Cryptopia exchange hacked

[mk4]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

[avikz]

The list of hacked exchanges are just getting larger. That is the downfall of the strictly centralized exchanges. In 2018, hackers managed to syphon out around 731 million usd from exchanges and cryptopia is the first one in 2019. I am sure, this is not the end and the list will grow even larger in 2019.

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

[dothebeats]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform. Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

[Thirdspace]

what kind of security breach? any detailed info on the losses, which coins are affected?
could it be coincidence that they just changed their terms & risk statement policy a few months earlier
anyhow... most likely this would end bad just like other hacked exchanges,
and exchange users will always become the party that suffers the most losses

[100bitcoin]

Damn. Another chaos begins.

https://www.coindesk.com/new-zealand-crypto-exchange-cryptopia-goes-offline-citing-major-hack

[mk4]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform.

Yep, pretty much everything is bound to be hacked at some time, not only exchanges. It's mostly just a matter of "when".

There's this famous quote from Robert Mueller(non verbatim): "There are only 2 types of companies: those that have been hacked, and those that will be hacked."

Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

Pretty much. People will never learn I guess.

*snip*

Not 100% sure. Their Tweet was just approximately 6 hours ago. They haven't gave out ample information about the breach yet. There are rumours about huge number of ERC-20 tokens being lost.

Check this out: https://twitter.com/xGozzy/status/1085112959179866113

*snip*

Very unfortunate, but this is really nothing surprising.  

[bitfocus]

another exchange gone down! by the way, what type of breach was that? any detailed information?

[KingScorpio]

waves dex never suffers from hack attacks,

stop using centralised exchanges

[100bitcoin]

waves dex never suffers from hack attacks,

stop using centralised exchanges

Does it deal with FIAT as well?

[evanescence]

They lost around 20k ETH.
A token listing there cost 350 ETH at one point (paid in DOT).
They listed around 500 tokens.
Their fees are amongst the highest in crypto.

I think they have a responsibility to use their profits and put the exchange back on live.

[Birb]

I never used this exchange. I strictly use Binance for the security.  I hope anyone that lost some ETH will get their funds back.

[Xardasim]

This is sad news. But this kind of things should normally welcomed. So it is impossible to set up the best system on the internet and every brain can be superior than another.

waves dex never suffers from hack attacks,

stop using centralised exchanges

Could it be because just WAVES is traded? It is difficult to see liquidity in this exchange. As far as I know, this exchange is a beta version and I hope it will be better when main DEX will be released. But I do not think it is useful for now.

[miner2k]

 A sad day indeed.  Someone walked away with a couple of million that doesn't belong to them.  A lot of people took a horribly unfair hit.. and the damage done to crypto continues to climb.  To the Cryptopia Hacker.. You are a disgrace to the technology and the human race as a whole.

[abstractednerve]

waves dex never suffers from hack attacks,

stop using centralised exchanges

Decentralized exchanges are also not secure enough, mate. Last year, Bancor faced a massive hacking incident and 23 Million USD was taken by the hackers! Therefore, Etherdelta exchanges had a few hacking experiences! But Overall, in this way, Decentralized exchanges are better than Centralized ! At least my funds are the only mine, not for any others cold wallet or centralized wallet!

[BitHodler]

Even though these hackings are quite normal for a person who is in this field for a long time, they might frighten newcomers.

I don't think newcomers are that frightened to be honest. If they really were, they wouldn't blindly use an exchange that has quite a bad reputation in the industry, which is very easy to fact check by using Google.

People nowadays Google everything, so there isn't much preventing them from doing the same with crypto exchanges. These exchanges are attractive because they list utter shitcoins other exchanges don't want to list.

It creates an incentive for people to sign up and send funds over to an exchange as Cryptopia. People like investing in shitcoins because they are cheap and pump harder than the top tier crypto currencies.

[rodel caling]

Really sadness news specially to the users cryptopia exchange, but nothing to do these bad news is to wait the system become fix and thhe management promise to give update for this matter.
Hope this news not affected the bitcoin price going to drops lower than today value, and for the cryptopia exchange management i think this a lesson to always exchange the technique of how to secured theirs interest to avoid this hacking scenario.

[BitMaxz]

I have few coins on Cryptopia it seems that my coins will be stuck forever. Well, it's not big amount but those coins are coins that I mined last year.
I'm a little bit late to know this news honestly.

Let's hope that Cryptopia will be back online with a piece of good news but if they announce bad news that all coins are gone better to move on. I am sure they will never give our coins back.

And I'm sure there is a big price drop coming. 

[pcfli]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

I always choose other methods for storing my crypto especially my bitcoins. Cryptopia is not A class exchange and they always delay withdrawals no matter how much you want to cash out. Hope hacked exchanges will be able to gave back losses to customers.

[creeps]

waves dex never suffers from hack attacks,

stop using centralised exchanges

It is still not guaranteed that decentralized exchanges are safe. This is very unfortunate for cryptopia to suffer from a breach or what. This is alarming now because a lot of exchanges now are already hacked or suffer from this system breach, this can affect the market and of course the trust of every investors, we should choose a more safe exchange which I think its hard to find now.

[pugman]

What the hell?

Ugh, can we ever get an exchange that allows you to have your own keys? EVER? Jesus fucking Christ, we only need more reasons to show people how things change.

Is there any word on whether or not the lost funds would be compensated to its users?

[Dreamchaser21]

They lost around 20k ETH.
A token listing there cost 350 ETH at one point (paid in DOT).
They listed around 500 tokens.
Their fees are amongst the highest in crypto.

I think they have a responsibility to use their profits and put the exchange back on live.

They will live again only if they are serious to solve this problem. its sad to hear another news like this and I thought we already learn from the previous hacking incedents with the big exchanges.

"NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop

I’m quiet scared on this line, and I hope no more exchange will be hack especially with binance.

[bitcoinsc]

If I had kept my money in the bank it would still be there. But now I'm in this situation that my funds are held. So much for sound money.  Every 6 months the exchanges gets hacked. This is not gonna drive adoption or fomo.

[mk4]

*snip*

We already have DEXs, but none of them are user friendly enough to beat centralized exchanges unfortunately. Better DEXs will come in time I guess.

waves dex never suffers from hack attacks,
stop using centralised exchanges

This is actually the first time that I somewhat slightly agree with you to a certain extent.

I never used this exchange. I strictly use Binance for the security.  I hope anyone that lost some ETH will get their funds back.

As much as I want people to get their stolen funds back, I highly highly doubt it. Also, I hope you don't see Binance as something "unhackable", because they really aren't.

"NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop

I’m quiet scared on this line, and I hope no more exchange will be hack especially with binance.

Hoping wont stop it from happening. Binance might be more secure compared to others, but Binance is NOT invulnerable to hacks. Nothing is. The best way to protect yourself is to learn how to secure your funds by yourself.

[BlackPanda]

This is bad news, when there is a hacking action on the exchange then it will make a bad impact on the market situation of Bitcoin and Altcoin. The fact is that in fact there has been a decline in prices, this has also happened for several years and caused prices to drop dramatically. This is why we must choose an exchange that does have very good security features, a good reputation will make the exchange more secure and reliable.

[Commitments]

Last day Cryptopia exchange hacked and make news about bitcoin will be negative, I don't how come biggest exchange market could be hacked by some people, how about their security safe or not, before making bigger exchange why not keep added best security for their exchange.

[Juggy777]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

Hey this is a bad event and I can’t help but feel sad for all those people who had coins on Cryptopia, I wish they’ll be able to withdraw their coins going ahead. In my initial days I used to hold my coins on exchanges, but then I realised despite all their securities they cannot be trusted. I have repeatedly said here, and will keep on saying your coins are safer in a wallet with you rather than a exchange, which are a must avoid.

