Cryptopia, the liquidator of the defunct cryptocurrency exchange, has begun the long-awaited distribution of funds to users affected by the devastating hack in 2019.
Grant Thornton, the firm managing the liquidation, announced on December 20 that it has started distributing cryptocurrency to over 10,000 verified account holders.
In the past two days, users affected by the situation who hold Bitcoin and Dogecoin have collectively received payouts totalling at least 400 million New Zealand dollars (approximately $225 million). This milestone marks a significant advancement in Cryptopia’s liquidation process, which has been underway since Thornton launched a claims portal in 2020.
Thornton confirmed that the initial distributions are part of a more significant effort to ensure that creditors are compensated. The firm intends to notify account holders about the deadlines for additional distributions. Users not registering on the claims portal by these deadlines risk losing their claims.
“There may be an additional top-up distribution, allowing account holders to recover up to 100% of their holdings, using unclaimed funds from users who remain unregistered after the cut-off dates,”
Grant Thornton stated.
The liquidators urged the remaining account holders to finalize their registrations on the claims portal to qualify for future payouts. Additional distributions for newly verified users are anticipated to start in early 2025. In 2019, Grant Thornton estimated that Cryptopia owed its creditors $4.2 million.
Earlier this year, Cryptopia achieved a significant milestone with the successful launch of its token, $TOS, on Gate.io after five years of development. This token is designed to revolutionize the decentralized gaming space, and its launch was celebrated with a massive airdrop campaign. The campaign was a tremendous success, with over 180,000 missions completed and active participation from the global gaming community. Players had the chance to earn $TOS tokens and experience Cryptopia’s gaming ecosystem firsthand, which further strengthened the project’s vision and garnered community support.
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