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Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court
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[color=rgba(0, 0, 0, 0.8)]When cryptocurrency exchanges fail, a seismic shock shudders through the cryptosphere. With thousands of users, from traders to companies, left out of pocket, litigation is inevitable in a bid to claw back some of the losses. Cryptopia is the latest in a long line of exchanges to face a litany of lawsuits from anguished creditors.[/color][Image: cryptopia-696x348.png]

[color=rgba(0, 0, 0, 0.8)]The Channel Islands-based has refused to write off its losses, however, and issued a statement on May 16 detailing the claim it filed in the High Court of New Zealand. reports losses of more than 492 BTC, valued at $2.5M at the time of the claim, but now worth $4.2M in BTC terms. The digital assets that the company held on Cryptopia were Lisk Machine Learning (LML) tokens, which according to Coinlore are now only tradable on Bitbay. 15.4M LML tokens were lost as a result of Cryptopia’s collapse, comprising all of the LML that held.[/color]

[color=rgba(0, 0, 0, 0.8)]The machine learning company isn’t the only Cryptopia victim now seeking recourse through the courts. Grant Thornton is overseeing liquidation on behalf of Cryptopia, and produced its first liquidation report on May 31. Explaining the decision to reopen and then close the exchange, it notes: “Trade volumes were insufficient for the Company to meet its debts as they fell due and it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.” In addition to secured Cryptopia creditors Dell and, curiously, Coca Cola, there are 69 unsecured creditors with claims totaling $2.439M, although this figure is expected to rise, and it appears that’s $2.5M claim has yet to be added to this[/color]
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