Saturday, November 2, 2019

New Update Confirms Cryptopia Users Never had Individual Wallets

It has been a while since a new Cryptopia update was provided. The exchange ran into foul weather several months ago. Most of its users still await the refund of their outstanding cryptocurrency balances.

The future of the Cryptopia company remains very uncertain. Ever since the platform ran into trouble, few people expected it to ever return. That may not necessarily be the case after all.

The Lengthy Cryptopia Reconciliation Process

Grant Thornton, the legal team working on behalf of the exchange, posted a new update. In this message, they confirm further progress toward preserving crypto-asset holdings has been made. Handling the restitution process remains a dicey situation first and foremost. 

Cryptopia customers did not have individual wallets on this exchange. As such, determining individual ownership is complicated, even under the best of circumstances. All assets held by the company were pooled in wallets. 

With over 900,000 customers awaiting reconciliation, there is still plenty of work ahead. Over 500 different crypto-assets were active on the platform. There are records containing millions of transactions the firm has to sift through.

Regarding the assets stolen during the exchange’s hack, very little information has come to light. The recovery effort has been slow going, but Grant Thornton isn’t giving up. They are looking for ways to trace and freeze stolen assets. It appears one or more blockchain analysis firms will be involved in this process moving forward.

To recover some of the missing funds, the sale of surplus equipment is underway. Numerous desks, computers, and furniture have been sold by auction. It is a standard measure in liquidating processes. Further information will be provided by the law firm in the weeks and months ahead. 

Image(s): Shutterstock.com

The post New Update Confirms Cryptopia Users Never had Individual Wallets appeared first on NullTX.



New Update Confirms Cryptopia Users Never had Individual Wallets

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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