David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia Limited, a New Zealand cryptocurrency exchange based in Christchurch.
The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.
The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.
“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe.
“Given the complexities involved we expect the investigation to take months rather than weeks.”
The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.
Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.
An initial report will be available on the New Zealand Companies Office website next week. No further comment will be made until more information is available.
This piece was submitted by Claire Cucchini from Acumen republic
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