The bankrupt crypto exchange Cryptopia has revealed its strategy to return digital assets to select users affected by the infamous cyberattack of 2019. Following a prolonged period of uncertainty and legal proceedings, the New Zealand-based firm aims to provide relief to those impacted by the breach, according to a report by Coindesk.

Crypto Redistribution Plan

Cryptopia faced a devastating blow in 2019 when it fell victim to a cyberattack, resulting in the loss of millions of dollars in tokens. Despite filing for liquidation thereafter, the exchange has announced plans to redistribute Bitcoin (BTC) and Dogecoin (DOGE) to qualifying account holders.

The pivotal moment arrived with a court ruling on March 1, marking progress in Cryptopia’s bankruptcy case unfolding in Wellington, New Zealand. This ruling paved the way for the exchange’s decision to initiate the distribution process, offering hope to users awaiting the recovery of their lost crypto assets.

Besides the cyberattack, Cryptopia encountered further setbacks when a former employee breached the platform’s security in 2021, exacerbating the financial turmoil. Within the next three months, eligible users will reportedly receive the first asset distribution, receiving Bitcoin and Dogecoin.

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.CryptoCurrencyRead More

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