On January 14, 2019, Cryptopia, a New Zealand-based cryptocurrency exchange, was hacked, resulting in the theft of $16 million from individual wallets. The hack was unique in that Cryptopia held wallets as a trustee, making it a legally complex situation. The exchange was subsequently placed into liquidation, with Grant Thornton appointed as the liquidator. In 2021, a liquidation plan was proposed, which would see creditors receive a partial recovery of their funds. However, the plan was not without controversy, with some creditors expressing dissatisfaction with the proposed payouts. To make matters worse, a second hack occurred during the investigation, further complicating the situation. The Cryptopia hack highlights the importance of robust security measures and the need for clear regulations in the cryptocurrency industry. As the case continues to unfold, the question remains: how can exchanges balance the need for security with the need for user accessibility and convenience?