COMPANIES IN RECEIVERSHIP AND LIQUIDATION

Update for Cryptopia account holders 27 May 2019

On Friday 24 May 2019, we filed a petition in the Bankruptcy Court in the Southern District of New York (SDNY) seeking recognition of the New Zealand liquidation in the USA, and we also applied for urgent interim relief.  We took these steps to preserve the Cryptopia information that is stored and hosted on servers with an Arizona based business. 

What does the interim order mean?
The interim order preserves the Cryptopia data, which includes a SQL database containing all account holders’ individual holdings of cryptocurrencies and the account holder contact details. Without this information, reconciling individual holdings with the currencies held by Cryptopia will be impossible. 

What happens next?
Our objective is to protect and to preserve those holdings for the benefit of those entitled to them. We are seeking legal advice about our responsibilities in relation to the various currency holdings.

Can I get my tokens back?
We expect that the process of recovering data and determining how to make distributions to account holders will take some months at least.  We understand that this delay will be frustrating for account holders.  For that reason, we are working to resolve these issues as soon as reasonably practicable. 

How do I get information on progress?
We will keep account holders informed of developments through posts to the Grant Thornton New Zealand and Cryptopia websites. A copy of the order from the SDNY Bankruptcy Court can be downloaded here [ 126 kb ], as directed by that Court.