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Update for Cryptopia Claimants and Stakeholders 21 June 2024
Last week the Liquidators released the eleventh statutory report in the liquidation of Cryptopia. We encourage all account holders to read this report that provides an update on the overall claims process which is summarised below.
Liquidators' Eleventh Report on the State of Affairs of Cryptopia Limited (in Liquidation)
Claims process update
The Liquidators are advanced in the development of stage ‘4a.’ of the claims process:
| # | Process | Details |
| 1 | Claims registration | Allows the registration of account holders' details |
| 2 | Identity verification | Verifies account holders' identities to the necessary verification standard |
| 3 | Balance acceptance | Provides account holders the opportunity to agree that Cryptopia records represent amounts due |
| 4a | Asset Distribution – Wallet Address Collection | Allows eligible account holders to submit wallet addresses for each balance qualified to participate in Asset distribution |
| 4b | Asset Distribution – Crypto-asset Return | Returns account holders assets proportional to distribution calculation |
Following this collection, we intend to make an interim distribution to those qualifying and registered Bitcoin and Dogecoin holders within the next quarter.
After this distribution is complete, we will follow the approved process including giving notice of any cut-off dates before distributing to account holders the remaining Bitcoin, Dogecoin and all other cryptocurrencies of sufficient value by the end of 2024.
After this primary distribution of cryptocurrencies that are of sufficient value, there may be an additional top-up distribution to account holders, allowing them to receive up to 100% of their holdings. If this supplementary distribution takes place it should occur before the middle of 2025.
Communications to account holders
We understand third parties have contacted account holders offering to purchase their Cryptopia entitlements in exchange for an obscure digital currency. This agreement requires the assignment or transfer of account holders Cryptopia owed holdings to that third party.
These third parties might use the name "Cryptopia" in their email address, subject line, or in headings of their communications to account holders. These communications and approaches are not from the liquidators.
The official methods of communication from the liquidators to Cryptopia account holders are outlined at the end of this update.
We issued proceedings against these third parties to prevent them from continuing to mislead or confuse account holders. In response the New Zealand Courts has granted injunctions prohibiting these parties from continuing to represent themselves using Cryptopia’s name. We also believe that these third parties communications maybe based on the continued misuse of confidential information released by the High Court in 2020.
Assignment of claims
The agreement to purchase Cryptopia account holders' cryptocurrency that is mentioned above includes a clause about the assignment of coins to that third party.
Cryptopia's terms and conditions record that account holders may not assign their rights or obligations. The liquidators consider that the terms and conditions remain in force, and any assignment or transfer of an account holder's entitlements is not binding or enforceable against Cryptopia. This is explained in more detail in our update on 20 February 2024.
The Court's judgment on the injunction suggests that any sale and purchase agreement entered into as a result of the misuse of Cryptopia's confidential information may be subject to being set aside by the affected account holder.
We recommend that any account holders who have entered into a sale and purchase or assignment agreement with any of these third parties seek independent legal advice.
Reminder about official communications from us and protecting your information
We would like to remind all account holders the only channels we use to communicate with them about the Cryptopia liquidation are:
- Our website: https://www.grantthornton.co.nz/cryptopia-limited/
- Emails sent from no-reply@cryptopia.co.nz
- The claims portal: https://portal.cryptopia.co.nz/
- Our Zendesk customer support portal: https://cryptopia.zendesk.com/
If you are unsure whether a communication is an official communication from us, please raise a helpdesk ticket in Zendesk at the above link. This Zendesk portal is separate from the claims portal and can be accessed by any account holder, provided they register and click the “Sign Up” button on the page.
Account holders should be cautious about providing their Cryptopia account information to third parties. The claims portal has been designed to verify each account holder's account ownership and identity, and it is very important this sensitive process is protected.