Cryptopia Users Finally Get Good News as Judge Delivers Verdict

At long last Cryptopia victims may be one step closer to finally recovering their cryptos. After more than a year of painstaking investigation, Grant Thornton's liquidators have finally received a positive ruling from the New Zealand High Court. 

"Cryptocurrencies Are 'Property' Owned by Individual Account Holders"

Cryptopia exchange dropped an update on its Twitter account today. After a long and bumpy road to get here, it seems that Cryptopia victims may be in luck at last. Justice Gendall of the High Court of New Zealand delivered two significant judgments in his 74-page legal document.


TL; DR? Cryptocurrencies are "property" and despite the fact that assets are held in co-mingled wallets, they are officially owned by the account holders and not the company itself.

Why is this good news for Cryptopia users? Because this means that the hacked exchanges liquidators can start the process of returning users funds without having to perform a painstaking reconciliation process that was on the table last month.


Cryptopia's liquidators have had a tough job since they took on the task last year. From finding out that users' funds were mixed into co-mingles wallets to breaches in AML requirements, it looked as if users would never receive their funds. At last, the New Zealand judge has thrown them a lifeline.

Cryptopia Victims Enthused by Latest News

Some of Cryptopia's followers pointed out that its liquidators could do a better job of communicating with them. After all, how many people have the time or knowledge to dissect such a lengthy legal text?

However, the overall response to the latest news was upbeat. For the first time in a long time, it looks as if legitimate users are closer to recovering their funds - the only question that remains now is when.


What do you make of the latest Cryptopia update? Add your thoughts below!