As the cryptocurrency market finds its legs in mid-2019, an unfortunate undercurrent persists vis-à-vis thefloundering New Zealand exchange Cryptopia. Its one-time international popularity and solid reputation have already been ruined after the exchange dragged its feet on revealing a January hack, which cost its users somewhere in the region of $16 million in cryptocurrency drained from Cryptopia wallets. However, it was not long before new obstacles emerged in the way of an eventual settlement.
Optimism surrounding the reimbursement of these funds to customers is now dwindling, as appointed auditing and liquidation firm Grant Thornton recently indicated “the process of recovering data and determining how to make distributions to account holders will take some months at least.” With similarly guarded language, Grant Thornton executive David Ruscoe commented via a press release that his firm “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.”
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