Cryptopia Cryptocurrency Platform Services and Development

[sluppy]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

When Cryptopia announced they were going to "allow" people to withdraw a portion of their holdings after they suffered 100+ 51% attacks and froze the accounts for multiple months I suggested on my Twitter Account that people withdraw all their funds on Cryptopia as they (Cryptopia) were effectively trading while insolvent.

With multiple class actions being flagged against Cryptopia it stands to reason a liquidator would be called in to ensure creditors were paid out first followed by depositors a distant last place.

Anyone who predicts Cryptopia will somehow reopen in February 2019 doesn't understand the magnitude of what is going on. (feel free to remind me in just 22 days time)


@xtraelv Your screen shot again implies I said those things. I did not.  Please quote your source.

unfortunately I did not read your twitter post so I did not reduce my cryptopia exposition.

if cryptopia will bankrupt, no money for us. AND, your words make me think the hack as an excuse more probable. Remember, bear market is killing exchanges. Or better: they simply don't have so much convenience in continuing business besides doing an exit scam. Probably I am mad in continuing to have 100% of my funds on different exchanges.

Even if they go bankrupt they will have to return the coins that where not stolen to the people they belong to .. It depends on how much of an asshole they want to be  if they can reopen to let us withdrawl what is OURS and then go bankrupt some of us would be ok and get our coins back.
If it just goes into bankruptcy without doing that then we will have to wait forever to get even the funds that where not stolen back I hope it doesn't come to that.

[Winstar78]

in bitgrail case, the withdrawals were reopen for a couple of hours then suddenly closed again by the italian court, who declared bankrupcy months later, so also who had only no coin stolen (btc instead of nano) will have to wait forever. I think this is the worst solution for all.

[xtraelv]

https://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation

Police continue to make progress in cryptocurrency investigation
Thursday, 7 February 2019 - 3:22pm
Canterbury
Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

[Timelord2067]

[quote author=xtraelv link=topic=1669443.msg49620662#msg49620662 date=1549510500]


https://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation
[/quote]

and nothing denying that a second lot of funds were stolen...

Police continue to make progress in cryptocurrency investigation
Thursday, 7 February 2019 - 3:22pm
Canterbury

Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

ENDS

Issued by Police Media Centre

[quote author=Winstar78 link=topic=1669443.msg49618481#msg49618481 date=1549491989]
in bitgrail case, the withdrawals were reopen for a couple of hours then suddenly closed again by the italian court, who declared bankrupcy months later, so also who had only no coin stolen (btc instead of nano) will have to wait forever. I think this is the worst solution for all.
[/quote]

At best next week solicitors for the various group legal actions that have been proposed will serve Cryptopia's Owners with papers freezing assets.  At worst, Cryptopia will file for insolvancy.

Will be interesting to read if Cryptopia will do the "we were hacked, and first come, first served to recover your funds" like they did during the 100+ 51% attacks last year.

Definitely not over yet.


Police skills in doubt over Cryptopia probe into missing $23m

https://www.stuff.co.nz/business/110387805/cryptopia-director-says-technicians-are-helping-police-track-stolen-23m / (Archive)

Chris Hutching16:34, Feb 05 2019

An expert in corporate law is questioning whether police have the skills to resolve the $23 million theft from Christchurch-based Cryptopia.

Auckland University associate professor of commercial law, Alex Sims, said information about the investigation had not been handled well and regulatory authorities were "struggling" to deal with cyber theft.

"No one seems to have a clue what's going on. But this hasn't come out of the blue. There has been a lot of dialogue in recent years about the security of cryptocurrency and where to store the digital wallets.

"Cryptocurrency is a legitimate business. It's not a scam. But our regulators are really struggling compared with the US, Japan and European countries which have set up secure custodial services," Sims said.

Cryptopia had held investors' digital wallets, when they should have been held by the investors or with a safe custodial service, and any money kept in trust by the exchange, she said.

 Sims said cryptocurrency and the underlying blockchain technology was here to stay.

"It would be like someone in 1900 saying we should outlaw cars because someone got run over. If you outlawed New Zealand cryptocurrency exchanges people will just use overseas exchanges."

 She made the comment as Cryptopia's sole Christchurch-based director Pete Dawson apologised for his silence because of the risk to the police investigation.

