Cryptopia Exchange enters “Phase 2” of the compensation process from the 2019 hack

Cryptopia, the New Zealand cryptocurrency exchange that suffered a million dollar hack in May 2019, has announced that “Phase 2” of the liquidation process has begun. In this phase, which follows the application registration process, the identity of the applicant is to be verified.

“Account holders will receive an email asking them to log into the claims portal when their country is ready for verification.”

However, the website that publishes official updates on the liquidation process shows that the last announcement was made in June 2021, that the next official update will be announced in December this year. By June 2021, more than 55,000 users had completed the claim registration step.

This is the first step that former Cryptopia users must take in order to receive a refund.

This notification comes almost two years after the liquidation and restitution process of client assets. The company began liquidation in December 2019 with an indefinite return date after the platform was hacked. Cryptopia has more than 900,000 users worldwide, some of whom have filed lawsuits. And the liquidation process is the result that the process was successful, the New Zealand court requested compensation from Cryptopia on behalf of the customer.

While the date of payment to users has not yet been announced, the company has planned to proceed in four phases. Phase 1 started in December 2020 and has lasted until today.

To make matters worse, a former employee stole nearly $ 250,000 in crypto during the liquidation by illegally copying clients’ private keys. The man pleaded guilty to a New Zealand court in July this year and is expected to be sentenced later this month.

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