Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-00670
Hidden wallet discovered — exchange custody (2019)
IndeterminateCase description
Grant Thornton, appointed liquidator for Cryptopia in May 2019, found that the exchange had pooled all customer funds in a single shared wallet rather than maintaining segregated accounts per user. This made it impossible to determine which assets belonged to which customer. The lack of per-customer segregation meant individual claims could only be estimated from exchange ledger records, which were incomplete.
Custody context
| Stress condition | Documentation absent |
| Custody system | Exchange custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2019 |
| Country | New Zealand |
Structural dependencies observed
What this illustrates
There was no documentation of how access worked. Without it, there was no path back in. It's not clear whether anyone ever regained access.
Outcome interpretation
Not enough information is available to determine the outcome.
Source
Publicly Reported
Evidence type
News article
Related cases involving documentation absent
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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