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Cryptopia Exchange has Gone Into Liquidation After Hackers took away what was reported to worth about $16M in January this year. The New Zealand exchange going down!
In this news; https://www.cryptoinformers.info/news/137-cryptopia-exchange-goes-into-liquidation-after-hack the story of the hack was told.

yes, that is the end of cryptopia. i really enjoyed using this exchange, but by the sudden closing down i lost about 0.001 btc. that is not a lot of money, but annoying anyway. to come back after the hack, and then close again after a few days is stupid. now, more people have lost money and it will take time to make good on their claims.  ::)

Hacking could be an exit scam from the exchange itself unless independently verified. Cryptopia was already a lost cause. Any amount I had in the exchange had decreased to such low that it was not worth trading. Cryptopia is going down with hundreds of other unless coins and tokens. Glad no new investor would be convinced by it's fake pump and dumps.

Do you really believe that they will come back for good and redeem themselves? The amount is much much less than BNB hacked amount, yet, they have difficulty in recovering such loss. And took months to open again and then suddenly, liquidating their assets. Their financial assets are really not that much I guess. Losing $16M was like a tremendous hit to them.

They should take a lesson on how binance successfully handles the attack. The best thing that binance have done is do become transparent on this kind of situation, they always inform people and what is good is they can revive their reputation. Since if they pretend their platform is invulnerable, that will going to be worse.

May be true, may be not true. I also think it as an exit scam. But, one fact we must admit that they had a corner in the industry. They could have improve more to ensure better profit.

Don't you think that the hack amount was too huge for them? Maye be that's what has made them to go into liquidation?

i quite liked cryptopia, it was sad to see them be hacked and then go away like this. although the exchange was not perfect and had some issues but it was a good one among all these KYC focused exchanges like Binance.
but that is the fate of small exchanges that get hacked, they can't come back because they lose that small volume that they had unlike big exchanges that can still keep most of their volume.

I also like Cryptopia, was the first exchange i used more in past than others, i always not had any problem with it, but now i think is their fault somehow when they get hacked, an old exchange should always to secure funds.

16M is not a small amount for exchanges like cryptopia. don't equate with binance, they are large exchanges even though they were recently hacked but the asset value of binance is far greater than that. so binance doesn't have a difficult problem. in contrast to the 16M cryptopia that is equivalent to the Asset value they have, it is normal for them to have difficulties and close the exchange due to this hacking problem.

Having being trading with cryptopia for quite some time and I have made some money during the pumped days in 2017, I really feel bad hearing that cryptopia is now out of operation.  It is a sad moment for me and even though I have some coins over there I am not happy seeing them out of business.  The hacking activities are really increasing especially now that the crypto market is witnessing surge in pricing.  The big and even newest exchange should endeavour to put more security on the exchanges platforms to ensured security of the investors funds.

Even a big exchange could get down easily by hackers. Rest in peace, cryptopia. Rest in hell, hackers. I just hope that the hackers left some millions or what, they just take all of the money.

yes I also think so, maybe 16M is very big for them. and I think it took a long time to recover this big loss.

indeed hacking is the biggest problem for the current exchange. even binance, known as the best exchange, is not immune from hacking problems. so in the future, hopefully the exchanges that still survive can improve their security.

I heard a lot of shitcoins was on that exchange, so what are the shitcoins going to do now....RIP Cryptopia.

It is unbelievable, aren't they charged between 3-5 btc for a project listing fee. All of the listing fee budget gone with the hack too? They should have enough budget too cover hack

What did you like so much about Cryptopia? Cryptopia was the perfect home for shitcoins. What ICO started doing was after raising some 1000-2000 ETH, they used to pay 50-70 ETH listing fees on Cryptopia, make investors happy and then ran away with rest of the money. Due to this common practice, Cryptopia had the largest volume of shitcoins after HitBTC. Both these exchanges care more for money than development. There were regular pumps/dumps on Cryptopia.
That's why I used to hate Cryptopia and never used it after 2017.

very sorry for this exchange. This is one of the oldest exchanges. and many tokens that were on this exchange I have in my portfolio. Now I do not know what will happen with these projects

Are they not going to open again to let us withdraw the funds we have there?

