The hacked New Zealand exchange launched the Cryptopia Loss Marker, which will be used in the rebate process for hacked accounts.
Cryptopia, the recently hacked New Zealand crypto exchange, has posted an update on March 17 concerning its plan to resume trading on its platform, which is expected by the end of March.
In the post, Cryptopia’s co-founder Rob (Hex) Dawson stated that the company is entirely committed to reopening the exchange. Hex provided Cryptopia customers with data about the ongoing rebate process, as well as general recommendations for interacting with their accounts.
Cryptopia relaunched its website in read-only form on March 5, with the platform showing the balances as they were at Jan. 14, 2019, the date of the $16 million hack. The exchange explained that the website can be used to reset passwords and two-factor authentication credentials, which is also a top priority issue in terms of client support at the current stage, Hex wrote.
In the new announcement, Cryptopia provided details about the rebate process for customers who lost funds as a result of the hack, adding that the exchange is working to ensure that the process is compliant with local laws.
Hex specified that users who lost their cryptocurrencies will start to see a section dubbed “Withdraws on your account for those coins.” He explained that transaction IDs (TXIDs) for the withdraw orders will not exist on the network; however, they will include details on how the coin was impacted in the event.
For each withdraw order, users will also see a subsequent deposit of a Cryptopia Loss Marker (CLM) — a TXID that will stand for the lost coins — which will also not be represented on the network, the post says. Hex noted that CLM is not a coin, but represents the amount lost of each coin for each user in New Zealand dollars (NZD) at the time of the event, adding that it cannot be traded to date.
In the announcement, Cryptopia’s founder also said that users are now able to cancel their standing orders through the website, while the API is still disabled. The exchange strongly warned its users to refrain from depositing funds into old Cryptopia addresses.
In the aftermath of the Cryptopia hack, the exchange had noted that they would not resume trading until they were sure that user balances were secure.