Cryptopia Cryptocurrency Platform Services and Development

[KriptoGuruTR]

Hahahahahaha new exchange coming...

I said this was a scam in the first minutes. Shittopia made lots of money. Anybody surprised?

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[Timelord2067]

[quote author=cestmoi link=topic=1669443.msg51055548#msg51055548 date=1557888828]
[size=20pt]PANIC !!![/size]

[size=6pt]David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia Limited, a New Zealand cryptocurrency exchange based in Christchurch.

The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.   

Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.

An initial report will be available on the New Zealand Companies Office website next week. No further comment will be made until more information is available.

Further enquiries, please contact:
Claire Cicchini
Acumen Republic
T +64 21 864 652
E ccicchini@acumenrepublic.com[/size]

https://www.grantthornton.co.nz/press/press-releases-2019/cryptopia-limited-appoints-grant-thornton-as-liquidators/
[/quote]

Trading while insolvent - which is what I said months ago when @Lafu and @Xtraelv slapped their distrust on my DT-Trust list.

No shame in admitting you were wrong - time to remove those distrusts.

[Nivir]

"Press release
15/05/2019

David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia

Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders.

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.

Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.

Further enquiries, please email liquidation@cryptopia.co.nz"


After this press release, I guess I will have a harder time retrieving my account then since I lost my phone (2FA). I just hope that if ever time comes when distribution of assets to its clients is necessary, they will just ask wallets addresses thru email.

[Rune]

I had funds on cryptopia that were not affected by the hack in anyway instead of just letting me withdraw my funds they are just doing this now.
I am not happy there was no reason for me to lose money lucky I did not have more on there at the time.

[KriptoGuruTR]

Now this is a 100+ millions USD scam...

[fapnnap]

did you guys lose alot?

[cestmoi]

For those who would want to have a look at the T&C

Ts and Cs before the hack  :

Liability, Indemnities and Force Majeure
Our Liability :

A) Subject to clause 12.1(c), to the maximum extent permitted by all Applicable Laws, we are not, under any circumstances, liable in any way for any loss or damage, whether direct, indirect, consequential or incidental, whether in tort, contract or otherwise arising out of use of our Platform or Services. This includes:

any losses arising as result of us acting in accordance with these Terms or any other applicable terms and conditions;
losses caused by you, or anyone acting on your behalf (including any Anticipated Person), providing incorrect information;
corruption or loss of data or any information;
malware or any other damage that may be caused to your computer or system as a result of use of the Platform or transmission of any information from us or any other person to you;
interruptions, suspensions, delays or discontinuance of the Platform or any Services;
the tax liability of you or any other User, nor for collecting, reporting, withholding or remitting any taxes arising from any use of our Services or Platform;
losses caused by any User error by you or anyone acting on your behalf;
losses arising out of unauthorised access or fraud in relation to your accounts or Services committed by you, your employee, officer or agent;
losses caused by circumstances beyond our control, including any machine or system failure;
losses arising from your use or inability to access our platform at any time, inaccurate content or information in any service we provide; or
losses arising from faults in, or malfunction of, any equipment (including telecommunication equipment) which supports our website; and
any loss relating to the content or omission of content from our site.

B) Subject to clause 12.1(c), we give no express warranties and disclaim and exclude all implied conditions or warranties, as to the Platform and the Services. Without limiting the foregoing, we do not:
guarantee that the content is reliable, accurate or complete; and
warrant that any of the functions in our site will be uninterrupted or error free.

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.
Notwithstanding clause 12.1(a), (b), and (c), if we are found to be liable for any loss, cost, damage or expense, our maximum aggregate liability to you will be limited to $5,000

source : https://web.archive.org/web/20181202165103/https://www.cryptopia.co.nz/Home/Terms#12

My wife is a lawyer, she is in Christchurch I'll ask her what she thinks about it.
She used to work for that liquidator as well.

[Timelord2067]

For those who would want to have a look at the T&C

Ts and Cs before the hack  :

(snip)

Notwithstanding clause 12.1(a), (b), and (c), if we are found to be liable for any loss, cost, damage or expense, our maximum aggregate liability to you will be limited to $5,000[/b]

source : https://web.archive.org/web/20181202165103/https://www.cryptopia.co.nz/Home/Terms#12

My wife is a lawyer, she is in Christchurch I'll ask her what she thinks about it.
She used to work for that liquidator as well.

2 million users multiplied by $5,000 equals ten billion dollars $10,000,000,000 (I doubt Binance has that kind of money sitting around)

[cestmoi]

Many users would have less than $50 on the exchange.


But if you had 50 000, they are only liable for 10%

[sluppy]

I had funds on cryptopia that were not affected by the hack in anyway instead of just letting me withdraw my funds they are just doing this now.
I am not happy there was no reason for me to lose money lucky I did not have more on there at the time.

Yeah same ..

also how do they plan to liquidator coins that where only listed on cryptopia  the liquidator should just open the exchange and let us take out shit out.

[KazuoHirai]

So CEFS(Cryptopia fee shares) just go zero?

