Grant Thornton Updates Information Regarding Claim Procedures

• Back in January 2019, this New Zealand based crypto exchange was hacked and compromised for more than two weeks
• Grant Thornton has released guidelines and a set of frequently asked questions that should facilitate the claims process
• The company has announced that the registration for the claiming procedures is anticipated to start by the end of this year

Grant Thornton has recently updated policies for the Cryptopia account holders. Back in January 2019, this New Zealand based crypto exchange was hacked and compromised for more than two weeks. In this period hackers stole an anticipated $16 million worth assets. It was estimated that $170 million worth cryptocurrencies were still left in the exchange. The victims had criticized Grant Thornton for not being able to carry out their duties as liquidators and accused them of their degrading work ethics. However, representatives from Grant Thornton clarified the situation and denied all such allegations. 

All Procedures Should Maintain AML/CFT standards 

However, recently Grant Thornton has released guidelines and a set of frequently asked questions that should facilitate the claims process. In addition, the main objective of the company is to allow the registration of the accounts holder so that they can claim for their lost account balances. Appropriate AML/CFT standards would be maintained while verifying the identity of the account holders. And lastly, it instigates asset transfers to account holders. The company has announced that the registration for the claiming procedures is anticipated to start by the end of this year. 

Online Portal for Identity Verification of the Account Holders

In order to claim their lost coins, the account holders must verify their identity and all necessary information through an online portal that would be specified soon. Once they complete the process, the liquidators would get in touch with them to claim funds. It has been clarified in the report that the Cryptopia exchange cannot just open without undergoing prior investigations. Simply because an exchange that has been compromised cannot be opened out of the blue without identifying the source of the hack. 

Restoration of the Lost Coins to be Done in a Safe Environment

The entire reconciliation process includes re-issuing the lost coins in a non-hacked and safe environment and gradually restoring the coin balances according to the customer database. Moreover, Grant Thornton has announced that it would comply with the laws of the New Zealand government and clarify the distribution process including meeting the AML requirements.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.