Cryptopia liquidators open creditor claims process

Cryptopia Liquidators Featured 31 May

After announcing the start of the liquidation process in mid-May, Cryptopia is now receiving information about the possible number of creditor claims from liquidators Grant Thornton.  

According to the latest report released by Grant Thornton, many secured creditors can start a claims process against the bankrupt exchange. The estimated number of creditors from the employee list of Cryptopia can present claims worth about thirty-two thousand dollars (USD 320,000) in salaries. Besides, Cryptopia used the services of several third-party contractors, who can too press claims for their pending payments.

What about traders?

In the report, Grant Thornton also estimated that traders, who had their currency and tokens on the platform, can press claims for more than two million dollars (USD2.4m). While this estimation shows the amount of possible creditor claims, the actual amount of cryptocurrency, which was stolen during the hack of the Cryptopia platform nears seventeen million dollars (USD17m).

Traders were left misinformed for days after the hack, and there is still no exact information if they will get a portion or all of their assets. Cryptiopia made a vague effort to reassure its traders by releasing an update on the liquidation process; however, the information provided was not intended to shed light on the topic.

The dissatisfaction of traders is continually expressed on the Cryptopia Twitter page, and there are no indications that customers will get more information any time soon.

Even after the release of the liquidators’ report, traders remain without any assurance that they will get their tokens and funds back. According to the document, at the beginning of the liquidation process, Cryptopia had thirty-seven employees and more than two million registered users.

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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