[arielbit]

no wonder they didn't want you to withdraw funds. BECAUSE YOU ARE ALL GOING TO PAY FOR SOMETHING. this is it folks!

bentheanonmod, xtraelv and lafu was quiet for a reason...

cryptopia: "BUY LOW" by haircut? no! we need more now that BTC is at 8k and going up we are greedy motherfuckers haha

IT WAS A CRYPTOPIA EXIT SCAM AFTER ALL  

The liquidators are focused on securing the assets for the benefit of all stakeholder

who are the stake holders??...they are stealing your money legally.

[Labrader]

David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia Limited, a New Zealand cryptocurrency exchange based in Christchurch.

The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.  

Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.

An initial report will be available on the New Zealand Companies Office website next week. No further comment will be made until more information is available.
Media enquiries, please contact:

Claire Cicchini  
Acumen Republic
E ccicchini@acumenrepublic.com

Cryptopia customer enquiries, please contact:

E liquidation@cryptopia.co.nz

https://www.grantthornton.co.nz/press/press-releases-2019/cryptopia-limited-appoints-grant-thornton-as-liquidators/

The wording suggests voluntary liquidation: it says they were appointed by Cryptopia and not by a judge. Otherwise better known to us by the proper term of exit scam.

[adaseb]

no wonder they didn't want you to withdraw funds. BECAUSE YOU ARE ALL GOING TO PAY FOR SOMETHING. this is it folks!

bentheanonmod, xtraelv and lafu was quiet for a reason...

cryptopia: "BUY LOW" by haircut? no! we need more now that BTC is at 8k and going up we are greedy motherfuckers haha

IT WAS A CRYPTOPIA EXIT SCAM AFTER ALL  

The liquidators are focused on securing the assets for the benefit of all stakeholder

who are the stake holders??...they are stealing your money legally.

Are you sure they never allowed withdraws? I thought that when the soft trading of those limited pairs opened they allowed withdraws for BTC and LTC and everything else was disabled "As they kept investigating".

I actually had a small amount of BTC on this exchange and feel a little irresponsible for not withdrawing that small amount, even though something told me that "Why is it taking so long and to get out quick just in case".

This is why I withdrew everything from Bitfinex a couple weeks back in case the same scenario happened. You can always send it back to the exchange and the withdraw fees weren't too high.

Really hope they re-enable withdraws for the alt-coins however which werent stolen.

[cestmoi]

So CEFS(Cryptopia fee shares) just go zero?

Very likely as those would be unsecured creditor.


However if you have coins, they shouldn't sell your coins to pay debts.


Like if you rent a box to store your shit.
Even if the company behind the box rental goes down, they don't open and sell the content of the box to repay the debts.

They will however sell all the assests owned by the company to pay the debts and reimburse the clients that got their funds stolen

They should have let client that were not impacted to withdraw their funds, not all coins were stolen only a few type of coins were (ETH + ERC20 + a few others). 

VEry poorly managed !

[cestmoi]

“Intranel, major shareholders in failed exchange @Cryptopia_NZ changes name to Monstar and partners with Centrality, PwC and ANZ to form https://www.chainfinancial.io/  smell something fishy”

Source : Facebook

[Winstar78]

I am returning in this thread after a while, i abandoned it when I withdrawn my 86% BTC....

At the end looks like I was right since the beginning. Cryptopia could NOT restart business as anything had happened, lost traders' trust, and I am happy to have withdrawn anything I could as soon as I could. This saved me 80% of funds also in Bitgrail hack and I advise alla of you to do the same if this kind of event will happen again in the future.

At the end things arrived to the worst decision, liquidation, well I thought seizure and then liquidation, not much difference, probably faster because there is no lecal proceeding.

good luck to all I don't think I will ever try to get my other 14%

[arielbit]

no wonder they didn't want you to withdraw funds. BECAUSE YOU ARE ALL GOING TO PAY FOR SOMETHING. this is it folks!

bentheanonmod, xtraelv and lafu was quiet for a reason...

cryptopia: "BUY LOW" by haircut? no! we need more now that BTC is at 8k and going up we are greedy motherfuckers haha

IT WAS A CRYPTOPIA EXIT SCAM AFTER ALL  

The liquidators are focused on securing the assets for the benefit of all stakeholder

who are the stake holders??...they are stealing your money legally.

Are you sure they never allowed withdraws? I thought that when the soft trading of those limited pairs opened they allowed withdraws for BTC and LTC and everything else was disabled "As they kept investigating".

I actually had a small amount of BTC on this exchange and feel a little irresponsible for not withdrawing that small amount, even though something told me that "Why is it taking so long and to get out quick just in case".

This is why I withdrew everything from Bitfinex a couple weeks back in case the same scenario happened. You can always send it back to the exchange and the withdraw fees weren't too high.

Really hope they re-enable withdraws for the alt-coins however which werent stolen.

some shitcoin withdrawal were not enabled..some of those they claimed are "secured" but didn't enabled withdrawals.

[Larsin]

3000 thether and who should I write now to get at least half?

[CryptoNinjaco]

RIP Cryptopia

Well, at least we still have Kucoin. I like it better anyway.