I do have at least some coins in the exchange, you may say its home for shitcoins but I did profit from that exchange. Its one of the oldest exchange still that I have been with which is easy to use.

This is very painful, cryptopia is such a good and popular exchange, with this Update, a lot of project listed on the exchange will have to suffer and find a new exchange to list their token as cryptopia is closing down.

But recent hack on binance was about $40M which is way higher than cryptopia hack but still they didn't manage to do anything,my instinct says they were did it and stole money from trader.

it's a logical end of Cryptopia. noone would work with the exchange that can't return lost funds so the best solution is to stop working.

Very sad.. This was actually the first exchange I practiced trading sometimes 2017. They really got it all wrong with their security measures and ultimately have to short down operations.. I hope this would serve as a lesson to other exchange in the crypto space..

Its only a matter of time when these tier 4 exchanges bite the dust. Their security systems are surely sub-par so they are an easy targets for hackers. I have read some confessions of people that were holding their funds on Cryptopia, which is naive beyond belief, but I still feel bad for them. If you really have to hold your tokens on an exchange, at least go with Binance ffs.

16M.. that's too great a sum for not top exchange, it's really sad to hear about Cryptopia liquidation. So the actual coin holders will get zero, feel sorry for those who left assets there.

I suspected a fowls play in the closure of cryptopia. This was not just about the hack,  I think this is an exit scam, cryptopia stole from the platform to run away with it.

After cryptopia trying to fool traders by promising them to return their funds and then disappearing into thin air, I wonder what Binance plans to do. I don't trust any exchange now and they just want to fool their users by saying they lost funds and make bigger promises to get back their lost funds before they shut down completely.

They didn't perform well in the bear market and last news shattered their reputation hard. Following the hack, the exchange management didn't stick to the promises they talked, shared to each customer with bulk email. Binance really managed hack speculation very well than losing the control like Cryptopia.

I wanted ask question I am having fund in exchange when it will be withdrawable . Also need to understand how about the stolen ethereum from my account it will be returned .

In fact, the sad news is, there are some coins left in there. Someone wrote to support about what will happen with the balance of the user? I am very much concerned about this question, as has not yet received an answer.

Yes even that is what my concern atleast they could have allow us to release other tokens and coins which we had it in exchange . I lost done ether in this hack . But I too had electroneum and done other coins in this exchange . They should allow us to withdraw atleast that.

This is another sad ending but i am happy that they just did not simply closed the doors i like the fact that they are liquidating the business so everyone will receive their share of the coins and i hope that the hacking loss will be beared by the cryptopia team.

This is what's going to happen to exchange that cannot keep up with its security, it's the second time around if they still continue operation I don't think traders will trust them again, it's sad that an old exchange is folding down, but it's a tough competition, you'll get hacked if you are not up to date with your security.

It's time to say goodbye to a commemorative exchange in 2017, I've had a lot of memories with it since altcoin pumps, I was happy with that, but I still know that this is an exchange completely secure. So I have withdrawn everything before this happened

Cryptopia isn't the first and it definately wont be the last.  Until people stop using exchanges as a main wallet (yes people do this) AND exchanges employ a higher level of security there is too much to gain for professional hackers to back off.  It's very quick and profitable for them.  Cryptopia is just another notch in the bedpost

Also it was a bad time for hack for the exchange, it could be in the estimate of value of bitcoin with binance. I think exchanges should be making financial provision to fall back on for possible hack, since they make good profit their services.

It's the right decision made by Cryptopia  after the hack, the decision is in the best interest of customers, staff, and other stakeholders. My loss pained me,  but still gat to move on..  It's crypto

The right decision for them, they will eventually go down the drain, because people will not trust them anymore, two times hacked will make the investors think if this is a good exchange, with good security, there are a lot of good exchange, they will be left in the race.

i did my first trades on cryptopia and it always worked well. the registration worked without kyc and was very easy. yes, there were many shit coins on cryptopia, but you could also trade important coins there.
i think that is why i liked the exchange. it was certainly not the best exchange, but to gain experience it was enough.

