cryptopia exchange
Crypto

Cryptopia Clients Achieve a Small Victory in Court

It has been a while since a new update was provided regarding the Cryptopia exchange. A new breakthrough has occurred, which paints a somewhat positive outlook for affected users.

The Cryptopia exchange went through a bit of a roller coaster in May of 2019.

A Somewhat Promising Cryptopia Update

Earlier that year, the crypto exchange was hacked, resulting in a loss of 15% of the total users’ holdings.

That did not sit well with affected users, prompting them to take the exchange to court.

Ever since May, that lawsuit has been going on, yet little progress has been made.

However, all of that negative sentiment is seemingly coming to an end.

The judge presiding over the case rendered an interesting verdict.

Justice Gendall claims that Cryptopia held the crypto assets in separate “trusts” for each currency.

Moreover, Gendall also claims that digital assets, such as Bitcoin and altcoins, classify as property. 

It is thus believed that Cryptopia’s assets added up to just over $100 million in total.

That also means that the company is liable for the losses and will need to compensate users accordingly.

How that will be done exactly, remains to be seen, as Cryptopia filed for bankruptcy nearly a year ago.

Small victories like these give affected users some hope as to potentially obtaining some form of compensation.

Image(s): Shutterstock.com

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