(BlockBar) The report was first published on Friday by the appointed liquidator Grant Thornton. According to the report 69 unsecured creditors are owed at least $1.37 million and secured creditors over $912,000 and an expected deficit of $1.63 million. Staff at the firm are owed $207,000 for outstanding salaries as well as $177,000 in unsecured debt.
It also said that Cryptopia had restarted trading volumes and “were insufficient for the Company to meet its debts as they fell due and it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.”
Cryptopia was hit by a major hack in mid-January which resulted in “significant losses.” It later restarted trading services amid banking issues, and finally went into liquidation and suspended trading operations earlier this month.
Grant Thornton filed for bankruptcy protection in the US to preserve Cryptopia data stored and hosted on servers with an Arizona-based firm.
According to Grant Thornton: “The Company held cryptocurrency in wallets by cryptocurrency and has a database detailing the customer transactions and balance allocated to each customer. We are currently gaining access to the database to undertake a reconciliation of the holdings against the customer balances. Until the user balance database is reconciled with the crypto-asset wallets operated by the company, we cannot confirm the value of Customer holdings.”
The exchange possessed $691,229 in cash at time of liquidation but had a loan of around $150,000. It also had fixed assets with a face value of over $1.3 million. To be noted, the value that would likely be recoverable is more likely around $242,000.
The effort to recover the cryptos lost in the hack is ongoing by local police. But the liquidators are also enlisting the help of former staff.
