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    Grant Thornton processes initial payouts from $225 million pot to Cryptopia users following 2019 hack

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    Grant Thornton is processing payouts, including a $225m initial pot, to users of cryptocurrency exchange Cryptopia following a hack in 2019. Payments are being made via a claims portal, launched in 2020, and Grant Thornton said more payouts will follow, including small amounts from “unclaimed holdings”. Cryptopia fell into liquidation after losing $16m in a hack, despite once being a major player in New Zealand’s crypto sector.

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    The liquidation firm Grant Thornton, which is handling the Cryptopia bankruptcy case, has begun distributing millions to users who lost money in a hack that occurred six years ago. Cryptopia was a major cryptocurrency exchange that was affected by a major hack in 2019. Over the past couple of days, some verified users have already received cryptocurrency worth at least $225 million.

    This payout marks an important step in the liquidation process which all started with the launch of the Cryptopia claims portal in 2020. Grant Thornton aims to continue with this process, keeping its users informed about cut-off dates for any future payouts. They also mentioned that there might be some extra top-up distribution for users from ‘unclaimed holdings’, which are the funds from users who haven’t registered on the claims portal after the cut-off dates.

    Cryptopia was established in 2014 and was internationally recognized as one of the earliest cryptocurrency exchange services in New Zealand. They had about 1.4 million registered users in 2018 and were very influential in the cryptocurrency ecosystem, being one of the first to issue stablecoins in the country. However, they incurred a huge loss of $16 million in a hack in 2019, which led to their collapse. Later in 2019, Grant Thornton found that Cryptopia owed $4.2 million to its creditors. If you’re a Cryptopia account holder, it’s advisable that you register on the claims portal and complete the necessary steps to become eligible for any future distributions. Even newly verified users can expect further distributions in the New Year.

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