[flemmings02]

It's barely 15 days in to 2019 and this happened. I just do not want 2019 us to have another 2019 with many crypto exchange hacks like it was in the last year, The hack is also a factor that affect the decline in prices last year after huge sell orders of those stolen assets.

[pooya87]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform. Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

there is nothing unusual about it because simply there is no computer security system in the whole world that is impenetrable. every system has some weakness. some have less and some have more but all of them can be broken into and when the incentive is high enough (in this case a large amount of money) there will be lots of attempts.

besides, most cases of exchange hacks were fake news where the exchange itself tricked their users and stole their money because they were going bankrupt and wanted to save their asses.

[mangsitin]

That is a row of bad news that continues to occur on Cryptocurrency, a week ago we saw the Gate.io market has been hacked and thieves stole Coin Ethereum Classic, and now we all mourn because the Cryptopia market has been crushed, I hope to all exchange markets to be careful to protect user assets, so hacking does not happen again.

[Jating]

That is a row of bad news that continues to occur on Cryptocurrency, a week ago we saw the Gate.io market has been hacked and thieves stole Coin Ethereum Classic, and now we all mourn because the Cryptopia market has been crushed, I hope to all exchange markets to be careful to protect user assets, so hacking does not happen again.

I'm sure that exchanges are really doing their best to protect user's assets, but remember that hackers are very smart and intelligent as well, they're like one step ahead of the game every time.

So as much as we don't like to see exchange being hack, it will occur. The only thing we can do is not to put all our money in an exchange so that in a event of a hack like this, we won't see our funds swept in a blink of an eye.

[Horas1976]

This news made us more cautious and cautious about the exchange of decentralization, cryptopia was the first exchange that had been hit early this year, alarming. Users must have other exchanges to be safer for their assets. It seems that Binance can provide security.

[Kakmakr]

The Proof of Keys event rattled the cage and I think a lot of exchanges might follow the same fate. I am not saying that this was a inside job, but some exchanges might do this to hide their fractional trading strategies. The coins stolen might not even existed at all and this might be a strategy to use this as an excuse to go bankrupt.

The authorities lack the knowledge to investigate most of these hacks, so most of these corrupt exchanges walk away without any repercussions.     

[capitan_rocotan]

It seems to me that now you cannot trust anyone, rely only on yourself. And always calculate the possible risks. You never know what awaits you tomorrow ...

[kaizerblitz]

WOW  Crytopia is one of my favorite exchanger i can't deny it that there security is very secured they have authenticate before you can log in to your account but it seems hackers are smart i hope other exchanger will aware on that happening.

[royalfestus]

The list of hacked exchanges are just getting larger. That is the downfall of the strictly centralized exchanges. In 2018, hackers managed to syphon out around 731 million usd from exchanges and cryptopia is the first one in 2019. I am sure, this is not the end and the list will grow even larger in 2019.

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

The challenge is the size of coins decentralized exchanges are willing to add from other blockchain platforms. If I can also remember etherdelta(decentralized exchange) was also hacked in 2017.

[killat]

I saw a lot of people thinking this is the way Cryptopia will exit as a scam. It could be an exit scam event but more likely they did get hacked as was only about 2Mil stolen. If they were going to exit scam im sure they would have stolen be alot more.

[sfr2017]

 what happened to Cryptopia it's a good exchanger of a great volume of transactions without a high security that hackers can stole it, It's a very bad news in the begining of the new year.

[Lexurdania]

Hopely there is no more exchanger getting hacked again. Its true that we should store our coin in our own wallet but many people want to trade and store their coin in exchanger. Hopely, after cryptopia incident, most big exchanger increasing their security to avoid hacking

[eiijee160613]

Ouch, This is really annoying to read for it's one of my favorite exchange to use since I'm in cryptocurrency. hackers always find a way to breach this small and but good exchanges.

[sempak]

Add a bad list of cryptocurrency and exchange. Cryptopia, the old exchange category, also experienced an unwanted thing, namely experiencing hackers. this will make the market unstable

[Fluxtorrence9]

What a shame ,that's too early for the year and it makes me feel unsafe about crypto in general ,this have to stop ,exchanges should upgrade to better impenetrable security platform I've been using cryptopia for a very long time and I like it ,I hope this is not an exit scam

[iamverybusyperson]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):


https://pbs.twimg.com/media/Dw76wLqUcAIfiFl.jpg

Well, first exchange that hacked in 2019. Nothing new, exchanges was hacked before, i lost a lot of money coz of inside scum. Sorry for you loss.

[Ayoofe]

I was so shocked to have heard this news as I least expected such, cryptopia exchange has been one of my favourites since I started crypto.. I hope this is resolved faster so that trading/withdrawal can continue smoothly.

[MeongElek]

Very surprised. I have assets there and I intend to hold them long term. This is really beyond my expectations, can the exchange of cryptopia still be saved? I opened the exchange and is still in maintenance.

[treatWy]

Another new year struggle.
This should be serve as  an example to be more careful caring what we owned most specially the big persons here.
Exchange is a place where money flooding as always. It must be treated as the most important part to be secured at all times to avoid hacking attack.

[Naida_BR]

Cryptopia was one of the first exchanges that I opened an account and It was one of my favorite because of this emotional bond that I had with it. I am very sad it got hacked and it puzzles me how that happened. Cryptopia was never a target and volumes were very low there compared to other exchanges. What is more frustrating is that they do not provide detailed information about the security breach. Seems like they are hiding something.

[Wend]

And what happen to the coins in that we deposit on there, Ill hope they are not gone but i will try to checked. Ill hope they can recover and being secured always of the cryptopia site. This site was one of trusted that i'm always trade on.

[gabmen]

And what happen to the coins in that we deposit on there, Ill hope they are not gone but i will try to checked. Ill hope they can recover and being secured always of the cryptopia site. This site was one of trusted that i'm always trade on.

That's going to be a hassle if your money there was affected. I'm not sure if there's any insurances that covers crytopia assets but it's likely most exchanges don't. I've read the hackers got millions worth in eth and tokens.

[kiansantan]

The exchange of cryptopia has become one of my favorites since I started crypto. I hope this is resolved faster so that the trade / withdrawal can continue smoothly. I was very surprised to hear this news as I did not expect.

[kucritt]

wow that is the sad news, i think hacking in website is possibly happen, because there are no websites that have a bug free, i think that all websites sill have the bug, so be careful when you input your data, identity and anything else in the websites

[ecnalubma]

Never leave your precious crypto's and trust any centralized exchange even if they are equipped with state of the art security. This centralized exchange hacking will continue to devastate investors and its worst than ransomwares. Decentralised exchange are scrutinized by the government but its more safe effective than the centralized one, crypto is designed to be independent so its better to keep it that way.

[South Park]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform. Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

It is not really that unusual, there is nothing that is hacker proof, with enough time and resources a group of hackers can figure out how to enter a system, but the problem for them will be the costs, when it comes to a centralized exchange it does not matter how much time or money it took the hackers to get access to the funds of the clients of that exchange, it was worth it, but if you are the only one holding your coins and the amount of coins you have is low and your security tight then it is not worth for a hacker to try anything against you.

[DisturbedRTX]

It is rather dangerous now to keep money in a cryptocurrency, and in fact they said "the safest". 

[anafiene]

It's a piece of sad news, early in the year got hacking news on cryptopia, even though this exchange was long and famous. So many people play here and the system has been hacked, of course, the team will handle this case with and immediately resolved.

