Cryptopia Exchange Officially Decides To Liquidate, Appoints 'Grant Thornton NZ'.

Cryptopia Exchange Officially Decides To Liquidate, Appoints 'Grant Thornton NZ'.

2019-05-15 | Robin Williams

Cryptopia Exchange Officially Decides To Liquidate, Appoints 'Grant Thornton NZ'.

In line with a recent official 'announcement' published, the 'hacked' New Zealand’s renowned cryptocurrency exchange ‘Cryptopia’ has appointed David Ruscoe and Russell Moore from the consultancy & audit firm network ‘Grant Thornton’ New Zealand as liquidators.

Grant Thornton NZ [New Zealand] is the 'native network' of Grant Thornton International - a leading professional services network of independent accounting and consulting member firms.

As reported earlier this year, Cryptopia 'disclosed' that it had been the target of a security breach leading to major losses, with the attack 'continuing' for next two weeks after its initial detection till the exchange managed to 'regain' management over its wallets again.

As per Grant Thornton NZ, Cryptopia has chose to go into liquidation as it has been unable to return the business to profits again, notwithstanding management’s reported efforts to scale back costs. This decision has been deemed to be in “the best interests of users, staff along with other stakeholders,” the announcement added.

The liquidators would reportedly conduct an investigation and target securing assets for the benefit of the stakeholders, during the time of which all the trading services on the platform would be suspended.

While explaining further, David Ruscoe added:

“We realise Cryptopia’ users are willing to resolve this matter resolved as soon as possible. We are going to conduct a thorough investigation, working with many different stakeholders along with the management and shareholders, to search out the best solution that's in the best interests of users and stakeholders.”

Ruscoe outlined that given the complexities of the case, Grant Thornton NZ expects the investigation “to take months instead of weeks.” The liquidators are aforesaid to be operating alongside independent experts as well as the relevant authorities to determine the company’s obligations.

Grant Thornton NZ  would publish their initial report to the New Zealand Companies Office 'web-site' within next week.

As reported earlier in Jan., Cryptopia initially 'told' its users that it had been undergoing unexpected maintenance, 'issuing' many 'updates' before the official news about the breach was reported.

A recent analysis from blockchain infrastructure firm ‘Elementus’ calculated earlier in Feb. that as much as $16 Mln priced Ethereum [ETH] and ERC-20 tokens were siphoned from the platform throughout the attack - $3.2 Mln of which were later identified in 'liquidations' on several other exchanges including Etherdelta, Binance and Bitbox.

Even earlier this month, leading cryptocurrency exchange ‘Binance’ was also the target of a significant 'hack' that resulted in the hack of over 7,050 Bitcoin’s [BTC] from the exchange’s hot wallets - priced over $40 Mln at the reporting time.

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