Cryptopia exchange has begun distributing funds to users affected by its 2019 bankruptcy, with $225 million being disbursed.
Distribution Process Organization
Recently, over 10,000 account holders have confirmed their possession of Bitcoin and Dogecoin and have received initial distributions. Approximately $225 million in cryptocurrency has been returned to the network in the last 48 hours.
Causes of Cryptopia’s Bankruptcy
Cryptopia's bankruptcy was the result of a severe cyberattack in January 2019, leading to significant financial losses. The company had to file for bankruptcy to protect the interests of its customers and employees during this challenging time.
Distribution Highlights
Highlights include: over 10,000 account holders receiving Bitcoin and Dogecoin distributions; total distributed amount is $225 million; compliance with a 2020 court ruling classifying digital assets as property during liquidation; thorough review process by liquidators for transparent distribution.
This initiative is a significant step towards restitution for investors affected by the cyber theft, allowing them to reclaim a portion of their assets after a prolonged period of uncertainty.