Can relate on how you feel bud  :(. Cryptopia is the first exchange i used to trade my tokens when i engaged myself into crypto and i used to think that this exchange is good but then i am wrong. Lost my ether and some tokens there though not that big but still it is frustrating to lose our own money. Hope they will have some good news on how to refund their customers who lost money on their exchange.

I guess some people think that Cryptopia hacked themselves in order to justify the proposed closure now, people lost their money without no hope of refunding anything.

I really doubt that. The stolen coins (especially ETH and the tokens) are being tracked now and the hacker won't be able to cash them out any time soon. At the same time, the investigation is ongoing and the details of every transaction ever made on Cryptopia is being analyzed. If the Cryptopia admins wanted to close down their exchange, then this was not the most intelligent option for them. The evidence also points otherwise. It looks as if the hack was done by organized criminal groups from Eastern Europe (Cryptopia is based in New Zealand).

I still have some altcoin on it. How will they handle the rest of the users' assets? Does anyone know :( I hope to receive it soon.

very unfortunate if that is the right thing to do. they make dramas to bring money from their customers. and of course this will not be done by professional exchange who maintain the trust of its members

Yes it's dead already cause cryptopia don't have any plans or ways to recover the lost from hack.
It's quite sad for me cause cryptopia is one of the first exchange I used when I'm into crypto, it's very simple and I love the UI too.
Sad to know they gonna gone forever.

It is not so easy to stay as you are. That is why we are all going through bigger exchanges, at least they will pay back our money. This time cryptopia had the bad luck, it should be a lesson for others.

Everything can happen on the internet. If they are really doing that, I think people won't forgive them, and the law should chase them until they can get arrested. I hope that soon, there is good news from them to the members so the member at least can get a refund of their money and that is a form of their responsibilities to their member.

No one can avoid problems like this. Nor is it a large or small exchange, all will happen if there is a gap to do it. Other exchanges must learn from cryptopia or Binance who have just experienced this. With that other exchanges will learn to add a security system so that there are no gaps for hackers to do this.

This is bad end for those who have balance in Cryptopia and not able to withdraw and also i was lost my 5600 TRON.

The most safe we can do is not store our coin or token in exchanger wallet. Its very vulnerable because hackers always want our coin. Better keep storing our coin or token in our own wallet. Many exchanger had this experience and hopely cryptopia can handle this with more transparancy

I feel sorry for them , $16m is really a lot of money. thats why i never put a lot of money in exchange wallet because i think that exchange doesn't always secure because i think even if they have the best white hat for security. black hat always win because of their group is just to big to handle.

Not really true. I too liked cryptopia because of their simple theme, easy to use, faster transaction and quite better support. I had once an issue with them and had contacted them, they sorted out the problem within hours and very responsive too.

It’s so  unfortunate that this cool exchange could suffer attack from hacking and hasn’t recovered from this attack. Now exchange needs to tights their security very well to avoid this kind of things. It’s good to know that tokens are best kept in your wallet and not it even exchange website to avoid sad stories when this kind of hacking happens.

If you ask me to close down an exchange because of a $16  millions loss is a bit stupid.  If they are early investors $16m is little for them. I guess they just dont want to bother with exchanges anymore. They should just sell it on time just like Bitstamp and Poloniex did.

Of course the news is very sad. But what is 16 million. Banks are also breaking open. From counts, too, they make money. Some banks even manage to go broke. So I do not think that there will be a problem with the currency exchange because of this. Perhaps a little slow down the growth of all coins. But not for long.

I don’t think you should expect any refund from them again, because they have no SAFU fund to control the damages that was done to them. Which is why they are liquidating easily? This will also serve as lesson to those that are fund of keeping their token on an exchange; no exchange is safe for now.

