Crypto Exchange Cryptopia Users Wins Court Case Over Digital Assets Worth Over Hundred Million USD

Coming as a positive development in the cryptosphere, New Zealand based cryptocurrency exchange Cryptopia’s users have won a case over virtual assets worth more than $100 Million.

In a court verdict over how the outstanding virtual currencies will be disseminated, Justice David Gendall at the High Court in Christchurch mentioned users of the crypto exchange are entitled to the virtual assets they hold in Cryptopia accounts. He decided that the assets should be classed as “property” because they were held in distinct trust accounts.

A different judgement would have seen the digital assets classed as normal debt to be disseminated among both creditors and users.

On Wednesday, Justice Gendall elaborated the case in a document published mentioning,

“Effectively, the tussle which is before the Court is one between the creditors of Cryptopia on the one hand and the account holders who have invested in the various digital assets (“the account holders”) on the other.”

He further added,

“The argument that cryptocurrency is mere information and therefore it is not property is a simplistic one and, in my view, it is wrong in the present context. I dismiss it.”