[gabbie2010]

Sophistication of hackers is of increase in recent times I am very sure cryptopia thought they are well secured but hackers were able to hack into their system based on the fact that they centralized while their security firewall was fragile, this will lead to massive withdrawal of funds by investors and traders while the exchange is at stake

[munareal]

Centralized exchanges are really insecure going by the numbers of haking carried out. Decentralized exchanges are the solution to the hacking and tracing of exchanges by nefarious people that are stealing from exchanges users funds. There is a lower rate of failures or control with decentralized exchanges

[Gary Levanevskii]

I hope that after this situation, other exchanges will be better towards cybersecurity. The risk of hacker theft is one of the reasons why some people do not keep money on the exchange and do not actively trade.

[vv181]

Damn Cryptopia was my favorite exchange to trade unpopular cryptocurrencies, luckily I don't have any kept assets. Everyone should be aware of the exchanges isn't a safe place to store assets, it is already been my habit to only use exchange only to trade then transfer it to somewhere else where I could control fully the private keys. I hope with the recent hack cryptocurrencies security awareness are improving, and I expect developer could urge the decentralized exchange development.

[Fredomago]

Damn Cryptopia was my favorite exchange to trade unpopular cryptocurrencies, luckily I don't have any kept assets. Everyone should be aware of the exchanges isn't a safe place to store assets, it is already been my habit to only use exchange only to trade then transfer it to somewhere else where I could control fully the private keys. I hope with the recent hack cryptocurrencies security awareness are improving, and I expect developer could urge the decentralized exchange development.

That's right, better to send your assets to a much safer wallets than to store it inside the exchange as there's a lots of incident which already happen before, now another exchange has been attack and there is no clear updates till now, better to be more secured and wisely saves our money while we are still working with our money.

[geyayy]

The list of hacked exchanges are just getting larger. That is the downfall of the strictly centralized exchanges. In 2018, hackers managed to syphon out around 731 million usd from exchanges and cryptopia is the first one in 2019. I am sure, this is not the end and the list will grow even larger in 2019.

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

Your suggestion is good but the problem is that centralized exchanges are easier to use compare to decentralized ones. Good developers are also working for centralized exchanges and nit in decentralized exchanges. We should hope that one day, good developers will shift to decentralized exchange so that this problem won't happen again.

[roughswap]

Have they said what coins were taken, i had crypto in there hopefully everything gets sorted and our coins returned.

Last thing i needed to be honest

[qiman]

I used to trade here with my Wife a long time ago and we both thought it was a pretty decent exchange. I do remember my wife getting hacked when they login-ed to her account as the emails all got stolen or even maybe sold. Not sure if these hacking are an inside job from technical staff working within the exchange and they tip off fellow hackers, or the exchanges are being randomly attacked in turn by North Koreans. Kim JONG UNS Regime has collected last year alone over 200 million dollars worth of Bitcoin just from hacking exchanges in Crypto and individuals. Anyway I hope something is sorted for the losers who lost their money here and they get compensated in due course.

[samuraijin]

Damn Cryptopia was my favorite exchange to trade unpopular cryptocurrencies, luckily I don't have any kept assets. Everyone should be aware of the exchanges isn't a safe place to store assets, it is already been my habit to only use exchange only to trade then transfer it to somewhere else where I could control fully the private keys. I hope with the recent hack cryptocurrencies security awareness are improving, and I expect developer could urge the decentralized exchange development.

This is an old game and very often happens, even bigger exchanges can be hit hacked, in my opinion there are two guesses, it can also be hackers and can be insiders, that they know that Bitcoin will reach higher prices later, and You know that many ICO projects have ended their projects Scam, so it's all back to the time when Bitcoin grew in the past year ...

So be careful with trade that does not have KYC even though almost all trades have implemented the method ...

[mahibul49]

i am waiting for the report .i hope police will hunt them and catch them and i can say that exchange should add more security and can store user fund to cold storage.and finally i can say its really bad news for crypto holder.

[adzino]

I hope people who were using this exchange as a wallet learned their lesson. Sad to hear such news. People rely on online exchanges to trade their coins between other coins. But unfortunately, exchanges are never safe and no matter how much they keep on shouting and boasting about their security, they are in one way or other vulnerable to hacks.

I used to trade here with my Wife a long time ago and we both thought it was a pretty decent exchange. I do remember my wife getting hacked when they login-ed to her account as the emails all got stolen or even maybe sold. Not sure if these hacking are an inside job from technical staff working within the exchange and they tip off fellow hackers, or the exchanges are being randomly attacked in turn by North Koreans. Kim JONG UNS Regime has collected last year alone over 200 million dollars worth of Bitcoin just from hacking exchanges in Crypto and individuals. Anyway I hope something is sorted for the losers who lost their money here and they get compensated in due course.

Didn't the exchange have some sort of extra security layer like 2FA in order to protect user account if they get hacked?

[jhongzjhong]

I don't know what is the reason why Cryptopia exchange has been a hacked. In this generation, new techniques and practices of security are too established for a platform to be hacked. The only thing hackers could hack a system is to be an insider. I wonder how did the hacker secretly hacked the security of Cryptopia. By the way, may we know which coins were affected and do you guys have a piece of elaborated information on the losses?

Another thread of complaint regarding Cryptopia exchange, https://bitcointalk.org/index.php?topic=5097854.msg49266441#msg49266441

[roughswap]

Yes there was an extra layer of verification when you log in or send coins i think.

Has anyone got a contact email for Cryptopia or do they have a account on here?

[bitcoinsc]

I put my coins in different exchanges in case things like this happens. Still it's alot of money I'm holding in cryptopia. More than a month of rent!

[roughswap]

Maybe not the last thing i needed but is a piss off, i just hope things are ok seems like its a load of ether and other coins,
does Cryptopia have a account on the forums?

[Landak]

Every year there is always news about hacked market exchanges. it's like something that happens every year, why? I don't know why haha
bad thing will happen after this, it is possible that no one believed in cryptopia.

[romelitounknown]

Sad to see people losing their hard earned money just because of some very selfish thiefs. I just hope it wasn't an inside job . I advice not to put all your coins in only one exchanges as much as you can.

[juragane]

another exchange gone down! by the way, what type of breach was that? any detailed information?

theft can occur anytime and anywhere.
 about hackers in exchange may be possible because the exchange agent is not careful in making exchanges, or perhaps the security system from the exchange is still weak.
 because criminals all over the world will definitely do various ways to do their crime mode, so we as traffickers must be very careful before we make the exchange. use a security system that has been proven safe.

[ethereumhunter]

I hope cryptopia can take responsibilities for that case and if the loss was related with the member, then they have to replace it. Only by doing that, their member will not leave the exchange, and they can fix their reputations among their member. Besides that, they need to fix the bug that is on their site so it will not happen again in the future. It is important always to check the security of the site to make sure our customer feel comfortable to stay at our site, and we need to make sure they are satisfied with our services.

[rdbase]

i am waiting for the report .i hope police will hunt them and catch them and i can say that exchange should add more security and can store user fund to cold storage.and finally i can say its really bad news for crypto holder.

Someone said some of the coins which were taken during the hack were traced and ended up in a binance account where I  believe they were thinking of trading for bitcoin then move them off the exchange.
Binance confirmed they were transferred to their exchange but from who they were not saying.
To move that much off their exchange you would need a kyc verified account with them. So hopefully they will know who was the one who hacked cryptopia and tried to exchange them on binance.