Imagine the almighty Binance that we all feel it will be impossible for them to have security breach also fell a victim of one of the highest hacking of the year. I just hope that this cryptopia news will not scare people of Binance for them to start dumping some of their coins on Binance that may affect the price of BNB.

It is very convenient because I think exchange cryptopia was good enough in its time because they offered listing of coins using various platforms and algo and now it ended tragically.

cryptopia is one of some quiet populer exchange market that listing altcoin there.
so sad i can't withdraw my last ballance there , although it just 0,2 eth

I learnt that they have officially announced their liquidation, that is so sad of them, I guess what the hackers stole if far more than what they even declared for them to go down easily that way, because if they were that very big as they claim, why has Binance not dissolved too when what they stole form them is not even up to the half of what was stole from Binance.

I really winder what will happen to the funds of people after liquidating, will they refund other people’s money or what, because I have never really been in this situation and I really don’t know how they intend they go about this.

It's very bad, that Cryptopia has gone.
But there is one good news for coins that traded only on Cryptopia and nowhere else.
Nova Exchange opens doors for coins that was listed on Cryptopia:
ttps://novaexchange.com/news/

This is a painful end for such a good trading platform. The asset that was hacked from the exchange is too much and they don't have thr financial capacity like the likes of Binance to endure it. I think one thing that make centralized cryptocurrency exchanges super risky is that most of them are not insured and to me this is very bad.

I still don't believe that the cryptopia hack was an outside job. I think that the cryptopia exchange owners have in hand in this and they stole from users, called it hack and went for liquidation. Just as we saw at quadrigax this other exchanges are mimicking this

When I read such news I dont know in what to believe... how such old with big experience exchanges have such problems.. and if it really possible to have safe data and funds in real time?

This one really scares me as i have many tokens on my account at cryptopia.
i really wish they will back to normal operation for atleast a day just to withdraw our tokens.
It is not a joke amount and i put efforts on doing bounties and making research to get those amount.

I don't think they lost only 16m $. Cryptopia wasn't a very small exchange they had decent volume and user base and they lost all eth and probably eth tokens so their loss should be higher than 16m $. Also, i can't be sure if any hack news is real or not. It always felt like a "hack". Even binance hack seems fishy so i have my suspects about cryptopia too.

Still, if 16m $ was their lost i can't believe they can't cover it. They were charging 8 btc for listing and they were having lots of trading fees.

This is a very pathetic thing. This is where the blockchain technology seems to lag. If this was to happen to a bank, it would have been very easy to track down the hackers. Something has to be done about the security of the blockchain.

But $16M is still a small amount for Cryptopia to exit that easy. They're actually losing more than that said amount. Cryptopia was a good exchange and it's just disappointing that hackers have broken their reputation as well. No exchange is exempted from any hacking despite their complete security measures.

Another exchange bites the dust this time due to hacking of funds, some other exchanges are closing perhaps due to low volumes and no funds for maintaining the exchanges, i think it is high time that all these exchanges are regulated like forex brokers and their should be a licensing and monitoring agency for all the crypto exchanges only that way investors and traders can feel better and safe.

Meehn, hackers are really tuning everything there is in cryptocurrency. There really should be something done about all these things that are happening. And sometimes I do have these exchnages to blame, I just don't know why most of them are behaving like they don't care and being less concerned, I just can't understand why. Security should be their number one priority, they should always make sure that they find ways ways to heighten the level of security on their site to prevent hackers from having access to their site. Really bad they don't even care, seems like they only about money.

Cryptopias move of closure and all the events that took place as a scam, and very suspicious. I which the government should run a deep investigation on the owners of this exchange.

Who cares about 16 million whales wash billions? Not like hacking does not appear on the market. The market will only see what kind of whale decides to sell off its portfolio and exit cryptocurrency.

Some of my funds are hacked and it was marked as Cryptopia Loss marker as i thought atleast i will get fund returned then after while i was checking It has stopped operation for liquidation . I had even some more fund which were not hacked now i completely loose my fund . These exchanges has to be regulated.

