On May 15, the New Zealand cryptocurrency exchange Cryptopia announced its closure. The process of liquidation of the trading platform will be managed by Grant Thornton New Zealand company.
In January 2019, Cryptopia was hacked, attackers stole virtual currency worth $16 million. In March, the platform resumed work, however, the company had problems with banking services, so it suspended the input and output of funds in New Zealand dollars.
The hack of the exchange caused damage to the company’s trading activities. The management of the company wasn’t able to increase revenue, so it was decided to close the platform. The exchange suspended work on May 14, now Grant Thornton employees are developing a business liquidation plan.
Cryptopia clients could not withdraw their assets, as the website of the exchange was disconnected without prior notice. Many of them plan to sue the platform. David Ruscoe, the owner of Grant Thornton, tried to reassure disgruntled traders and told the Grant Thornton portal the following:
“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders”.
Grant Thornton promised to publish a report on the Cryptopia liquidation process over the next few days. Independent experts and civil servants will be involved in the development of the plan. They will monitor the fulfillment of obligations towards traders.
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