"Our team is giving police technical assistance and their advice to is maintain radio silence in case we inadvertently say something that might interrupt their investigation," Dawson said.

Dawson said the overseas reports had misinterpreted further transfers of some of the stolen cryptocurrencies, which can be traced through different trading exchanges.

Other overseas reports said police had said Cryptopia could be operating again this month, but an official police spokesperson said there had not been any indication of when it might re-start business.

A New York-based analyst, Max Galka of Elementus, said the thieves been busy liquidating the stolen tokens by converting them into other cryptocurrencies via an international exchange called Etherdelta.

Another Christchurch exchange called BitPrime recently assured stakeholders them it did not hold or manage customer funds.

 "Holding customer funds increases the risk, which can turn out disastrously," BitPrime chief executive Ross Carter-Brown said.

"Our own cryptocurrency reserves are held by an institutional custodian in cold storage, with US$100 million worth of insurance coverage.

"If you use a centralised exchange, ensure you withdraw all of your funds to your own wallets as soon as possible. If the coins are not in a wallet that you control the private keys for, in effect, then they're not really your coins."

Another Kiwi exchange called Vimba gave similar advice.

"When you keep crypto on an exchange you don't actually have ownership of those coins. We highly recommend you to move it into a personal wallet that you control."

Ross Carter-Brown said investors would be unable to claim all tax losses losses because until their digital coins were cashed up they could be classed as income.

 He has also written about what may happen when cryptocurrency investors die.

"Traditionally, gaining access to a bank account is relatively straightforward after a family member passes. In the case of Bitcoin, it is much more complicated as there are wallets, passphrases and security boundaries.

"If your family isn't aware of the existence of your crypto holdings, it will be lost forever. Keep your wallet passphrase somewhere secure like a deposit box or a locked safe and provide instructions on how to get to it in your will."

[g1itch]

For those who likes to count a coins in hypothetical cryptopia wallets:
https://chainz.cryptoid.info/ltc/wallet.dws?5163877.htm - what chainz.cryptoid.info recognizes as cryptopia LTC wallet.

This feature is very experimental, inaccurate and not updated in real-time

(:

[Timelord2067]

For those who likes to count a coins in hypothetical cryptopia wallets:
https://chainz.cryptoid.info/ltc/wallet.dws?5163877.htm - what chainz.cryptoid.info recognizes as cryptopia LTC wallet.

This feature is very experimental, inaccurate and not updated in real-time

(:

That might be a cold LTC wallet as this wallet: https://bitinfocharts.com/litecoin/address/Lcwr6zgXEMtPyrqeTxWTfYwUU11AuaoM1w is purported to be Cryptopia's Hot Wallet for LTC. (See also LINK)

[fmz89]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

bitfinex hacked on 2016 20% fund lost, and they repay with their token,  like poliniex has been hacked couple years ago, if they can repay the lost funds even it tooks months to complete. ppl still trading on their services

[KriptoGuruTR]

This is NOT a hack, this is a scam.

I am not mad about topia because of the hack. Hacking is a reality in cyberspace. What makes me mad is the aftermath. Topia slackers use police as a shield. This is unacceptable.

Let the police do their job BUT do your own investigation and inform us. Hiding behind the police and ignoring lots of customers is not the way to go...

[DADIBLAND]

This is NOT a hack, this is a scam.

I am not mad about topia because of the hack. Hacking is a reality in cyberspace. What makes me mad is the aftermath. Topia slackers use police as a shield. This is unacceptable.

Let the police do their job BUT do your own investigation and inform us. Hiding behind the police and ignoring lots of customers is not the way to go...

Your words are real

[ovcijisir]

I will be happy if I get ANY funds out of Cryptopia...

At least it is good reminder to all of us to move our funds to our presonal wallets, and don't let them stay on exchanges for long.

[sluppy]

This is NOT a hack, this is a scam.

I am not mad about topia because of the hack. Hacking is a reality in cyberspace. What makes me mad is the aftermath. Topia slackers use police as a shield. This is unacceptable.

Let the police do their job BUT do your own investigation and inform us. Hiding behind the police and ignoring lots of customers is not the way to go...

