CRYPTOPIA SHUTTING DOWN: Investor losses

[The Cryptologist]

Cryptopia was one of my favorite exchanges though when I started in crypto. It has a decent volume and can pump many altcoins when there is a good news or announcement with any coin. But I guess the fact they don't become a huge thing and succeed like Binance is the signal that they won't last long and make an exit scam as like the ordinary exchanges do. It's funny to see that there are still complaining who still wants to retrieve their shitcoins from there.

[Smokey23]

I somehow don't think Cryptopia exit scammed. I believe they got hacked and are following due process subsequently. They have appointed professional liquidators to take charge.

[JollyGood]

Good thing I decided pulling out my funds from cryptopia last year before the incident happened. Luckily, after a month when my funds was withdrawn sudden hacking was badly occuring on that exchange site. It's been always advice by many expert that entrusting our crypto on exchanges isn't a safe idea, so why bother putting our asset despite of unsafe conditions.

Thankfully you never lost your funds. It was a major public relations disaster when Cryptopia got hacked and it seems they never actually had any scope to make real progress to return funds to users instead they allowed eposts and did not allow withdrawals so the alarm bells should have been ringing from day one.

[joosep]

I somehow always trusted Cryptopia I even bought their share coin which payed something according their accumulated fees. Now I have very little hope to get my investment back.

[Iceblast]

Cryptopia was one of my favorite exchanges though when I started in crypto. It has a decent volume and can pump many altcoins when there is a good news or announcement with any coin. But I guess the fact they don't become a huge thing and succeed like Binance is the signal that they won't last long and make an exit scam as like the ordinary exchanges do. It's funny to see that there are still complaining who still wants to retrieve their shitcoins from there.

There are many factors that cause cryptopia scam and I think reading reveals that cryptopia is your favorite exchange that is indeed true and that I think can be a good exchange in the past. right now whatever happens cryptopia is falling and it's happening now

[Boriss]

Exactly no more updates from them, better I did not store coins in their exchange. I’ve heard many had lost their funds on this exchange. Never store coins in an exchange that is not secured.

What do you mean by this "exchange that is not secured"?
You are aware that some people like daily traders are trading all the time on hourly base 7 days a week. Exchange is actually their playground, not some bus station where they just unload or load goods and bags an leave without turning back.

Also bunch of people didn't withdraw funds due to fees they pay, so every person has their own story why it had coins on the platform at the time of hacking. Things are not black and white as some people are trying to present them now.

[JollyGood]

Cryptopia was one of my favorite exchanges though when I started in crypto. It has a decent volume and can pump many altcoins when there is a good news or announcement with any coin. But I guess the fact they don't become a huge thing and succeed like Binance is the signal that they won't last long and make an exit scam as like the ordinary exchanges do. It's funny to see that there are still complaining who still wants to retrieve their shitcoins from there.

Maybe the first mistake Cryptopia made was when they added that whole bunch of coins and tokens to their website which resulted in outages and delays. They seemed to be playing catch up ever since and dragged out their demise for well over a year before the "hack".

Right now it is difficult to see any exchange catching up with Binance

[gundala]

It seems that these difficult times have caused a lot of people to become crazy. cryptopia, which was known as a high-volume exchange, experienced these difficult times in ways that did not benefit their users. I am a person who is not easy to believe when an exchange releases news that they have been hacked, I wonder if they don't have security experts who can handle it. those working on the network must have known this threat, it should have been anticipated from the start. this looks like a game to attract sympathy from users.

[KuraJamban]

This Exchange has been doing some serious problem before. They have been keeping shutting down the deposit and withdrawal function before.
Luckily I'm not trusting this exchange anymore. I feel bad for the investor that lost their fund there.

[davinchi]

I somehow don't think Cryptopia exit scammed. I believe they got hacked and are following due process subsequently. They have appointed professional liquidators to take charge.

I am also thinking of this too, but the mistake they are making is to keep silence for long on it, they need to keep updating people, or else many of their former users will start getting out of patience and make some moves against them which could complicate issue. I know they are passing through though time now, and you know they are not like Binance that has SAFU FUND to salvage their situation.

If they have to compensate their users, they have to legally come into an agreement and then source for funds to do so. Look at the situation the hacker has out them, and the perpetrators are just somewhere cooling off with the fund that has shut down another man’s business entirely. People just need to give them more time to make arrangements.

[Cheesus]

Cryptopia was a reputed old exchange. For a major hack, this exchange is going to be closed! Where when Binance lost 7000 BTC by the hackers' many investors wanted to cover the Binance loss by depositing fund! It is really hurt to see the Cryptopia end! Some good investors could buy this exchange platform.

[JollyGood]

I somehow don't think Cryptopia exit scammed. I believe they got hacked and are following due process subsequently. They have appointed professional liquidators to take charge.

You might be right but just because professional liquidators are appointed (or imposed) does not mean a scam did not take place.

[Duncan.Idaho]

I somehow don't think Cryptopia exit scammed. I believe they got hacked and are following due process subsequently. They have appointed professional liquidators to take charge.

You might be right but just because professional liquidators are appointed (or imposed) does not mean a scam did not take place.

You might be not be thinking.
You are hope / wish -ing.

HeXXX himself has published claims that his business partners likely 'set up' the hack as to cover their outright theft of funds.

[JollyGood]

I somehow don't think Cryptopia exit scammed. I believe they got hacked and are following due process subsequently. They have appointed professional liquidators to take charge.

You might be right but just because professional liquidators are appointed (or imposed) does not mean a scam did not take place.

You might be not be thinking.
You are hope / wish -ing.

HeXXX himself has published claims that his business partners likely 'set up' the hack as to cover their outright theft of funds.

I never knew that. Do you have a link/URL?

[JollyGood]

I think it is difficult to be able to replace a new nicehash because it requires a lot of capital and they also think of missing funds from traders so maybe they better close and choose not to continue the platform.

It is a decision for the administrators but in reality trying to get this exchange to continue especially after the scandal it will be a tough job trying to sell it to any would-be buyer.

[rodel caling]

Investors lose all coins they had on exchange because some of them hold coins on exchange, but even so i don't know if they return all coins. Investors don't lose nothing after cryptopia enable and allowed deposit, but maybe cryptopia try to see if they can get new users and if they see the drop decided to close.

I guess they were trying to save the business,  they were hoping to see if some users will get back on again and continue trading after all what had happened. Of course its not that simple now that we've seen them vulnerable. Investors were given time to withdraw when they reopened, those who deposited took the risks. I doubt if there were many of them though.

Yeah the company want go try recover that's the reason for the re-opend purpose, they hope the investors stay use cryptopia in their trading works. Because investor and user are very important how the company survive.

[Paycoinzzz]

New communication about Cryptopia

Will we be entitled to our respective legal forks (BCH-BSV-BTT.....) maybe yes maybe no?

Check https://www.grantthornton.co.nz/Update-for-Cryptopia-account-holders-18-September-2020/

haizz, to get your money back, it takes a lot of time and takes many steps to confirm it. I know that many people lose a lot of money and want to be compensated but look at this to-do list, is it too much?
we even have to re-provide KYC and some necessary data. This will keep our information on management and it will be dangerous. In addition, Cryptopia has collapsed long ago and there is a high chance that they will not be able to repay all their debt in a short period of time. I'm concerned that this is just a form of misappropriation of user data, be careful.