{"id":257266,"date":"2020-04-08T19:15:26","date_gmt":"2020-04-08T23:15:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=257266"},"modified":"2020-04-08T19:15:26","modified_gmt":"2020-04-08T23:15:26","slug":"new-zealand-court-gives-guidance-on-distribution-of-recovered-cryptopia-funds","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/new-zealand-court-gives-guidance-on-distribution-of-recovered-cryptopia-funds","title":{"rendered":"New Zealand Court Gives Guidance on Distribution of Recovered Cryptopia Funds\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">There\u2019s been a new update in the liquidation process for hacked New Zealand cryptocurrency exchange Cryptopia after a judge delivered a verdict on the status of the exchange\u2019s compromised assets. <\/span><span data-preserver-spaces=\"true\">As the exchange\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/twitter.com\/Cryptopia_NZ\/status\/1247765397962555393?s=20\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">announced<\/span><\/a><span data-preserver-spaces=\"true\"> on Twitter earlier this week, the High Court of New Zealand has ordered it to reimburse its users who lost their holdings as a result of the hack.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">(2\/2) &#8230; individual crypto-asset type. This means that the cryptocurrencies are beneficially owned by the account holders and are not assets of the company. Read the full judgement here: <a href=\"https:\/\/t.co\/ceUywTVdFY\">https:\/\/t.co\/ceUywTVdFY<\/a><\/p>\n<p>&mdash; Cryptopia Exchange (@Cryptopia_NZ) <a href=\"https:\/\/twitter.com\/Cryptopia_NZ\/status\/1247765397962555393?ref_src=twsrc%5Etfw\">April 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Customers Get Top Priority Over the Company<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Cryptopia\u2019s hack was one of the most prominent of 2019. The security breach happened in January, with over $16 million being taken from the exchange\u2019s wallets. After several rounds of social media investigations, it was discovered that over 20 different digital assets were stolen.\u00a0<\/span><span data-preserver-spaces=\"true\">Since then, however, the exchange has been unable to get back on its feet and has been working on reimbursing its users who were affected as a result.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In today\u2019s verdict, Judge Grendall of the <a href=\"https:\/\/insidebitcoins.com\/news\/new-zealand-exchange-cryptopia-has-direction-hearing-rescheduled-to-february\/247266\">New Zealand<\/a> High Court revealed that users\u2019 assets on the exchange were maintained by multiple trusts, with each maintaining the funds of users who held a specific asset. This means that the account holders in each group were treated as the co-beneficiaries of the trust.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The judge also firmly reiterated that cryptocurrencies are a species of intangible personal property, and as such, are an identifiable thing of value. Given their classification as property, assets are capable of being the subject of a trust.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Thus, if the exchange\u2019s liquidators succeed in recovering the assets, they should deal with them pro-rata within each specific trust and ensure that the users who lost their funds are adequately reimbursed.\u00a0<\/span><span data-preserver-spaces=\"true\">The judge also determined that the pool of assets available to creditors should be about NZD 5.4 million ($3.22 million).<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Problems with Customer Identification<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">The judgment also covered a case where the assigned liquidator, auditing giant Grant Thornton, is unable to ascertain the identity of a specific account holder. In such cases, the digital assets in question should be distributed by following New Zealand\u2019s Trustee Act.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The judgment is quite crucial, as Grant Thornton announced in a news release last August that some Cryptopia customers had their funds pooled together and didn\u2019t have any individual wallets. Due to this, the auditing firm explained that it was unable to determine the individual ownership of wallets by just relying on their keys.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Grant explained that it would try to \u201creconcile the accounts of over 900,000 customers, many holding multiple crypto-assets, millions of transactions, and over 400 different crypto-assets [&#8230;] one-by-one.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Grant Thornton\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.grantthornton.co.nz\/globalassets\/1.-member-firms\/new-zealand\/pdfs\/cryptopia\/second-liquidators-report-to-creditors_cryptopia.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">updated<\/span><\/a><span data-preserver-spaces=\"true\"> investors last December, confirming that it had discovered over $7 million of the stolen funds.\u00a0<\/span><span data-preserver-spaces=\"true\">\u201cWe continue to investigate the affairs of the Company and its directors in the period prior to our appointment to determine if there are any further avenues of recovery available to the Company,\u201d the company\u2019s report summarized at the time.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the firm also didn\u2019t say much about how long it will take before outstanding investors get their money back.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">There\u2019s been a new update in the liquidation process for hacked New Zealand cryptocurrency exchange Cryptopia after a judge delivered a verdict on the status <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/new-zealand-court-gives-guidance-on-distribution-of-recovered-cryptopia-funds\" title=\"New Zealand Court Gives Guidance on Distribution of Recovered Cryptopia Funds\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":247270,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7650,7652],"class_list":["post-257266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-cryptopia","tag-new-zealand"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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