[NavI_027]

After this hack ppl will pull out of crypto. Expect a crash. Damn

This is only an isolated case so I think it will not produce a great effect in the market status. The money robbed by the hackers is only a small quantity compared to the summed up assets from all the exchanges and hodlers around the world. But I'm not saying that a crash or large dip is not impossible due to the panic this issue created. Hence, people, especially the weak holders tend to sell their coins. I just hope this won't happen because I'm really craving for the bull run.

[jcmansah7]

I also read about this news and i was very disturbed looking at the amount of money some crypto enthusiasts might have lost on that exchange myself. I know most people really don't like the idea of saving funds at exchanges but if you are a day trader it becomes one thing to save your funds on exchange wallets. I hope the current exchange platforms that are being developed would be secured enough to prevent situations like these.

[adhirahman64]

whether the attack is large and can make the cryptopia close?

[Bagaji]

After this hack ppl will pull out of crypto. Expect a crash. Damn

Cryptopia exchange cannot have such major impact on bitcoin crash as we all know that they are not big exchange. This exchange sometime ago was not too good as i spent out the reasons why i will not keep my coins but others never see this as a big challenge. Hope they give out details of the hack and what has been lost from the hack.

[entebah]

Yes, I feel very concerned for the Cryptopia market because of hacking done by thieves, especially the Cryptopia market is a very good market like other markets, I really condemn the thief's actions, hopefully the Cryptopia market can recover soon.

[JPSelzer]

This once again proves that it is not safe to keep your funds on the exchange. No one is protected, even the best and most reliable exchange can be hacked. Be careful.

[Moore234]

This has been a major concern since crypto’s inception. Bitcoin (for example) is the most traceable currency ever created. The same public ledger that verifies all transactions also keeps a permanent record of each coins history.

Meanwhile cash is 99%+ fungible.

[Theb]

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

[OrangeII]

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

you're right, it's a pity when cryptopia must be hacked. but until now there has been no severe impact that has occurred with cryptocurrency. well, it's quite strange to see this. I hope this doesn't really have an impact in critical moments like i...

[Huskarls]

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

Like the quote that we often see "No System Is Safe". This also certainly applies to decentralization that we know that this system is fairly new, so if we hope that there is a development of security, it is impossible. Maybe we can try let the people on those exchange have their own private key.

[laredo7mm]

This once again proves that it is not safe to keep your funds on the exchange. No one is protected, even the best and most reliable exchange can be hacked. Be careful.

not so much we store our assets in a stock exchange. indeed this is good because we can sell our assets at any time but now with many cases of hacking we must be more wise in saving our assets

[Spider A4]

I think this is not hacked, it's exist SCAM by cryptopia also many crypto enthusiast talking same thing. If already New Zealand police working with this case https://www.police.govt.nz/news/release/update-investigation-involving-cryptocurrency-company
Now we can just wait for the final news from police investigation.

[squatter]

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

Decentralized exchanges have their limitations. For instance, they can't properly interface with fiat money, which always requires a trusted third party within the banking system.

The current crop of DEX can also be more properly described as "non-custodial" -- they don't hold user funds but they use centralized architecture. Etherdelta had its DNS registry updated by attackers, who set up a phishing site on their domain and extracted user private keys. That's one example of how vulnerable this semi-decentralized model is.

Overall, though, I'm guessing decentralized exchanges will eventually play a very important role. When we can trade on a completely decentralized architecture with decentralized stablecoins, it'll be a real game changer as well. We're probably several years away from that point.

[aoluain]

This tweet made me laugh and I think this tweet sums up the level of FUD Cryptopia being hacked will get, which is none. Cryptopia isn't even in the top 10 exchanges in terms of daily volume traded so why a lot of people are making a big deal out of it? It has been two days already since the hack happened yet there is no notable drops I have seen in the market.

I would have thought Cryptopia was a sizable exchange and at this stage
why have they not sufficient security in place to protect other proples
funds? Its not good enough really.

[yazher]

So that's why the price has fall again, Damn, just as we see a good sign a few days ago and now this is what happened. if something like this will continue. then probably in worst cases we will see a dramatic fall of price again. crytopia is one of my favorite exchange because of the less hassle and low transaction fee.

[figmentofmyass]

Ugh, can we ever get an exchange that allows you to have your own keys? EVER? Jesus fucking Christ, we only need more reasons to show people how things change.

there are decentralized exchanges like IDEX where users trade with their own keys. this is relevant here since most of the assets stolen from cryptopia were ETH and ERC20 assets.

Is there any word on whether or not the lost funds would be compensated to its users?

nope, not yet. if they go into bankruptcy, we've seen how that plays out with mt gox....

[HippiePyro]

Is there any word on whether or not the lost funds would be compensated to its users?

nope, not yet. if they go into bankruptcy, we've seen how that plays out with mt gox....

I thought mt. Gox had an escrow  repaying some of the users?

[cryptossi]

I know it's not a big exchange but it's not good for cryptocurrency, this and the 51% attack on ETC last week does not help improve the media and societies opinion on crypto which is already pretty low. I hope these hackers are happy with what they are doing, funds have been frozen by most exchanges that they have tried to transfer tokens to, but the sad thing is it creates more FUD and further reduces the market cap as it makes investors exit crypto entirely.

[SCheek]

I noticed this a while back when my ANON wasn't getting withdrawn. Centralised exchanges present a big problem for investor confidence

[HippiePyro]

Well they do largely defeat the original purpose of cryptocurrency, which is to maintain control of your money. Dex will make it just as easy to aquire and sell without this issue.

[BurgerCash]

Well they do largely defeat the original purpose of cryptocurrency, which is to maintain control of your money. Dex will make it just as easy to aquire and sell without this issue.

Still no-one actually wants to use DEX-es as the UX is not as polished as it is on Binance or Coinex, for example. Although both Binance and Coinex have announced that they'll be building DEX-es so who knows what would happen the next few years...

[bitcoinsc]

I want my bitcoins back. If the exchange goes live I'm withdrawing funds. It's in the hands of the athority now. So I'm not even sure if I'm getting my money. This is a nightmare I got 3/4 a Bitcoin in there. If btc dumps to 2500$ I'm gonna have a heart attack. That's a year of my savings.

[Theb]

~snip~

I would have thought Cryptopia was a sizable exchange and at this stage
why have they not sufficient security in place to protect other proples
funds? Its not good enough really.

Look its not always them to blame here. Just take a look at Japan and South Korea even though they have dozen of security requirements and compliance checks before they hand out their licenses to crypto exchanges some of them are still being hacked. Hackers are really going to extreme measures here just to steal your money, its always gonna happen not until they have some corporate bank level security going on in their exchanges expect that crypto exchanges to be hack regularly.

[figmentofmyass]

nope, not yet. if they go into bankruptcy, we've seen how that plays out with mt gox....

I thought mt. Gox had an escrow  repaying some of the users?

the case is still being handled by the bankruptcy courts in japan. it's pending civil rehabilitation. so, gox collapsed in february 2014, and almost 5 years later people are still waiting to get back a fraction of the coins they lost! that's brutal.

[Yamifoud]

I want my bitcoins back. If the exchange goes live I'm withdrawing funds. It's in the hands of the athority now. So I'm not even sure if I'm getting my money. This is a nightmare I got 3/4 a Bitcoin in there. If btc dumps to 2500$ I'm gonna have a heart attack. That's a year of my savings.

Do you mean that all your money are in Cryptopia exchange.? I'll doubt if you can get it back,  a lot of people were storing their money on there and could possible that the owner/team won't pay them and even given a share from.
Supposedly, you won't put all your money in just one exchange and I believe you are aware of that. It sad it have a less chances for your claims but you can just try.

