Cryptopia Cryptocurrency Platform Services and Development

[Bigger By The Day]

i make my pakcoin back

this coins are in your wallets

[1714147470]

1714147470

[1714147470]

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[1714147470]

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[DenysM]

They hired a costly liquidator that will eat everything up and come back with news that there aren't enough funds to cover the losses. These people are real scammers and should be held accountable. They do not contact with clients and behave as if it is their own funds, do not answer questions of projects whose tokens are placed on their "exchange"

[pinoycash]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

[xtraelv]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

[WickedPigeon]

It's Cryptopia's version of Schrödinger's cat:
I both have coins and don't have coins, both at the same time...

Well,
Now we know, in Schrödinger's experiment, the cat isn’t dead. It took your wallet and disappeared out the back door.

[somebody else]

In few last months all other coins, especially those coins which blockchains were fully synced, were discriminated against Bitcoin, Litecoin and Doge! This exchange didn't allow withdrawals of the very most of the coins enabled to trading. That looks like in advance PLANNED DISCRIMINATION!

I think and it looks like very well PLANNED plan and activity by this exchange. Can anybody confirm this?

[Lafu]

Can anybody confirm this?

No

[DADIBLAND]

In few last months all other coins, especially those coins which blockchains were fully synced, were discriminated against Bitcoin, Litecoin and Doge! This exchange didn't allow withdrawals of the very most of the coins enabled to trading. That looks like in advance PLANNED DISCRIMINATION!

I think and it looks like very well PLANNED plan and activity by this exchange. Can anybody confirm this?

YES

[KriptoGuruTR]

Come on lafu. I don't even understand why you are still here. This is a scam...

[pinoycash]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

[estenity]

in the case of MtGox there were remaining btc that later increased in value.
here what coins are left in the 86%? we are in a baby bull market.

also we are not shareholders.

[Noojna]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

This is not how the law works in western countries. Of course, money being deposited IN TRUST will go back to their rightful owner; however, crypto is not considered money and it's definitely not IN TRUST. So, basically the liquidators can do whatetever they want with it. There will not be anything left for us, customers, this is how it works now at this point in time, in this society.

I will say this again, people, don't leave coin at exchanges.

[pornluver]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

This is not how the law works in western countries. Of course, money being deposited IN TRUST will go back to their rightful owner; however, crypto is not considered money and it's definitely not IN TRUST. So, basically the liquidators can do whatetever they want with it. There will not be anything left for us, customers, this is how it works now at this point in time, in this society.

I will say this again, people, don't leave coin at exchanges.

Are you a lawyer?

[INEZUZU]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

Indeed, according to the results of the January hacker attack, Cryptopia’s exchange did not incur financial losses, since it shifted all losses to the client’s balance sheets. (I have deducted 14% BTC and 49% LTC). What is the reason why they became financially insolvent and decided to close the exchange, taking all the remaining money?

[sluppy]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

Indeed, according to the results of the January hacker attack, Cryptopia’s exchange did not incur financial losses, since it shifted all losses to the client’s balance sheets. (I have deducted 14% BTC and 49% LTC). What is the reason why they became financially insolvent and decided to close the exchange, taking all the remaining money?

They have running costs to operate the exchange the building people that work there  server costs . when they closed for all those months they lost their customers trust so when they opened again not many people where trading so they could get income from fee's they saw the money trying to leave the exchange so they quit instead of working a little longer so everyone could have withdrawn their coins they just walked away.

Also  now the liquidators are securing all coins and checking funds .. hmm ok what the hell have they been doing all these months because that's exactly what cryptopia was telling us that they where doing at that time.

[Slkp]

Do you remember the time when topia had a cool steel design? Then for some reason they rewrite frontend and probably backend. A shitty green design. And then they were hacked because of valnurability in backend. In conclusion: dont try make good things better.

[xtraelv]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

The volume on the exchange was dead. You can't keep trading if you are likely to run out of money to pay for costs at some stage (i.e. server lease, wages and building rental) . The post hack work that they have done will just assist the liquidators with resolving it faster.

In this case all customers should be the priority and be the first to get paid in the liquidation process. One thing, Why they don't just allow all users to withdraw their money/coins from the exchange instead of asking help from liquidators which probably incur more fees and more money that they don't have.

This is not how the law works in western countries. Of course, money being deposited IN TRUST will go back to their rightful owner; however, crypto is not considered money and it's definitely not IN TRUST. So, basically the liquidators can do whatetever they want with it. There will not be anything left for us, customers, this is how it works now at this point in time, in this society.

I will say this again, people, don't leave coin at exchanges.

Are you a lawyer?

Your Coin Balances are operated by us, and represent entries in your name on the general ledger of ownership of Coins maintained and held by us. This means the Coins in your deposit wallets may be pooled in our internal accounts with other Users' Coins at any time.
Each User's entry in the general ledger of ownership of Coins is held by us, on trust, for that User.

https://web.archive.org/web/20190113164519/https:/www.cryptopia.co.nz/Home/Terms#4


https://www.linkedin.com/feed/update/urn:li:activity:6535069065508200448/

[RivAngE]

If 14% of their total holdings was hack, How come these thieves are saying there are not enough money to cover everyone's money! they already haircut people's balance to cover the losses in the hack.

Where's the remaining 86% money own by their customers? It means they are using people's deposit to fund their operation while collecting trading fees and listing fees. IN this case, They are all thieves and scammers, IMHO they should go to jail for their actions.

Indeed, according to the results of the January hacker attack, Cryptopia’s exchange did not incur financial losses, since it shifted all losses to the client’s balance sheets. (I have deducted 14% BTC and 49% LTC). What is the reason why they became financially insolvent and decided to close the exchange, taking all the remaining money?

I think the reason is simple.
Since they chose to...
(1) roll the cost of the hack (their inability) to the customers,
(2) they were very slow in reopening the exchange, and
(3) when they finally started resuming the business they were doing so in such a bad manner (like allowing trading without allowing deposit/withdraw)
... they completely lost the last few people had at least a little faith in their exchange.
So when they tried to resume their business, it was probably obvious to them early on that there would only be withdrawals and almost no new deposits.

[pinoycash]

~snip~

https://www.linkedin.com/feed/update/urn:li:activity:6535069065508200448/

Thanks for this one, Atleast 1 lawyer are sharing their own opinions on how this liquidation process will work. This will shed some light on majority of unanswered question on what will happen with customers funds. I still believe Justice will be serve and i am still hoping someone will spend a jail for this mess.

[Labrader]

It is exactly the reason why they had to call in the liquidators - because they cannot use other peoples funds or continue trading if they are insolvent.

That's not true. You don't have to involve a liquidator if you want to close a business. You simply close it, pay back all the concerned parties and that's that. And make no mistake, this is a voluntary liquidation, no one forced it upon them. It clearly says so in their company filings. A question remains: if voluntary, why not first receivership but straight to liquidation? Contrasting this with all their tweets saying they are on the way to resuming normal activity?

It doesn't even necessarily mean that there is not enough funds to cover the debt. It could be that they do not have enough cash at hand to pay for their bills going forward.

Again, wrong. The only real reason why one would call a liquidator is because they can't pay back and seek the protection of the liquidation process. No one is crazy to call someone who gets a fat cut if they can simply close a company.

Of course it's not that simple, we don't know how much was hacked, if indeed was a hack. Again, no reason not to post the hack TX, unless you want to hide something: amount, destination etc. So complete secrecy about the hack + voluntary liquidation = draw your own conclusions.