Cryptopia, a New Zealand-based cryptocurrency exchange that went into liquidation last year, has updated its news and revealed to its users who are eagerly awaiting any new ones.

The trading platform confirmed via Twitter that its procedures have been delayed.

According to tweetThe hearing, which was scheduled to start on February 3, will take place from February 11 to 14 in Christchurch High Court.

The # Cryptopia The directive hearing has been rescheduled to February 11-14 @ Christchurch High Court. We are looking for guidance on the legal status of client properties and the ability to hold cryptocurrency on trust. All filter information can be found here:

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– Crypto exchange (Cryptopia_NZ) January 17, 2020

fighting to survive

In January last year, the New Zealand platform shocked investors with a tweet announcing that it had discovered a major security breach with “significant losses”.

While users have noticed that its services have gone down, the company has tried to assuage concerns by claiming that it is running maintenance and things will be fine soon.

However, the hackers gained access to the platform’s security protocols and cashed the users’ money.

15,750 AU units were stolen Tweet embed cryptopia learned this but hid it from their clients, we asked them to publish this. They refused and lied to their clients. How do you call this? scam! Check in Google, we were the first to wear it but no one believed us in real time.

– Gold Coin January 18, 2020

The news of the hack was met with disappointment among the crypto market followers, especially as it was the first major hack to be reported at the beginning of that year.

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After a few months of the hack, the platform resumed operations in March 2019 with the hope of making a comeback.

to give in

Unfortunately, all of its efforts were in vain, as the company finally shut down in May.

Ultimately, the platform appointed Russell Moore and David Roscoe of New Zealand-based auditing and consulting firm Grant Thornton as the official liquidators.

Grant Thornton explained at the time that the company had decided to liquidate, as it was struggling to return to profit but could not continue.

Which is not surprising as confidence in the platform that followed the hack has plummeted.

As an aid to protect its employees and customers, the platform has chosen to close its offices.

While the liquidators stated that they would look into the source of the breach and focus on securing stakeholder assets, their statement came:

We understand that Cryptopia customers will want this matter resolved as quickly as possible.

We will conduct a thorough investigation, working with many different stakeholders, including management and shareholders, to find the solution that best serves our customers and stakeholders.

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The liquidation process will take months rather than weeks, the company added, adding that the complexity of the case will require some time to identify and settle Cryptopia’s obligations.

Pay Attention to Cryptopia Liquidation…Your Courts are trying to decide on February 14th whether to honor Cryptopia’s promise to its clients that the cryptocurrency we have purchased and deposited on the exchange is reserved for us!!!! – this is scary!!!

– Wesley Bowerle (Dirtfishers) January 18, 2020

Grant Thornton certainly wasn’t kidding about the time frame, as the company has been dealing with finalizing the platform’s liquidity ever since.

The audit firm provided an activity update last month, stating that although it was able to return about $8 million to investors and stakeholders between May and November, there are still plenty of difficulties to anticipate before the case can be executed.

The company’s report can be summarized as follows:

We continue to investigate the affairs of the company and its directors in the prior period to determine if any other avenues are available for recovery.

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