Hacked crypto exchange Cryptopia owes creditors at least $4.2 million

Hacked crypto exchange Cryptopia owes creditors at least $4.2 million.

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Christian Ploog

christian.ploog@trijo.co

The consulting and auditing firm Grant Thornton has released the first report on the state of finances of the hacked New Zealand based crypto exchange Cryptopia.

Earlier this year, the New Zealand based crypto exchange Cryptopia revealed that it had been hacked and that the equivalent of $16 million was stolen.

In mid-May, consulting and auditing firm Grant Thornton New Zealand announced that Cryptopia will be liquidated. This means that the exchange’s assets will be converted into money to pay its debts, which in reality means that the exchange will be closed down.

Now, the auditing firm has released the first report on the state of the company’s finances. According to the report, the hacked crypto exchange owes its creditors $4.22 million, Cointelegraph reports.

More claims may come

The report also states that there are 69 different creditors who have demanded over $2.43 million.

According to the auditing firm, however, further claims are expected in the future.

“We are aware of and understand the frustration of Cryptopia’s customers. As there is no legal precedent on crypto assets in New Zealand and worldwide, the distribution of those assets and the overall conduct of the liquidation will require significant direction from the New Zealand Courts”, Grant Thornton writes in a press release.

The auditing firm is still securing the crypto assets that the exchange still has access to. Previously, it has been said that the investigation will take several months and that all trading on the exchange will be stopped in the meantime.

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