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Cryptopia Exchange will return cryptocurrency customers after hacking

Cryptopia clients will receive their assets after the burglary
Source: cointelegraph.com
Users of the Cryptopia cryptocurrency exchange who suffered from a hack last year will be able to recover their funds. On April 8, Christchurch High Court in New Zealand ruled that cryptocurrency is the property of users under the country's legislation.

Thus, digital assets belong to the clients of the trading platform and cannot be considered debt, that is, to take a place in the competitive mass to pay off the liabilities to the creditors. Therefore, the court decision gives Grant Thornton, which liquidates Cryptopia, the opportunity to start recovering digital assets of 800 thousand. users.

The judge stated that cryptocurrencies on Cryptopia are intangible personal property of the site's customers, which can be identified as valuable. In this context, he considered the argument wrong that digital coin is simple, non-proprietary information.

Recall that in May 2019, the Cryptopia stock market was terminated. The management explained that the reason for the break in the burglary, which occurred in January 2019 and strongly affected the financial position of the trading floor. A total of $ 100 million worth of cryptocurrency has been stolen by attackers.

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