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Crypto exchange Cryptopia winds up operations, appoints liquidator

Crypto exchange Cryptopia winds up operations, appoints liquidator

It’s a melancholy time for the team and members of Cryptopia, the popular New Zealand-based bitcoin/crypto exchange. The company informed today that yesterday, Grant Thornton New Zealand was appointed liquidators of Cryptopia Limited, as the company will be winding up.

The highly publicized hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s business. 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.

The liquidators are now focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended indefinitely.

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

David Ruscoe, Grant Thornton New Zealand

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations. Grant Thornton will be contacting all Cryptopia customers and suppliers about its appointment in the next few days. Further, an initial report will be available on the New Zealand Companies Office website next week.

Cryptopia was incorporated on July 29th, 2014, and was a popular altcoin exchange for crypto enthusiasts around the world. Without the hack occurrence, Cryptopia would most likely be in a solid position heading into the summer, in what would have been their 5th year anniversary since incorporating.

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