[roughswap]

If for example Bitcoin did not get taken do you think the owners of the coins that dident get stolen would get them back,
i would think they would return the coins that remained if the owners of them wanted to withdraw them, there's a lot of talk of ether and Erc tokens being stolen,
also if they had certain account bitcoins in cold storage what do you think the result would be.

[Sadlife]

This is a perfect example to not put all the egg in one basket. In fact we never actually know how much funds does an exchange actually has for example in the "proof of keys" event do they really have all the money to pay their users if all of them withdraw their funds. And even popular exchange, there's also a risk that it can be vulnerable due to neglected or weak configurations or bug.

[pityunbent]

How much was stolen from the hack?

[bitcoinsc]

I diversify my crypto exchanges as well. In case things like this happens. But I don't want it to ever happen. Only a year in crypto n I got hacked already.

I want my bitcoins back. If the exchange goes live I'm withdrawing funds. It's in the hands of the athority now. So I'm not even sure if I'm getting my money. This is a nightmare I got 3/4 a Bitcoin in there. If btc dumps to 2500$ I'm gonna have a heart attack. That's a year of my savings.

Do you mean that all your money are in Cryptopia exchange.? I'll doubt if you can get it back,  a lot of people were storing their money on there and could possible that the owner/team won't pay them and even given a share from.
Supposedly, you won't put all your money in just one exchange and I believe you are aware of that. It sad it have a less chances for your claims but you can just try.

[Ribbitforum]

How much was stolen from the hack?

There is no exact amount yet how much was stolen, im also waiting for the update in cryptopia social page and newzealand police website hopefully cryptopia will open the withdrawal of unaffected coins

[figmentofmyass]

How much was stolen from the hack?

there are no official numbers. cryptopia refuses to release that info, citing the police investigation. but circumstantial and blockchain evidence point to $10 million+ USD equivalent, most of which seems to have been ERC-20 tokens (dentacoin, metal, trueUSD, etc): https://finance.yahoo.com/news/cryptopia-alleged-hack-police-case-200800523.html

[Jating]

https://www.reddit.com/r/Cryptopia/comments/agkiwh/fundraiser_for_cryptopia_hack_victims/?ref=readnext

Just look at this. Fund raising? or just another attempt to steal?

On another note, it looks like the hacker has moved some of the funds in Binance but they quickly freeze the account.

https://cointelegraph.com/news/cryptopia-alleged-hack-police-are-on-the-case-while-community-tracks-down-stolen-funds

Some of funds have been frozen, Cryptopia users are preparing a lawsuit

It seems that at least some of the stolen tokens have been frozen. On Jan. 16, after being tagged by a Twitter community member, Binance exchange CEO Changpeng Zhao said that he suspended “some” of the funds affiliated with Cryptopia after they ended up on his platform’s wallets and claimed that he will freeze more if social media users report them.

[kramchers]

I know about this news and this is sad because i have some tokens there.
I just bought half million pcs of LOYALCOIN which i am not yet withdraw to my wallet.
I hope they can give date when they will open again the exchange. BTW hacker sent the tokens to BINANCE account which is now on freeze./

[Ava Duvall]

whether the attack is large and can make the cryptopia close?

They are not quick to even call it a hack, but seeing that others ar even looking to file lawsuits against Cryptopia, the situation doesn't look that bright. Hopefully they will recover, since it's an ongoing investigation, only time will tell what will happen to Cryptopia.
https://cointelegraph.com/news/cryptopia-alleged-hack-police-are-on-the-case-while-community-tracks-down-stolen-funds

[Unblock_news]

https://www.unblock.news/news/cryptopia-hack-leads-to-significant-losses-1 more details here.

[Supremacy1]

It is sad , I pity those fund that involved , that is why it is advisable not to keep coin u are not selling on exchange , better to get an offline wallet to avoid story that touched

[meanwords]

The list of hacked exchanges are just getting larger. That is the downfall of the strictly centralized exchanges. In 2018, hackers managed to syphon out around 731 million usd from exchanges and cryptopia is the first one in 2019. I am sure, this is not the end and the list will grow even larger in 2019.

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

That's what I was thinking. I feel like most of the hack incidents that happened in 2018 are inside jobs. I think it was just a play to prevent any suspicion from the people so that they could steal money. I've been digging into some decentralized exchanges and I think it is time to transfer to them.

[BitBite5]

It's a big risk if you keep your funds on exchange. You never know when such incident can occur and when they do then you worry again if your funds will be refunded. Don't ever keep on a exchange more than you need for current trading and split your funds among different exchanges, that is one way to mitigate the risk.

[boyptc]

It is sad , I pity those fund that involved , that is why it is advisable not to keep coin u are not selling on exchange , better to get an offline wallet to avoid story that touched

While CZ saved and frozen all of those reported fund that went to Binance.

He adviced the other thing, I wont keep any good amount of crypto to any exchange. And Ive been doing this for years, thanks to the advice of people here who have been quite awhile in the forum.

[South Park]

I hope that after this situation, other exchanges will be better towards cybersecurity. The risk of hacker theft is one of the reasons why some people do not keep money on the exchange and do not actively trade.

I am sure they already doing whatever they can to secure the coins of most of their clients since being hacked is terrible publicity not only for the exchange that was hacked but for exchanges in general, but it is not easy since exchanges are a big business and they need to interact with their clients which means that a hacker has hundreds of opportunities to try to get control of at least one computer in their network and try to get to the money from there.

[Burogh]

Its bad for beginning year. I am reading in few online media that the coin lost worth more than $12million and its bad for cryptocurrency. Hopely with this incident, others exchange increasing their security and its better for crypto investor holding their coin in their own wallet and not store in exchanger wallet

[mithon2017]

it is really sad news. but everyone should be careful. hacker is big problem of block chain technology. it is harmful on our minds. everyone should be careful your wallet. before exchange , check your other options. always choose other methods for storing crypto.

[TradingIsBreath]

What the hell?

Ugh, can we ever get an exchange that allows you to have your own keys? EVER? Jesus fucking Christ, we only need more reasons to show people how things change.

Is there any word on whether or not the lost funds would be compensated to its users?

It is better to use non-custodial exchanges. Where your wallet private key is with you. Regretting after the loss has no point. I prefer using CoinSwitch.co as they are non-custodial exchange also they have 350+ coins listed and 45000 coin pairs.

[ynatopak14]

When will CRYPTOPIA be open again or will they still be going to open in the future?
It seems they need to upgrade their security and make sure that the hacking will never happen again.
I am one of the user with many coins on the exchange of CRYPTOPIA.

[TheClownSong]

When will CRYPTOPIA be open again or will they still be going to open in the future?
It seems they need to upgrade their security and make sure that the hacking will never happen again.
I am one of the user with many coins on the exchange of CRYPTOPIA.

I think cryptopia still running the bussiness in the future. Its just police investigation and i think cryptopia doing a transparant way. Its very risky store our coin in exchanger wallet because exchanger more vulnerable to hack. Better keeping our coin in our wallet and secure the private key

[UmerIdrees]

When will CRYPTOPIA be open again or will they still be going to open in the future?
It seems they need to upgrade their security and make sure that the hacking will never happen again.
I am one of the user with many coins on the exchange of CRYPTOPIA.

I think cryptopia still running the bussiness in the future. Its just police investigation and i think cryptopia doing a transparant way. Its very risky store our coin in exchanger wallet because exchanger more vulnerable to hack. Better keeping our coin in our wallet and secure the private key

Yes, cryptopia  was a good exchange and it was one of the best exchange for low volume coins. Many people say that cryptopia hack is an insider job which is feel is not correct. If it was insider job, they would not have involved the NewZealand police to investigate the theft.

