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COMPANIES IN RECEIVERSHIP AND LIQUIDATION

Update for Cryptopia claimants and stakeholders 10 December 2021

10 Dec 2021

Today, Grant Thornton New Zealand released the sixth statutory report in the liquidation of Cryptopia Limited, a copy of the report can be found here.

Claims process

In October 2021 stage 2 of the claims process was launched to qualifying users. This has been a staged process due to the fact that Cryptopia users are domiciled in 183 different countries. The Liquidators are seeing good progress to date with many account holders registering and verifying their identity. This is step 2 in the previously reported claims process.

  Process Details
1 Claims registration Allows the registration of account holders' details and to make claims for their account balances
2 Identity verification Verifies account holders' identities to the necessary verification standard
3 Claim acceptance Provides Account holders’ opportunity to agree that Cryptopia records represents amount due
4 Asset transfer Instigates asset transfers to account holders

We continue to encourage claims registration and continue to send reminder emails to those who are yet to engage. At the date of this report, 78% of users by value have interacted in the claims process in some way.

To support the claims process a dedicated customer support portal has been deployed. To date, the customer support team, via this portal, has supported over 76,000 users through the registration process. We continue to build this team to assist account holders to complete the claims and asset transfer process.

If you are having issues with the registration, please refer to the ‘Update for Cryptopia Claimants & Common Portal Errors 16 December 2020' page or contact the dedicated team via the customer support portal at the Cryptopia customer support portal. This support 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.

For the next stage ‘3. Claim acceptance’, we will need to see sufficient progress in account holders participating in stage 2. This stage will then give an opportunity to account holders to agree the balances of their Cryptopia account as recorded in the customer database at the date of Liquidation.

As previously reported the asset transfer stage will follow on from this. However, the transfer stage will require the input and approval of the Court particularly in relation to the following:

• Approving a distribution model that reflects the nature of stakeholders’ property
• Confirming what is to be done with unclaimed Crypto assets
• Setting a cut-off date for claims to be received and assessed

We expect to file applications on these matters in the first half of the 2022.

Where to go for updates

We appreciate that you want to be advised of our progress on the Cryptopia liquidation with our next statutory report due in June 2022 however, we expect to provide an update on legal applications before this date. We will continue to update you as further information comes to hand and provide updates on the claims process. Updates can be found on the Grant Thornton New Zealand website, as well as the social media channels for Grant Thornton and Cryptopia.