Cryptopia Cryptocurrency Platform Services and Development

[DenysM]

Police making progress in crypto-currency investigation
http://www.police.govt.nz/news/release/police-making-progress-crypto-currency-investigation
I worry that the exchange for more than a week does not give any news/updates. I think that they have some kind of fund and they must return some of the stolen money. Hoping for the best. This is one of the oldest exchanges and I hope he will return.

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[almightyruler]

https://www.stuff.co.nz/business/110099560/police-investigators-call-on-overseas-experts-meet-with-cryptopia-staff

Wasn't this the same newspaper that sensationally reported that Police "stormed" the offices of Cryptopia?

The stuff.co.nz article says,

"Elementus identified the currencies, their value, and the exchanges where they have been traded. Bitcoins were not involved, with the main cryptocurrencies being ethereum, oyster pearl, and dentacoin"

...however the Elementus article clearly says,

"We have not examined the Bitcoin blockchain or other blockchains"

Sloppy.

[Winstar78]

looks like according to the terms of service cryptopia's maximum rembursement to an user for cryptopia's faults is $ 5000 (i think NZD)

[almightyruler]

looks like according to the terms of service cryptopia's maximum rembursement to an user for cryptopia's faults is $ 5000 (i think NZD)

Link? Terms and conditions generally cannot override (local jurisdiction) law, so if it turns out that funds were lost through gross negligence or some other corporate no-no then I doubt these limits would apply. Such a limit sounds more like additional compensation (say, via legal action) rather than a hard limit on customers accessing their own funds?

[Winstar78]

https://web.archive.org/web/20190113164519/https://www.cryptopia.co.nz/Home/Terms#12

paragraph 12

[almightyruler]

https://web.archive.org/web/20190113164519/https://www.cryptopia.co.nz/Home/Terms#12

paragraph 12

See 12.1(c)

"Nothing in these Terms is intended to limit any rights or remedies a User may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993."

And 18.4(a)

"You agree to use our service in accordance with the law in New Zealand and the applicable law in your jurisdiction. Where any of these Terms does not meet the minimum requirement of the law, those terms and conditions are deemed to be amended to the extent of compliance."

Seems like boilerplate lawyer-speak to me: these are our terms, but some of them 'may' be overridden by law, and it's solely up to you (or perhaps the courts) to determine what is or isn't valid.

Regardless, I doubt that a company could legally limit their liability to repay funds held on behalf of customers. Otherwise, they could just close up shop and keep the difference.

[trackers]

https://web.archive.org/web/20190113164519/https://www.cryptopia.co.nz/Home/Terms#12

paragraph 12

See 12.1(c)

"Nothing in these Terms is intended to limit any rights or remedies a User may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993."

And 18.4(a)

"You agree to use our service in accordance with the law in New Zealand and the applicable law in your jurisdiction. Where any of these Terms does not meet the minimum requirement of the law, those terms and conditions are deemed to be amended to the extent of compliance."

Seems like boilerplate lawyer-speak to me: these are our terms, but some of them 'may' be overridden by law, and it's solely up to you (or perhaps the courts) to determine what is or isn't valid.

Regardless, I doubt that a company could legally limit their liability to repay funds held on behalf of customers. Otherwise, they could just close up shop and keep the difference.

The Acts mentioned are the standard consumer protection acts in New Zealand; those clauses are just saying they cannot contract out of the provisions provided by law (which for these laws in particular is correct)

[four3200]

https://www.stuff.co.nz/business/110099560/police-investigators-call-on-overseas-experts-meet-with-cryptopia-staff

[Winstar78]

https://www.stuff.co.nz/business/110099560/police-investigators-call-on-overseas-experts-meet-with-cryptopia-staff

why post again this wrong article

[pinoycash]

https://www.stuff.co.nz/business/110099560/police-investigators-call-on-overseas-experts-meet-with-cryptopia-staff

why post again this wrong article

Since this is not an official media outlet for cryptopia but they are the only media website who has first hand experience on the crime scene. We still need to be thankful someone is providing unbias report directly from the ground.

[Timelord2067]

https://www.stuff.co.nz/business/110099560/police-investigators-call-on-overseas-experts-meet-with-cryptopia-staff

why post again this wrong article

Since this is not an official media outlet for Cryptopia but they are the only media website who has first hand experience on the crime scene. We still need to be thankful someone is providing unbiased report directly from the ground.

You're forgetting Radio New Zealand have people on the ground in Christchurch.

Then there's TVNZ https://www.tvnz.co.nz/one-news/new-zealand/nearly-6-million-in-transactions-took-place-early-hours-day-christchurch-cryptocurrency-exchange-cryptopia-suffered-security-breach

and Future Five https://futurefive.co.nz/results?search=cryptopia

...so don't put all your news feeds into the one basket.

[Verdell]

If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left

[Winstar78]

If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left

i would just like to know if cryptopia assessed a loss of 15 or even 30M $, if it can be solvent and continue business or will decide to bankrupt and we all lose.

I think they already know how things will end.

[DADIBLAND]

If your coins on cryptopia weren't. Hacked will you be allowed too withdraw them and when will you be allowed access your cryptopia account too see what if anything is left

i would just like to know if cryptopia assessed a loss of 15 or even 30M $, if it can be solvent and continue business or will decide to bankrupt and we all lose.

I think they already know how things will end.

We pay for their mistakes

[Kamayulka78]

I also had funds on the stock exchange! What will happen to our assets? Who has the reference to the telegram?

[Winstar78]

at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.

AND, cryptos are barely traceable.

[RivAngE]

at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.

AND, cryptos are barely traceable.

I belive the solution is actually simple.
The CEO splits the private key in multiple parts, he holds half of the key and plits the other half to 2 or more parts. Then makes copies of each part so that at least 2 copies of each part exists and splits them to other executives. Even if one executive leaves in bad terms, there should be another copy.

Alternatively, splitting the key to 2 parts, one for the CEO and one for a lawyer should also be fine.
In Cryptopia's case it seems they were holding the keys to servers... Very clever!

[paramind22]

at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.

AND, cryptos are barely traceable.

Look into decentralized exchanges.

[Boriss]

This is probably their exit strategy, I would not be surprised if all this was inside job to bailout with clients money.
It will be interesting to see what will happen to people that were in charge for that exchange.

I am sure that some people will not except that their  money got snatched with some breach/hack excuse.
Only because someone give access to the police doesn't mean that they should immediately be abolitioned from their responsibility.

Your money was their responsibility and it will be very hard for them  to stay in the business after this fiasco.

 

[sluppy]

at this point, when a single IT operator can have access to all the private keys of an exchange, that handle million of dollars, I think any exchange will ever be 100% safe. When the prize is higher than a certain amount, there is no honest man, everyone has his price.

AND, cryptos are barely traceable.

A single IT operator had all the keys ? no way  i cant believe that they where that insecure.

The handling of this is Piss poor imo why not have an updated statement on the website  let us at least know some of whats going on.