[Canoppo99]

I also need to withdraw my money that I have sent to cryptopia. Maybe I am also a victim, I have some btc there but I can't withdraw it, this is very strange. In this case efforts to avoid cybercrime such as use strong password, keep software updated or even strengthen home network is useless. This is a major security breaches that we cannot avoid. I hope cryptopia can find the hacker and get the money back.

[Spider A4]

How much was stolen from the hack?

there are no official numbers. cryptopia refuses to release that info, citing the police investigation. but circumstantial and blockchain evidence point to $10 million+ USD equivalent, most of which seems to have been ERC-20 tokens (dentacoin, metal, trueUSD, etc): https://finance.yahoo.com/news/cryptopia-alleged-hack-police-case-200800523.html

We don't know exactly how many different coins hacked. I know a lot of coins which only traded specially in cryptopia even valuable & coinmarketcap top ranking coin. Given below list is only ERC-20 token:

1. Dentacoin
2. KyberNetwork
3. MobileGo
4. Bonpay
5. OmiseGo
5. Indahash
6. IvyKoin Public Network Tokens
7. Metal
8. Tenxpay
9. ZRX
10. Unibright
11. Ethbits

[Eclipse2021]

Oh,look! 2019 started perfectly and another exchange is gone I assume with all the money in the exchange. I wonder if they can retreat the coins back as the rules in NZ are very severe regarding to cryptos so the CEO might serve prison for sure if they don't recover the funds or at least this is what the articles write about this unfortunate problem.

[GreatBug]

I read somewhere that this is not the end. They lost several million USD, but this will not cause their total collapse. Probably the case is thoroughly examined by the police, and after the investigation is completed, the exchange is ready to start working again.

[Inosend]

I got the hacked message couple of days back but although I'm yet to login and check my coins I just hope I'm safe.

[trader34]

There have been so many exchanges hacked in the past year, Cryptopia is just the last one.

I think that the market has a need for practices for greater security and greater guarantees to open up to mass adoption and to the common investor.

[minhlee95]

I've always found hackers to be very smart guys who have an excellent grasp of all information security systems. Therefore, our task as investors is to protect our investments as much as possible and to choose only proven reliable wallets. Then the possibility that something negative will happen to your coins is minimized.

[Dondisimo]

Storage security is perhaps the most important aspect of investing, especially if you are using a long-term strategy. Therefore, you need to protect your wallet as much as possible and never trust anyone with your passwords, then the probability that you will be hacked by hackers will decrease, although this is not 100%.

[bp124]

I heard about this a some days ago and i was shocked because cryptopia is one of the exchange platform that host the cryptocurrencies of most masternode owners. So i can imagine the amount of monies crypto enthusiasts have lost through this hack. I heard Binance has also frozen some accounts that seems to have transferred some funds from Cryptopia pending some clarifications. Let's hope the users on cryptopia gets some amount of refund

[Bloodseekers]

I think cryptopia still running the bussiness in the future. Its just police investigation and i think cryptopia doing a transparant way. Its very risky store our coin in exchanger wallet because exchanger more vulnerable to hack. Better keeping our coin in our wallet and secure the private key

I agree with you, i also dont store my coin in exchanges excpet whan to sell it, or trading it. And i only trading short term term, also i choose popular exchange like binance. Even in the future cryptopia still running, but this negative news will effect on trust. For me im not using cryptopia anymore

[crzy]

There have been so many exchanges hacked in the past year, Cryptopia is just the last one.

I think that the market has a need for practices for greater security and greater guarantees to open up to mass adoption and to the common investor.

Those of the previous hacked I think is just an inside job which is possible in every crypto exchange. More security is a must, so the investors will have the peace of mind to keep the money on the exchanges. I hope for that this will be the last and hope that bigger exchanges learn from this.

[sadass123]

hmmmm so this is reason why their website maintance i worried my asset

[cryptohunter]

It is possible to see if actual coins (not shit eth tokens) were moved from their cryptopia wallets?

If those coins are there then the owners will be allowed to withdraw them.

This is not as yet a cryptsy type scenario is it?

Is there a thread with a full analysis of this hack using block explorers for actual coins listed there?

[Ribbitforum]

There is a new update from New Zealand Police Official Website, But Im Not Surprise on the details given in the news article,im expecting that cryptopia will start the operation again. https://www.police.govt.nz/news/release/police-making-progress-crypto-currency-investigation

[Noojna]

It is possible to see if actual coins (not shit eth tokens) were moved from their cryptopia wallets?

If those coins are there then the owners will be allowed to withdraw them.

This is not as yet a cryptsy type scenario is it?

Is there a thread with a full analysis of this hack using block explorers for actual coins listed there?

C'mon man, you know how that goes in the Crypto world... those coins will be auctioned off to pay for lawyer fees and other parasites' claims.

Why do people leave coin at exchanges.

[Thirdspace]

I thought everyone got major learning by hacked off cryptopia. You never and ever leave your coins on exchanges or webwallets. Sooner or later you're gonna lose money. You might use a wallet for storage, a place you have control over it. You are only transferring to an exchange if you plan to sell.

that works for long term trader or investor, but not for daily trader
if you are trying to make money by trading everyday, you will need to keep your coins on the exchanges
depositing/withdrawing everyday would be cumbersome, time consuming, and very costly

[roughswap]

How long have other exchanges that got hacked taken to reopen?

I think my coins might still be within the exchange

[RivAngE]

On another thread I did an amateurish search to see what's Cryptopia's BTC wallets look like... I don't like what I see but could someone more experienced than me check my findings and let me know if I've made a mistake somewhere or if indeed the Cryptopia's BTC wallets were also hacked alongside ETH?

Okay I think I found the Cryptopia's BTC wallet. My deposit there is kinda old and I can't recall 100% if it's the address I deposited was Cryptopia's or another exchange's, but I traced the movement and since the wallet's movements stopped on 14th January I'm 99% sure it's Cryptopia's.

This is their wallet: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD

After many hops between 1-use addresses, I find a big amount of funds consecrated here: 12YBZCaPe45LFbvgYWP5AVm3pvZTtHTiNY
This was a new address created on 13th January.
It seems that after gathering BTC from different Cryptopia's wallets, summing 392.31 BTC, they sent a "test" transaction of 3 BTC on 14th January and 10 minutes later they sent all the amount to the same address.

From that point on, it seems like the funds were split to multiple addresses, probably many of which are exchanges.

Your thoughts? Anything I missed maybe?

[roughswap]

From reading around reports seem to state that only Ether and Erc 20 token created on their platform were taken.

Elementus have a chart showing what coins they think have been taken and the amount, although i don't know the accuracy of there research.

[figmentofmyass]

On another thread I did an amateurish search to see what's Cryptopia's BTC wallets look like... I don't like what I see but could someone more experienced than me check my findings and let me know if I've made a mistake somewhere or if indeed the Cryptopia's BTC wallets were also hacked alongside ETH?

Okay I think I found the Cryptopia's BTC wallet. My deposit there is kinda old and I can't recall 100% if it's the address I deposited was Cryptopia's or another exchange's, but I traced the movement and since the wallet's movements stopped on 14th January I'm 99% sure it's Cryptopia's.

This is their wallet: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD

After many hops between 1-use addresses, I find a big amount of funds consecrated here: 12YBZCaPe45LFbvgYWP5AVm3pvZTtHTiNY
This was a new address created on 13th January.
It seems that after gathering BTC from different Cryptopia's wallets, summing 392.31 BTC, they sent a "test" transaction of 3 BTC on 14th January and 10 minutes later they sent all the amount to the same address.

From that point on, it seems like the funds were split to multiple addresses, probably many of which are exchanges.

