Menu
Hacked bitcoin exchange Cryptopia calls in liquidators

Hacked bitcoin exchange Cryptopia calls in liquidators

Hacked exchange goes under after January hack

Cryptopia calls in the liquidators.

Cryptopia calls in the liquidators.

Credit: Cryptopia

Cryptopia, the Christchurch-based bitcoin exchange hacked in January, has called in the liquidators.

An announcement today says David Ruscoe and Russell Moore from Grant Thornton New Zealand were appointed liquidators of Cryptopia Limited yesterday.

The site had reportedly been down for some time ahead of the announcement and some users were "panicking" according to an overseas report.

"The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade," the announcement said.

"Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders."

Initial reports put the losses at up to $23 million, but the exact amount lost is unknown. Police reported in February they were making "excellent progress" in their investigations of the hack.

Trading has been "suspended" while this liquidation process and investigations take place, the announcement said. A notice of the appointment of liquidators has been posted to the Companies Office website.

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” said David Ruscoe.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations, the announcement said, adding that Grant Thornton will be contacting all customers and suppliers in the next few days.

An initial report will be available on the New Zealand Companies Office website next week, the company said, and no further comment would be made until more information was available.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Bitcoincrypto currenciesCryptopia

Brand Post

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments