The hearing for the case of Cryptopia and the liquidation of its customers has been rescheduled for 11-14 February at the High Court in Christchurch, New Zealand.
This has been officially announced on Twitter, along with the fact that they are trying to identify the legal status of the funds owned by clients at the time of the closing of the New Zealand exchange.
The #Cryptopia directions hearing has been rescheduled to 11-14 Feb @ Christchurch High Court. We are seeking directions about the legal status of customers’ holdings & the ability to hold Cryptocurrency on trust. All Liquidation info can be found here: https://t.co/qtQ7dvcUtc
— Cryptopia Exchange (@Cryptopia_NZ) January 17, 2020
This means that until mid-February there will be no news about the settlement of the claims that Cryptopia’s former customers have against the exchange, which has been closed due to two hacker attacks in the first half of 2019.
A year has passed since the first attack, and more than six months since the exchange closed, but it seems that the only steps forward made since then are the calculation of the funds held by customers at the time of closure, and the legal recognition of claims.
In fact, at the time of closing, customers who still had funds held on the exchange’s wallets have not yet received anything, and have only participated in the credit definition process.
The funds of the exchange, which in the meantime have been traced, have not yet been distributed, both because they have not yet all returned to the full availability of the liquidators, and because everything is now in the hands of the judiciary, which has yet to establish the precise amount that each individual former customer can legitimately claim.
Therefore, the hearing of 11-14 February at the High Court of Christchurch aims to solve at least the latter problem, identifying the claims that the liquidators will have to reimburse.
However, it is possible that the liquidators do not currently have all the funds they need to reimburse all the claims, and it is not even known whether they will be able to recover the stolen funds in the future, despite these having been traced.
As such, the case is likely to continue for several more months.
