Cryptopia Bitcoin Exchange Discovers Credit Debts

Grant Thornton, the New Zealand Cryptocurrency Stock Exchange liquidator, Grant Thornton reported that the site has outstanding debts to creditors in the amount of $ 2,738 million. Among the lenders are companies like Dell NZ and Coca Cola Amatil.

So, Cryptopia owes $ 912 thousand for secured loans and $ 1.37 million for unsecured. At the same time, the exchange did not pay salaries to employees in the amount of $ 207 thousand, as well as an additional $ 177 thousand on unsecured debt. Grant Thornton suggests that this amount may increase, with an expected deficit of $ 1.63 million.

In January of this year, Cryptopia fell victim to a massive hacker attack, during which, according to various estimates, about $ 16 million of user funds were stolen.

Nevertheless, at that time the exchange decided that it would be able to overcome the difficulties and settle with the affected users, however, after the reopening of trading, the volumes dropped significantly and soon it was decided to completely liquidate the company.

At the time of the announcement of the liquidation, Cryptopia had about $ 691,000 in reserves, including a loan of $ 150,000. Most likely, according to Grant Thornton, it will also be possible to sell the fixed assets of the site and earn $ 242 thousand.

We add that the Cryptopia data is stored on servers in the US state of Arizona, so the site needs permission to start the liquidation process from the US authorities.

It is expected that the refund process to users will take several months.