Your thoughts? Anything I missed maybe?

that may have been cryptopia consolidating and securing its bitcoins into new wallets. the "test" transaction followed by full consolidation of the funds is indicative of that. that would be my first guess unless you're seeing the split funds enter other exchanges.

every report i've seen says it was ETH and ERC20 tokens---not bitcoin---that were stolen.

[ethereumhunter]

From reading around reports seem to state that only Ether and Erc 20 token created on their platform were taken.

Elementus have a chart showing what coins they think have been taken and the amount, although i don't know the accuracy of there research.

I think they sell the tokens in the other exchanges and after they got BTC, they send it to another wallet. Maybe if we investigated deeply for each wallet, we could know on where exchanges the bitcoin has already send so we can send information to the exchange to freeze the account of that wallet. I think cryptopia needs to fix their bug and find the other if on the website still have a hole in their security

[RivAngE]

On another thread I did an amateurish search to see what's Cryptopia's BTC wallets look like... I don't like what I see but could someone more experienced than me check my findings and let me know if I've made a mistake somewhere or if indeed the Cryptopia's BTC wallets were also hacked alongside ETH?

Okay I think I found the Cryptopia's BTC wallet. My deposit there is kinda old and I can't recall 100% if it's the address I deposited was Cryptopia's or another exchange's, but I traced the movement and since the wallet's movements stopped on 14th January I'm 99% sure it's Cryptopia's.

This is their wallet: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD

After many hops between 1-use addresses, I find a big amount of funds consecrated here: 12YBZCaPe45LFbvgYWP5AVm3pvZTtHTiNY
This was a new address created on 13th January.
It seems that after gathering BTC from different Cryptopia's wallets, summing 392.31 BTC, they sent a "test" transaction of 3 BTC on 14th January and 10 minutes later they sent all the amount to the same address.

From that point on, it seems like the funds were split to multiple addresses, probably many of which are exchanges.

Your thoughts? Anything I missed maybe?

that may have been cryptopia consolidating and securing its bitcoins into new wallets. the "test" transaction followed by full consolidation of the funds is indicative of that. that would be my first guess unless you're seeing the split funds enter other exchanges.

every report i've seen says it was ETH and ERC20 tokens---not bitcoin---that were stolen.

I though it might be wallets controlled by Cryptopia as well, but if you trace the next transactions you'll notice that the funds keep moving and splitting between multiple wallets.
Shouldn't the funds have been frozen while the police investigates if it was in Cryptopia's control?
This action looks more like hackers splitting the heist to multiple wallets and multiple exchanges.

...
On a 2nd though... there's also the possibility that Cryptopia sent their funds to another exchange for security. Being unsure which of their wallets are safe, they might decided to send them to a 3rd party who is then moving the funds like usual.

[Akoldi_ibk]

I thought everyone got major learning by hacked off cryptopia. You never and ever leave your coins on exchanges or webwallets. Sooner or later you're gonna lose money. You might use a wallet for storage, a place you have control over it. You are only transferring to an exchange if you plan to sell.

that works for long term trader or investor, but not for daily trader
if you are trying to make money by trading everyday, you will need to keep your coins on the exchanges
depositing/withdrawing everyday would be cumbersome, time consuming, and very costly

You are right. There is no way day traders won't leave some amount of their assets on exchange for profit taking purposes. For this reason, I think there is need for exchanges to step up their security and always have counter measures in place to protect their users and their own reputation as well.

[Noojna]

From reading around reports seem to state that only Ether and Erc 20 token created on their platform were taken.

Elementus have a chart showing what coins they think have been taken and the amount, although i don't know the accuracy of there research.

yes, those are the coins that were stolen, and we know for sure those coins won't come back. But the damage doesn't stop there.

Any company like cryptopia needs their daily profits to continue and honor its engagements; things like loans, rent, salaries, electricty, lawyer fees all continue to pile up while the New Zealand police sorts this out. Right now, we know that profits are not coming in, and we know this justice process will take a few months to a year.

Sorry guys, but they will auction off the depositor's coin in lots, and use the proceeds to pay back these debts piling up; unless of course the owners of Cryptopia step up and pay this out of their own pockets (which has also happened in the past, by the way).

It is essential that any sustainable trading scheme somehow repatriates the profits back to safety on a daily basis; a good coin trading strategy simply cannot allow a trader to leave coin at an exchange. Sooner or later things like this will happen.

[figmentofmyass]

I though it might be wallets controlled by Cryptopia as well, but if you trace the next transactions you'll notice that the funds keep moving and splitting between multiple wallets.

i don't know the logic behind it, but i remember when btc-e went down in 2017, they did the same thing when they set up new wallets---lots of moving and splitting into smaller lots. they later refunded the crypto (minus the cost of their lost USD funds).

Shouldn't the funds have been frozen while the police investigates if it was in Cryptopia's control?
This action looks more like hackers splitting the heist to multiple wallets and multiple exchanges.

tbh, i think the police would advise them to secure the coins in new wallets. i think the wallet activity we're looking at might be exactly that. not sure though.....

[bL4nkcode]

The hacker sent some DAPS token to mercatox and was successfully sold/traded in the platform. And asking money to stop the hacker.

https://twitter.com/boxmining/status/1088631767504805889

Though I'm not sure if the one who replied is a support staff from mercatox, but if not then mercatox should be penalize as for money laundering.

[figmentofmyass]

The hacker sent some DAPS token to mercatox and was successfully sold/traded in the platform. And asking money to stop the hacker.

https://twitter.com/boxmining/status/1088631767504805889

Though I'm not sure if the one who replied is a support staff from mercatox, but if not then mercatox should be penalize as for money laundering.

not sure on the details behind the screenshot, but the response looks like it's from a low level customer service rep. it might not represent their actual policies.

did cryptopia or the NZ police publish blockchain data about the stolen funds? addresses, types of coins that were taken, etc? i'm guessing not. if the only evidence is twitter detectives tracking funds on the blockchain, they may not be in trouble for money laundering. but who knows? there's not much precedent for this stuff.

[starmman]

subscribing to this thread - fingers crossed they get sorted soon and not all is lost!

[Blawpaw]

No news still??? The site is the same since January 14. Cryptopia didn't even bother to send a follow up to its users, so we are all in the dark at this point... I'm starting to seriously doubt if I'm going to see my coins ever again

[RivAngE]

Does this count as "news" ?
https://ambcrypto.com/cryptopia-compromised-in-another-attack-by-hackers-loses-180k-worth-of-ethereum-eth/

I guess the hacker decided to pick up the change!

[Blawpaw]

Does this count as "news" ?
https://ambcrypto.com/cryptopia-compromised-in-another-attack-by-hackers-loses-180k-worth-of-ethereum-eth/

I guess the hacker decided to pick up the change!

Well... it seems that the hacker only aimed for Ethereum ERC 20 Tokens. He aimed for ethereum Dentacoin, Oyster Perl, Lisk ML and Centrality. We may be able to get other coins back... well.. at least let's hope so :\

[necromastery]

No news still??? The site is the same since January 14. Cryptopia didn't even bother to send a follow up to its users, so we are all in the dark at this point... I'm starting to seriously doubt if I'm going to see my coins ever again

Yeah, it's about 2 weeks without any update on their investigation even in their social media. Maybe, it will take months until we get news from the team. I hope I'm wrong. I'm sure anxious feelings have begun to accumulate among cryptopia users now.

[Kiir]

I have no idea if it's true, but:

https://www.reddit.com/r/CryptoCurrency/comments/al4qjm/cryptopia_didnt_get_hacked_again_the_hacker_stole/

TLDR: Allegedly:
"Cryptopia didnt get hacked again, the hacker "stole Cryptopia's private keys and deleted topia's copy. "Basically using Cryptopia's address as his own."

