The hacked platform “Cryptopia” and after it entered the stage of liquidation and the supervision of the company “Grant Thornton” on the process, many news reports appeared about the status of the platform and an estimate of its value and what it possesses in an attempt to remedy the users’ losses, which we follow periodically on the Arab Bitcoin website.

According to the latest updates related to Cryptopia, it is not possible to determine whether the funds in users’ accounts actually match the amount in Cryptopia’s hot and cold wallets.

Grant Thornton and Cryptopia:

Ever since Grant Thornton took over the liquidation of Cryptopia, they knew they would face many problems and challenges.

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Earlier it was discovered that users’ funds were being sent to mixed wallets, and flagrant breaches regarding money laundering and KYC/AML procedures were revealed, and obstacles continued to emerge.

The biggest problem they face now is determining whether the balances Cryptopia has shown in customer accounts are the same as the balance in its hot and cold wallets.

In an update dated March 10, 2020, the liquidators petitioned the New Zealand court to help them speed up the process.

The Cryptopia hearing was held from February 11 to 14 in Christchurch High Court. No verdict was issued, with Judge Jindal’s reservations about his ruling. Today’s liquidators have uploaded subsequent declarations and affidavits regarding the proceedings here:

– Crypto exchange (Cryptopia_NZ) March 10, 2020

In submitting a document to the advisors, Grant Thornton reiterated the problem it faced in court as follows:

The liquidators were unable to ascertain whether Cryptopia’s actual holdings of cryptocurrency, in the hot and cold digital wallets it held, matched the verified coin balances belonging to the account holders, as recorded in the SQL database.

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Grant Thornton indicated that if it had to verify the numbers, whether they were real or not, it would take a very long time.

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Waiting for the settlement process to complete and for the reconciliation process to complete can take more time and thus extend the waiting time for creditor users.

Nor is there any certainty about when the reconciliation process will be completed.

So Grant Thornton is asking the court to waive the process for the benefit of all victims of Cryptopia.

But how the court will respond, no one knows, but the only thing that is known is that everyone, including the liquidation company, wants to close the case as soon as possible.

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