Yes, given the situation with Bitfinex and raising funds to the amount of almost 1 billion dollars, The situation with cryptopia does not seem very clear. On the other hand I do not see any problems at the moment because they have declared bankruptcy by legal means, it remains to wait for a formal solution of this problem.

Cryptopia used to be a quick profit making exchange for all then as lot of token there used to do 200-1000% and people use it a lot which is more reason some will have their money hanging now .

The funds that was stolen was even low to that of binance but couldn't hold it which is a bad omen to crypto now a days as hacker is taking every measure to hack on a daily basis .

Well, actually a strange situation,after 1 million of loss,screaming that it's 10-15% of our actiwave was gone,so not that terrible,in a month all will return and everything and silence,and then the news that they are closing,so what!?the fact that they lied about 10-15%,and there's at least 50-70% of the assets are gone,otherwise I would so direct is not closed quickly,although anything can be

https://www.theblockcrypto.com/tiny/cryptopia-founder-plans-to-set-up-new-exchange/
https://decryptmedia.com/7132/cryptopia-hack-liquidation-new-exchange

The founder seems want to create new business at same field (crypto exchange) but with advanced technology. Unfortunately this is not really good. Either to use advanced system or the old one, it's useless if they still aren't able to resolve big issue such as refunding investors' money.

Still there is not much clarity on how much they lost during the hack. According to them, 9.8% of the total funds were lost during the initial hack. And this was confirmed by some third party individuals as well. But then, in May some more coins (ETH) were stolen from the wallets after the users made deposits to them despite the warnings. That was when they decided to close down.

Cryptopia is a very good altcoins exchange so far and its just sad to see it go away ,its always better not to leave your coins and tokens on any exchange no matter how popular the exchange maybe ,anything can happen at any time

They probably only did lose 10% of the total funds but they went into liquidation probably because they had way too much debt due to the horrible bear market of 2018.

They probably hired a few dozen employees shortly after the peak and volumes quickly declined, which meant lower profits. Then they probably started to borrow money to keep the company operational and wait until "bear market is over" and it did end however they suffered this attack which was basically the nail on the coffin and they probably couldn't find a way out of the hole.

Would of been better to do a haircut for most users instead of shut down completely and everyone losing 100% instead of 10%.

The most unpleasant statement in their answers: At this stage we cannot confirm what will be returned or whether crypto assets will be returned as crypto-assets or fiat currency.
It can be assumed that with high probability no one will now receive their assets. Thus, the haircut prepared by all the rules, so that no one thought to be offended ;).

Like many have pointed out here.. i have my doubts on cryptopia's intentions. I think, they themselves swindled the money and now are playing the age-old got hacked trumpet.

Yes I believe that after a huge number of fraud or we exact of $16M  was hacked to cryptopia,investors will afraid to invest to them because on that news and I think the whole crypto industry will be affected on that news with a negative feedback. And if other project will experience even a small number of fraud this will be the reason to fall and to end.

It is possible, but we cannot know if your hypothesis is true or not. I only care that cryptopia administrators are not responsible for criminal matters when that happens

watch how this liquidation pays pennies on a dollar(bear market bottom fiat value plus expenses covered by your money)..or none at all hehe

Cryptopia should open withdrawal for unaffected account. I think cryptopia should do it because many members should waiting for months waiting liquidation process and i think its not fair. Cryptopia should transparant about his process to maintain trust from their customer

Good that this exchange already been shut down. Hopefully its for good. I loss a lot of tokens there and dont even like the support. Actually im thinking that they just using this scheme of hack but the truth is they will exit and used all the funds for their own sake. Only my opinion but this is a nice strategy to avoid suspicion.

Like I've already said.


Also note that the founder is already gearing to set up a new exchange. I guess he was not done looting money and wants more.

that is the end of that exchange. Electronic money will never end. The market has rebounded. Many great exchanges have very good security.

