Cryptopia customer assets recognized as their property

09.04.2020 / Payment system news

Assets of the New Zealand cryptocurrency bypass Cryptopia, which was hacked at the beginning of last year, are recognized as the “property” of their holders, according to local law. This decision enables former users of the site to hope for a faster return of funds.

In particular, the official page of the cryptocurrency exchange on the social network says: “On April 8, 2020, Judge Gandall made his decision, establishing, firstly, that cryptocurrencies are“ property ”within the framework of the definition set forth in national legislation of 1993, and, secondly, the digital assets of account holders were held on several trusts, divided by the individual type of crypto asset. This means that cryptocurrencies are owned by account holders and are not company assets. ”

It is worth noting that as a result of a hacker attack, fraudsters managed to steal more than $ 16 million in cryptocurrency, and the total amount of losses on the site is 30 million at all. Later, the company declared bankruptcy while commencing work to restore the customer base and funds that were on their accounts . In turn, the liquidators of the site from Grant Thornton warned that the refund would not be quick.