Your words are real

It what makes me think their not coming back and makes an inside job more likely .. If you are doing everything to recover the funds and are trying to save your buisness Your Customers would be your nr1 priority clearly we are not.

[SportbetMaster]

This is NOT a hack, this is a scam.

unfortunately it is the case, everything was orchestrated well before; and the vectimes as usual are the loyal users of this fucking exchange.

[yurimir]

https://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation

Police continue to make progress in cryptocurrency investigation
Thursday, 7 February 2019 - 3:22pm
Canterbury
Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

This information sounds encouraging: "Police are expected to finish at the premises by the end of next week (Friday 15 February)."

[miningnew]

It's terrible this Ann thread has become a legal and judiciary news thread....
What a fu....period for crypto in addition with the history of QuadrigaCX

[belkaloveXXX]

 who are you in eye of cryptopia
me :just tool to make them money throw fees
low volume cryptopia no good profit from fee due to bear market  steal their fuking shit
call police
let them hope
 

[JSRAW]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

You made a good point, but unfortunately, 1000's of users who lost their holding would have a tough time to fit their foot in his shoes and sympathize with so-called Exchange owner.

Hard months and a bear market are here for all us. Bad time doesn't discriminate between Exchange owner and Users or anyone else.

If any exchange or services are not caring for their customers, then we must stop using their services. Period.

Don't know if its fabricated hack or real attack but the way they are handling this situation, is not good.

[jhenfelipe]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

I still believe that there are people who will do the right thing no matter what the situation is. The idea of running away may have crossed their minds knowing that most users (if not all) will leave the exchange anyway if they reopen. However, we are not sure if they'll go that way, well I hope not. I'll just wait and see

[sluppy]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

I still believe that there are people who will do the right thing no matter what the situation is. The idea of running away may have crossed their minds knowing that most users (if not all) will leave the exchange anyway if they reopen. However, we are not sure if they'll go that way, well I hope not. I'll just wait and see

If there was any chance  of Not having a mass exodus from cryptopia then they should have taken action and communicated what they could .. they just clammed up and are hiding behind the police  newly spawned exchanges are lining up to take all their customers and listed coins.

Hacks can and Do happen If this was one or inside job I cant say for 100% but the thing a exchange can control is the Aftermath and they clearly shit the bed on this.

[belkaloveXXX]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

I still believe that there are people who will do the right thing no matter what the situation is. The idea of running away may have crossed their minds knowing that most users (if not all) will leave the exchange anyway if they reopen. However, we are not sure if they'll go that way, well I hope not. I'll just wait and see

If there was any chance  of Not having a mass exodus from cryptopia then they should have taken action and communicated what they could .. they just clammed up and are hiding behind the police  newly spawned exchanges are lining up to take all their customers and listed coins.

Hacks can and Do happen If this was one or inside job I cant say for 100% but the thing a exchange can control is the Aftermath and they clearly shit the bed on this.

i never thought that am going to scammed by this way i thought cryptopia was better than hitbtc and yobit at the end craptopia mask down

[paramind22]

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

I still believe that there are people who will do the right thing no matter what the situation is. The idea of running away may have crossed their minds knowing that most users (if not all) will leave the exchange anyway if they reopen. However, we are not sure if they'll go that way, well I hope not. I'll just wait and see

If there was any chance  of Not having a mass exodus from cryptopia then they should have taken action and communicated what they could .. they just clammed up and are hiding behind the police  newly spawned exchanges are lining up to take all their customers and listed coins.

Hacks can and Do happen If this was one or inside job I cant say for 100% but the thing a exchange can control is the Aftermath and they clearly shit the bed on this.

i never thought that am going to scammed by this way i thought cryptopia was better than hitbtc and yobit at the end craptopia mask down

Already a lot of new exchanges have stepped in and are trading the coins I like such as Coinex.com, freiexchange.com, probitex.com, tradsatoshi, Southexchange, Mercatox, and others.  I hope they come back up but I didn't like the way they operated a lot of the time.  Developers paid good money to be on there and would get delisted for what seemed like slim reasons, I think rudeness was one, like if
you don't like how you are getting treated (maybe it was cryptopia who was being rude in the first place?).  

They have had STRONG support by a lot of big voices in the community.  I think this led me to trust them with more coin than I should have.