We can't really trust any exchange. Even with good platforms or with the longer stayed in crypto industry and with good feedbacks, we can't do anyrjir when the hacking issues will happen. And I do also think that it is just an exit scam where traders can't get back their hacked btcs. As far as I know, Cryptopia's reputation was already ruined and it is hard to get back the trust of traders and investors.

RIP Cryptopia. Home of coins / tokens that are not tradeable in most exchanges...
Was one of the first exchanges that I used when I joined crypto.
RIP!

After this incident, it will be very difficult for them to rebuild their reputations, the very reason that they've not doing any actions or anything to rebuild as they knew that there's nothing for them to catch up, investors and traders trust already out, nothing left for them.

The hacked is everywhere inside this sphere, when you caught unguarded you will surely lose your business.

They are not best but they still tried in their own little way, and I am so sure that they will rebound back after learning more on how handle the exchange better. This is why I don’t support more exchanges opening now because the competition for exchanges is too much that it makes the volume some good exchange deserves to be limited.

If they had very good volume like binance and they are really making cool profit, they would have been able to curtail the situation without having to liquidate, but I guess the volume was too low for them to get money to handle the lost fund.

It’s a pity for people that has funds with them and could not get the funds out, next time, they just have to learn on sticking with exchanges with great volume.

It's obvious that cryptopia is going dead since the attack. At the very least, I'm still lucky I don't have much tokens stocked in that exchange.

as little exchanges , cryptopia has no power to recover their loss after hacking accident.and much traders loss their balance in this exchanges, maybe they will get refund after many years.

I had move out my bitcoin before the hack, leaving behind my dump altcoin, it was a dump altcoin I loss in the exchange, no pain because it was not worth much, but I should have withdrawn to my private wallet. Why can't these exchanges be insured? or it's not possible to insure against hackers?

Lucky for you, a lot people still have a lot coin and token in cryptopia wallet. I think cryptopia members only waiting liquidation process and it takes months. Hopely they do that with transparancy because a lot member must be suffering a lot losses

Many people still trade in Cryptopia exchange though the hack and the way they handle issues then makes many investors and traders to loss trust in them as they feel their funds are not secure anymore they may end up losing all. I will say their technical team act unprofessional but we all know its not an easy task managing a big exchange like Cryptopia I just hope it comes back to standard again.

Yes, I saw this news and I am disappointed that such a large stock exchange that previously was in the top went bankrupt, but unfortunately no one is immune from this and this often happens with exchanges, but in such cases usually the stock exchanges have reserve funds and we will watch the situation to hope for the best.

Obviously, the hack took a toll on this exchange that's why Cryptopia really had to shutdown it's operation. I guess it's the nature of this business, if you don't have funds to cover the losses, then liquidations will be the next thing to do.

This kind of event often occurs that exchanges are the target of hackers. Cryptopia was one of the big exchanges we've known for a couple years, but it is unfortunately if the exchange didn't reserve funds for this incident or it couldn't bear the losses anymore. I left some funds in there, not much but could not help recovering it.
The latest news about cryptopia which I think there is a hope for cryptopia account holders is from Grant Thornton. It is one of the world's leading organisations of independent assurance, tax and advisory firms. More details can be found here : https://twitter.com/GrantThorntonNZ/status/1132815729529479168

As much as majority of us all here don't like centralized exchanges ,it seems like these centralized exchanges are more safe than the ones that are decentralized. Okay why I said this is because I've never seen any of these centralized big exchanges get hacked, just like Coinbase, they have never had such a problem,unless I've not heard of it (Coinbase is the only centralized exchange I know) and I based on article I read on Cointelegrah about exchanges ,the decentralized ones are not much. Well, we all like the decentralized exchanges and they trying their best. Users have to be careful and stop keeping to much funds in the control of exchanges ,except fund they are trading and funds they can afford to risk.

rest in peace, cryptopia
hello assetylene

https://www.crypto-economy.net/wp-content/uploads/2019/05/exchange.jpg

Be careful. Perhaps it will be a new cryptocurrency exchange from the scammer co-founder of Cryptopia Adam Clark. It is the easiest road to wealth.