Cryptopia Holders to Get Back Crypto Stolen in Hack

Vandana  |  Apr 8, 2020

In the starting of 2019, several reports came which suggested that Cryptopia has been hit by the hackers. This was the third attack on the exchange in which the users have lost around 30 million in crypto. After all these attacks the company’s account still has 170 million NZD.

Later in that year, only that is May 2019, the exchange has announced that it will go into liquidation. Recently, on April 08, it has announced the verdict from the court regarding the hacks.

(1/2) Today, 8 April 2020, Justice Gendall delivered his judgement finding firstly, cryptocurrencies are “property” within the definition outlined in s2 of the Companies Act 1993 and secondly, that account holders' cryptocurrency were held on multiple trusts, separated by ...

Court decides that assets belong to the account holder of cryptopia

Through the recent announcement, the exchange has given a sigh of relief to its account holders and told them about the court's verdict. In the court’s document, it has been clearly mentioned that all the assets completely belong to the account holders of the exchange.

This document also specified that the assets or cryptocurrency of Cryptopia belongs to a trust. All the account holders of the firm act as the co-beneficiaries of the trust. The main role of these trusts created by the exchange was to hold some digital assets and make them trustees for account holders.

Whether users will get crypto back is the major question 

Even though the court has given the verdict regarding this huge scam, the account holders are still suspicious about certain things. The major reason to this could be that Cryptopia did not gave any kind of interpretations by themselves. It seems that the exchange is trying to play safe so that they will not get into any trouble in future. Hence, they have only shared the document of the verdict given by the court.

There are some account holders who are happy about the verdict and seeing it from a positive perspective. While, on the other hand, some are there who are still doubtful that they will not get their funds back. The major reason behind this suspicion could be because of a few statements in the document by the court. The court has clarified that the identity of the account holders have not been ascertained by the liquidators

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