As part of the bankruptcy process of the Cryptopia exchange, the judge ruled that the company’s funds belong to the clients. The platform suffered a hack in January 2019 and went into bankruptcy and liquidation in May last year.
According to the documents filed by the liquidator, the exchange holds digital assets worth about 170 million New Zealand dollars (about $ 100 million). The problem is that these funds were stored in trusts, without being distributed on individual client accounts.
The judge in charge of the case decided that the digital assets belong to the 900,000 users of the platform. It remains to be seen when and how they will be distributed to affected clients.
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