Instead of Refund, Cryptopia Users will Get Rebate, After $16 Million Theft

Ken Austin
By Ken Austin
Posted on March 18, 2019
Instead of Refund, Cryptopia Users will Get Rebate, After $16 Million Theft

It may not be the best news that Cryptopia customers were looking forward to, but they can find a compensatory relief in the latest announcement by the New Zealand Crypto exchange. The exchange will offer a rebate to all customers who were at the receiving end of the security breach this January.

The users received an email statement :

There will be a rebate for customers who unfortunately lost funds. We are working through the logistics of this to ensure it is equitable and in compliance with local laws.

According to the crypto exchange, the reimbursement is likely to be concluded before April. Currently, the Cryptopia website is largely read-only. Users can, however, cancel standing orders. The New Zealand crypto exchange has disclosed that it is rebuilding its service from the ‘ground up again’.

It is still unclear how much was lost in the hacking. Cryptopia only revealed that 9.4% of the crypto assets were lost. Experts, however, estimate that cryptocurrencies worth as much as $16 million could have been stolen. As a result, users still have no idea whether their crypto assets were affected by the hacking.

Some users have expressed their anger saying putting the site back on now has not been helpful.

Users have also complained that the process of getting the exchange working again is taking too long.

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