The exchange has given affected users Cryptopia Loss Markers as a record of stolen funds, but there’s still a long way until reimbursements are issued.
After relaunching[1] its website in a read-only format earlier this month, the New Zealand-based cryptocurrency exchange, Cryptopia, has now published a statement[2] outlining the exchange's plan to rebate users who lost funds during the January hack[3], as well as a timeline for the resumption of trading. Despite exit scam rumors[4], and reportedly losing[5] 9.4 percent of its total holdings, Cryptopia's co-founder, Rob Dawson, stated in the post that the exchange is "100% committed to reopening."
When the read-only site was launched, Cryptopia stated[6] that user balances would reflect their pre-hack total, which the exchange would use to calculate rebates. In the exchange's new statement, Dawson details a rebate plan similar to that of Bitfinex's following its June 2015 hack[7]. Bitfinex's recovery strategy[8] involved issuing affected users US dollar-pegged BFX tokens as a record of their loss. The BFX tokens could be traded for shares in the exchange's parent company, iFinex Inc., which would then be converted[9] into Tradable Recovery Right Tokens, each representing the owners' shares in the exchange.
Though Cryptopia's statement provides only a rough sketch of the exchange's rebate plan, it looks to be following Bitfinex's route. According to Dawson, Cryptopia users will see withdrawals on their account for the funds they lost, and a subsequent deposit of what the exchange is calling Cryptopia Loss Markers (CLMs). The CLMs represent "the loss for each coin for each user in $NZD at the time of the event." However, as of right now, a CLM is
