Cryptopia liquidation: Latest updates see extension on liquidation process

Cryptopia exchange has recently been given a 10 working day extension on the liquidator's report, the exchange announced earlier today.

Defunct cryptocurrency exchange Cryptopia has been given an extra 10 working days to put together the liquidator's report. The news was announced on the exchanges twitter account.

The extension most likely is required to try to ascertain where funds can be liquidated or even if they can since most projects on Cryptopia are not currently traded anywhere else, essentially making them worthless then.

Cryptopia, which was hacked in January 2019 to the tune of roughly $20 million in Ethereum and ERC-20 tokens, struggled to find its feet after the hack and has since decided to go into liquidation. The reason behind the liquidation has not been shared with the public, however, there has been mention of business irregularities, forcing shareholders to step in and liquidate the business.

Either way, the news does not bode well for Cryptopia users, who have seen the remainder of their funds simply disappear as the company liquidates all the assets.

The community has banded together in an effort to have their funds returned, however, the latest announcement proves that the efforts are fruitless. The New Zealand Court has granted an additional 10 working day extension on the liquidator's report. The report is now due on June 4, 2019, and will be available for perusal once submitted.