since the January hack, the exchange has struggled to find its ground and hence decided to go the liquidation way.
However, the reason for taking the liquidation path has never been shared (not yet at least) with the public, but they have mention business irregularities which forced the shareholders to step in to liquidate the business.
The exchange made headlines just after the hack when the hackers started to move the stolen funds to several wallets and exchanges, including EtherDelta and Huobi. During the time, the leading centralized exchange, Huobi released a statement regarding the transfer stating that the funds were detected automatically by its system and immediately froze them all.
A New Crypto Exchange in the Making
The New Zealand crypto exchange may be deceased, but its founder Adam Clark seems to be not willing to quit. It looks giving up is not in his dictionary (a good thing for him), and according to his profile on LinkedIn, Adam has been working on a new cryptocurrency exchange for about nine months already.
The exchange will go by the name Assetylene, and the newly born exchange seems to be working quite well, but volumes are close to zero. That’s understandable. That’s the exchange of person who still hasn’t paid the losses of hundreds of people who trusted him with their $20 million.
Either way, all is not good news for Cryptopia users whose funds have just disappeared as a result of the liquidation. With all their efforts to get their funds back, the latest announcement seems to render their efforts fruitless. The report is due on June 4, 2019, and once it’s submitted, it will be available for perusal.
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