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Hacked Crypto Exchange Cryptopia, Gets Liquidated; Sold Assets Will Help In Repaying Traders

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Cryptocurrency exchange Cryptopia suffered a business-ending hack earlier this year when cybercriminals looted the firm of more than $16 million worth of Ethereum and ERC-20 tokens.

The hack continued for several days after the breach was discovered as it appears Cryptopia lost access to wallets. Part of the stolen funds that were transferred to Binance, the world’s leading crypto exchange by volume, has been frozen. It is still unknown how the exploit was carried out, or by whom, as the investigation by New Zealand police and international authorities continues.

When the hack was discovered the Company closed the exchange for trading. The Company then decided to reopen the exchange for the trade of certain crypto-assets in March 2019 and continued to trade through to the date of Liquidation. However, trade volumes were insufficient for the Company to meet its debts as they fell due and it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.

A report by Cryptopia’s liquidator, Grant Thornton, Cryptopia still owes its creditors a total of $4.22 million. According to a leaked email from Grant Thornton originally dated Sept. 23, its executives planned to conduct an online meeting with the developers on Oct. 7.

The email reads:

“Given the scale, complexity and unique nature of the Cryptopia situation it is desirable to develop a collaborative relationship with the developer community.”

The auction includes a lot of things including

“over 800 lots of near new laptop and desktop PC’s some new in boxes, server racks and associated infrastructure [..] and much more!”

The items are available for sale in New Zealand’s largest internet auction site—Trade Me.

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