The post Cryptopia Allocates $225 Million to Account Holders appeared on BitcoinEthereumNews.com.

The bankruptcy proceedings of the New Zealand-based cryptocurrency exchange, Cryptopia, have begun distributing substantial funds to its affected users. An announcement from Grant Thornton disclosed that a total of $225 million in digital assets is set to be disseminated among account holders impacted by the firm’s insolvency in May 2019. How is the Distribution Process Organized? In a recent development, over 10,000 account holders confirmed to possess Bitcoin and Dogecoin have already received their initial distributions. In the last 48 hours, cryptocurrency approximating $225 million USD has been returned to the network as part of this distribution effort. What Led to Cryptopia’s Bankruptcy? Cryptopia’s decision to file for bankruptcy followed a devastating cyberattack in January 2019, which resulted in significant financial losses. This action was essential to safeguard the interests of its customers, employees, and various stakeholders during a tumultuous time. Highlights of the distribution include: Over 10,000 account holders receiving Bitcoin and Dogecoin distributions. The total amount distributed is approximately $225 million USD. Compliance with a 2020 judicial ruling classifying digital assets as property during liquidation. A thorough review process by liquidators for a transparent distribution. This initiative represents a significant step towards restitution for investors who were affected by the cyber theft, enabling them to reclaim a portion of their assets after a prolonged period of uncertainty. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/cryptopia-allocates-225-million-to-account-holders

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Filed under: News - @ December 22, 2024 8:25 pm