The liquidators of the bankrupt Cryptopia exchange have started distributing millions of dollars to users affected by a hack that occurred almost six years ago. Cryptopia’s liquidating firm, Grant Thornton, announced on December 20 that distributions began for over 10,000 verified account holders impacted by the 2019 hack.

In the past two days, verified account holders of Bitcoin and Dogecoin received crypto distributions worth at least 400 million New Zealand dollars ($225 million).

These payouts mark a significant milestone in Cryptopia’s liquidation process since Grant Thornton launched the Cryptopia claims portal in 2020.

Grant Thornton Plans To Make More Distributions

After the first distribution, the liquidators will continue to follow the approved process and announce the cut-off dates before distributing the remaining BTC, DOGE, and other coins to account holders, according to Grant Thornton.

“The liquidator mentioned that an additional top-up distribution could be made to account holders, allowing them to receive up to 100% of their holdings using ‘unclaimed assets’ from those account holders who have not registered in the claims portal after the cut-off dates.”

Grant Thornton encouraged remaining Cryptopia account holders to register on the claims portal and complete the necessary steps for future distributions.

“Further distributions for newly verified users are planned for the New Year,” added Grant Thornton.

Cryptopia Had Lost $16 Million Due To The Hack in 2019

Founded in 2014, Cryptopia was an international cryptocurrency exchange and one of the first crypto exchange services in New Zealand.

At its peak, by 2018, it had approximately 1.4 million registered users and was the largest crypto exchange in New Zealand.

It was also one of the country’s first stablecoin issuers, launching the NZD-backed NZed (NZDT) stablecoin in May 2017.

After the hack in January 2019, initial analyses revealed that the exchange had lost approximately $16 million worth of various crypto assets.

In May 2019, Cryptopia’s liquidator, Grant Thornton, released an estimation report on the company’s financial state, stating that the hacked exchange owed a total of $4.2 million to its creditors.

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