Bitcoin Forum

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12231209

I think this is sucks. I think the way it works is that bitcoin will go up but they will have a choice to pay in dollar or in bitcoin at current price.

This is just bullshit.

Please move this subject its belong to Services Discussion not here thanks

How to move this? Can I do that?

Say I gamble 1 million dollar. If I lost I declare bankcruptcy. If I win I make 1 million dollar.

Can people do that?

In short, if it can be shown that you obtained the loan for the money under false pretenses-- lied in some fashion in the process of incurring the debt-- you cannot discharge it. Chapter 7 does not allow you to deliberately cheat someone and use bankruptcy to avoid repaying credit extended to you in good faith (including by a casino) and which you only received because you lied about your ability or intention to repay. It stands to reason: that if you could not be denied a bankruptcy discharge for this reason, bankruptcy would become a license to commit fraud--lie to get credit, then file bankruptcy when it is time to repay.

Is this what cryptopia is trying to pull?

Appointment of liquidators shows the situation is not good but it also does not mean that it necessarily over.

Liquidators have special powers under New Zealand law - investigative, ability to compel creditors and shareholders to accept a resolution, restructure and cancel contracts like a lease.
http://www.lawsociety.org.nz/lawtalk/lawtalk-archives/issue-880/an-introduction-to-liquidations

They also have the power to continue trading if it is the best solution forward.

i'm pretty sure you can't. not easily, anyway. this article discusses why: (https://business-law.freeadvice.com/business-law/gambling-law/can-i-file-chapter-7-bankruptcy-on-my-gambling-debts.htm)



maybe, maybe not. we'll never know for sure.

my personal opinion is they were spread too thin already, they weren't profitable after the hack, and they didn't feel confident they could ever recover or repay their customers. in theory, depending on their financial condition, this may have been the most responsible thing to do.

cross-posting this from another thread re the legal implications:

Where is that other thread? Cryptopia lost only 10% of their assets. I think they made a mistake of taking bitcoins and litecoin rather than the stolen assets. Now they have huge imbalance of assets.

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12231209

I think this is sucks. I think the way it works is that bitcoin will go up but they will have a choice to pay in dollar or in bitcoin at current price.

This is just bullshit.

Bad for the traders who trust this exchange, but let's call it a regular news in the crypto space, some will succeed while some will fail, just like the real status in the business world.

I am a user of the site, but not a heavy user as I rely more on the high volume exchanges, it's just sad that they were hack and they have no contingency plan in order for the business to continue.

There's a still possibilities that its inside job, well this is just a small exchange in terms of volume so its a big risk for the traders of this exchange.
Some are lucky to convert their money and withdraw it but most of the users have no more choice but to accept it. I don't know their plan for the liquidation but I hope every user will get at least a small money to compensate their losses. Its very unfortunate for those who trust this exchange.

Is there a single exchange out there which we can trust?

Back in 2013, I still remember how people regarded Mt Gox as the most reliable exchange available at that time. And in the end, Mt Gox was the exchange which gave us the biggest heist ever happened in the history of cryptocurrency.

The Mt Gox robbery happened in 2014, and until now (2019) none of the victims have got any compensation.

"Announcement of Order to Change Submission Deadline for Rehabilitation Plan"

A large amount of rehabilitation claims that the Rehabilitation Trustee fully or partially
disapproved remains undetermined for being subject to claim assessment procedures.
Accordingly, it is not possible at this moment to make appropriate provisions in a
rehabilitation plan on modifications of the rights of the rehabilitation claims, repayment
methods, and appropriate measures for the undetermined rehabilitation claims and
therefore to submit a rehabilitation plan by April 26, 2019.
It is expected that it will take some time before such undetermined rehabilitation claims
are determined by the court, and a rehabilitation plan can be submitted.
In light of the foregoing, the Rehabilitation Trustee filed a motion to seek an extension
of the submission deadline of a rehabilitation plan at the Tokyo District Court, and, on
April 24, 2019, the Tokyo District Court issued an order to extend the deadline for a
rehabilitation plan to October 28, 2019

This is a shame, Cryptopia literally gone out with our money simply reason of hacking. They had the capability to come back, however the truth is I lost my Bitcore token around ~$60 and this is an exit scam.

From now, will try not to leave my cryptos on the exchange anymore.

Bad for the traders who trust this exchange, but let's call it a regular news in the crypto space, some will succeed while some will fail, just like the real status in the business world.

I am a user of the site, but not a heavy user as I rely more on the high volume exchanges, it's just sad that they were hack and they have no contingency plan in order for the business to continue.

Just take a look on Binance on how they do able to handle it well when it comes to hacking indcident.It did really stained up their reputation but they do able to retain or sustain possible loss of interest into its users.
Cryptopia might able to stand up again if they are really serious or willingly to recover but with their current things that they are doing it shows that they arent really interested at all and becomes a scam exchange.
This is indeed a regular news on crypto space so it wont be surprised if another exchange would be hacked.

This is a shame, Cryptopia literally gone out with our money simply reason of hacking. They had the capability to come back, however the truth is I lost my Bitcore token around ~$60 and this is an exit scam. From now, will try not to leave my cryptos on the exchange anymore.