Cryptopia Limited 2019 Hack Victim, GNY, Sues Liquidators

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • GNY lost approximately 15 million Lisk Machine Learning (LML) tokens on the New Zealand cryptocurrency exchange, Cryptopia Limited.
  • GNY has claimed being the largest wallet in this exchange which closed in 2019.
  • The firm GNY has solicited the Cryptopia liquidators for the hack. They blame them for not being able to comply with their duties as liquidators.

GNY is a company that focuses on providing best artificial intelligence applications to Blockchain companies. It is the world’s first decentralised platform for machine learning. A year ago on 14th January, it had lost approximately 15 million Lisk Machine Learning (LML) tokens on the New Zealand cryptocurrency exchange, Cryptopia Limited. Consequently, LML token’s market value fell down by 95%.

GNY Proclaims Being The Largest Wallet Holders In Cryptopia 

Recently, GNY has solicited the Cryptopia liquidators for the hack. They blame them for not being able to comply with their duties as liquidators. But, GNY has claimed being the largest wallet in this exchange which closed in 2019. The decentralised platform has issued a legal notice for Grant Thornton. It has been reported that they are having clashes with David Ruscoe and Russell Moore of Grant Thornton. Recently, a court order allowed the company to use the BTC held by Cryptopia for liquidation purposes.

Attackers Hacked The Crypto Exchange For 2 Weeks

In January 2019, the attackers had hacked and controlled the New Zealand based crypto exchange for more than two weeks. In this period they stole an anticipated $16 million. After the hack it was estimated that $170 million worth cryptocurrencies were still present. But right now their value is even less because BTC’s price is relatively less than it was in January 2019. GNY’s legal notice openly blames the liquidators. This is because the liquidators had all the required information yet they did neither accept nor decline their claim. 

In the notice, GNY clarified that they have no grudge against Crptopia’s account holders. Rather they believe that the users should be compensated the losses, even if it means using up Cryptopia’s own funds. Company’s own assets should now be stored for compensating the hacked account holders. 

Liquidators Disregard Their Claim 

Referring to Grant Thornton declining work ethics, an employee from GNY said that they are worried that the company was ignoring the creditors. By doing so they may be filling their own pockets. GNY’s founder and CEO, Cosmos Wonh said that Grant Thornton have had their claim from the very beginning. GNY’s claim involved the liquidation of the company. Wong further said that they don’t expect Grant Thornton to pay them back. However the least they could do was acknowledge their claim. 

The representatives from Grant Thornton said that they are understanding that this is a difficult situation for the creditors. They further went on and denied all the allegations accusing that they had no reality.

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