What happened with Cryptopia

Bitcoin.com, a company owned by Roger Ver, a supporter of Bitcoin Cash, has announced support for users who are victims of the Cryptopia exchange attack.

Bitcoin.com will in fact make available its platform to redistribute funds to its rightful owners.

We are talking about an attack that took place in early January 2019, so almost 2 years ago.

This hack resulted in a heavy loss for the exchange – several million dollars – which forced Cryptopia to close its doors and start the liquidation procedure, which after some time seems to be draining.

For this reason a program called „Cryptopia Rescue“ was created that will take the place of all the users who suffered a loss from this attack and Bitcoin.com joined the team to facilitate the task of redistributing the tokens.

Cryptopia Rescue’s spokesman, Victor Cattermole, explained:

„The curator proposed to give up more than 50% of the funds. In our alternative plan, we have partnered with Bitcoin.com to provide an exchange environment to emulate the Cryptopia model so that all funds can be redistributed.

The role of Bitcoin.com

In fact, since the birth of this program in September 2019, the Bitcoin.com exchange has provided support and offered a useful and secure service for users, which has been taken into account, as explained by the CEO of Bitcoin.com exchange, Danish Chaudhry:

„We take this role within the consortium very seriously. [Bitcoin.com Exchange] will do everything possible, as a collective, to provide the best in class platform to redistribute funds to Cryptopia account holders through our exchange.

Although this platform will be used to connect liquidators and users, there are some things that users need to keep in mind:

  • The Cryptopia trustee is independent from Bitcoin.com Exchange.
  • Complaint information is stored only on the Trustee’s servers, not on Bitcoin.com Exchange servers.
  • Complaint information is private between customers and the Trustee.
  • Bitcoin.com Exchange is not involved in the approval or denial of claims.
  • Bitcoin.com Exchange does not determine when claims are distributed.

So in any case there are limitations but it is still positive that users will be able to recover the funds or at least part of the funds they had on Cryptopia.

5. November 2020