Cryptopia Hack Victims Receive $225 Million In Distributions At Last

Bibhu Pattnaik

December 22, 2024

Victims of the hacking of defunct New Zealand-based crypto exchange Cryptopia are finally seeing restitution, with $225 million in digital assets being distributed to former account holders.

What Happened: The distributions mark a significant milestone in the exchange's liquidation process, which has been ongoing since 2019.

According to the press release from accounting firm Grant Thornton, over 10,000 verified users of Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) have received their initial cryptocurrency distributions.

"Within the last 48 hours, over $225 million in cryptocurrency has been returned on-chain," the statement reads.

Cryptopia suffered a devastating hack in January 2019, leading to millions of dollars in crypto theft. By May of the same year, the company appointed liquidators, citing the move as being in the "best interests of customers, staff, and other stakeholders."

Also Read: Rapper 50 Cent Allegedly Caught In Crypto Scam Defrauding Users Of $300 Million In Just 30 Minutes

The liquidators ensured the distribution process adhered to a 2020 court ruling, which declared that digital assets held by Cryptopia are property in the context of liquidation.

This legal precedent was critical in shaping the current distribution efforts and ensuring fair outcomes for affected users.

The milestone represents a long-awaited step forward for thousands of Cryptopia customers, many of whom have been waiting for years to recover their funds.

With this progress, the liquidators aim to rebuild trust in the industry and demonstrate the potential for resolution in crypto-related legal cases.

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