[squatter]

I have no idea if it's true, but:

https://www.reddit.com/r/CryptoCurrency/comments/al4qjm/cryptopia_didnt_get_hacked_again_the_hacker_stole/

TLDR: Allegedly:
"Cryptopia didnt get hacked again, the hacker "stole Cryptopia's private keys and deleted topia's copy. "Basically using Cryptopia's address as his own."

That's incredible if true. It would mean the hacker assumed that Cryptopia didn't keep proper offline back-ups. That would mean they only kept one set of private keys, with everything stored on online servers. In this day and age, that's difficult to believe.

[sheenshane]

I have no idea if it's true, but:

https://www.reddit.com/r/CryptoCurrency/comments/al4qjm/cryptopia_didnt_get_hacked_again_the_hacker_stole/

TLDR: Allegedly:
"Cryptopia didnt get hacked again, the hacker "stole Cryptopia's private keys and deleted topia's copy. "Basically using Cryptopia's address as his own."

That's incredible if true. It would mean the hacker assumed that Cryptopia didn't keep proper offline back-ups. That would mean they only kept one set of private keys, with everything stored on online servers. In this day and age, that's difficult to believe.

Even before the hacked has not happened I don't trust Cryptopia exchange, a bunch of complaint regarding their exchange. Lack of customer supports staff, there's no reason they get hacked or either this case is an inside job.
What a kind of exchange they are why they don't use hardware wallet to keep their funds safe? I really doubt this is an inside job it is impossible to get hacked.

[joniboini]

What a kind of exchange they are why they don't use hardware wallet to keep their funds safe? I really doubt this is an inside job it is impossible to get hacked.

Well, either it's an inside job or they're a really crappy exchange. It's no use throwing around accusations right now because that doesn't matter in the end if there's no proper evidence, let's hope the police find the truth.

They might have a cold wallet but somehow they don't store the private key securely, just like what many articles suggested. So it doesn't matter if they have hardware wallet or not, if the hacker stole the seed and backup then it's pretty much game over. But yeah, it's hard to believe. #Exitscam is trending now btw.

[condoras]

Do we have any update about the NZ Police investigation? Either from Cryptopia or the authorities.
The news keeps coming and it will be good to have something more solid about all of that.

[RivAngE]

Do we have any update about the NZ Police investigation? Either from Cryptopia or the authorities.
The news keeps coming and it will be good to have something more solid about all of that.

The only valid source for information is the police's official site,
https://www.police.govt.nz/search-results/cryptopia

Ofcourse we might hear something from Cryptopia too, but I doubt they'll be able to say anything before the police issues an official statement.
So far, nothing new here,
https://twitter.com/Cryptopia_NZ
https://www.cryptopia.co.nz/

[chrysophylax]

subscribing to this thread - fingers crossed they get sorted soon and not all is lost!

Same ...

#crysx

[dikobraz123]

Actually nothing new...

http://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation
https://cointelegraph.com/news/nz-police-report-says-excellent-progress-being-made-in-cryptopia-hack-investigation

[condoras]

Actually nothing new...

http://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation
https://cointelegraph.com/news/nz-police-report-says-excellent-progress-being-made-in-cryptopia-hack-investigation

At least they try to do something and they are moving as fast as they can.
Suppose they will finish with Cryptopia's HQ investigation next week and close the part of "inside job".
We all now that it will take time, a lot of it. So as long as some pieces of this story clarify, things are going as good as it gets. It's better to see it optimistically.

As the article said though, many people dought that we will see someone behind bars for this crime...This realy sucks.

[Blawpaw]

Well, to tell you the truth, I'm not worried or longing to see someone behind bars. I just want to know if I will ever see my coins again, and that reality seems to get more distant every day

[examplens]

Am not sure why some of the big exchanges insist on his customers to pass KYC. Obviously, it does not serve anything, cannot help in finding those responsible for this.

"$3.2 million in tokens stolen from Cryptopia have been liquidated on major #cryptocurrency exchanges"

source: https://cointelegraph.com/news/analysis-hackers-liquidated-32-million-in-tokens-from-cryptopia-hack



Almost in all major exchanges traded with stolen coins. Binance? Kucoin?

[RivAngE]

Am not sure why some of the big exchanges insist on his customers to pass KYC. Obviously, it does not serve anything, cannot help in finding those responsible for this.

"$3.2 million in tokens stolen from Cryptopia have been liquidated on major #cryptocurrency exchanges"

source: https://cointelegraph.com/news/analysis-hackers-liquidated-32-million-in-tokens-from-cryptopia-hack

Almost in all major exchanges traded with stolen coins. Binance? Kucoin?

KYC is stupid and I believe it serves either the two following agendas,
1) Exchanges have to SEEM like they're regulating their customers.
2) They want to make some extra cash by selling our identities.

Thankfully most of them, if not all, won't check or can't check the authenticity of the KYC.
I mean... some exchanges for example are operated from China... how can they know if I have photoshopped my ID card and my name is faked?
A fake ID isn't an issue for a hacker, heck I'm sure it's not hard for about 1/3 of our community!

[condoras]

Well, to tell you the truth, I'm not worried or longing to see someone behind bars. I just want to know if I will ever see my coins again, and that reality seems to get more distant every day

I'm with you like everybody else here but i want to see the glass almost full and not almost empty. So i try to think and stay positive...

KYC is stupid and I believe it serves either the two following agendas,
1) Exchanges have SEEM like they're regulating their customers.
2) They want to make some extra cash by selling our identities.

The truth though is that RL laws, regulations, centralized manipulations etc, demands from anyone that receives money from others (to store/stacking them or use them or provide a tool that actualy holders to trade their assets), to have informations from them that can be used from the authorities if and when they want to/see fit.
Also exchangers (if it's not DEX) need to have a capital reserve, they pass checks from local commissions and authorities and have a substainsantly big monthly cost. That's only for the constant paperwork that exchanger have to provide. So i dought that someone who invest a lot of money to create an exchanger, to put his investment in such a risk by trying to sell ID's. Of course exeptions applies to every rule...

Thankfully most of them, if not all, won't check or can't check the authenticity of the KYC.
I mean... some exchanges for example are operated from China... how can they know if I have photoshopped my ID card and my name is faked?
A fake ID isn't an issue for a hacker, heck I'm sure it's not hard for about 1/3 of our community!

That's because isn't their job to investigate the legitimacy of the paperwork and they don't forced to do so. Responsible for this is the applicant/owner of each account.
Their requirement is to ask from holders to provide their info and that's it.
Don't forget that things are generally the same everywhere but some countries are "friendlier" to such companies than others.

[HippiePyro]

KYC would not have stopped the hack. It would have just given the attacker most data to steal. And it would have been easy since this was clearly an inside job. I wish they would release an update already. I really liked this exchange, sad to see it so troubled in troubled times.

[examplens]

KYC would not have stopped the hack. It would have just given the attacker most data to steal. And it would have been easy since this was clearly an inside job. I wish they would release an update already. I really liked this exchange, sad to see it so troubled in troubled times.

I do not think KYC can stop the hack, but he may be referred by those who have stolen funds. I can understand it is impossible to track funds on EtherDelta, but there are more top rated exchanges, where is traded with Cryptopia coins. they should investigate account owners and block funds.

[Bitze]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

[Caladonian]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Only have small value of tokens and same with you I'm just curious on how police will track those hackers behind this incident, and how they
will manage to resolve issue like this, a big hint for all the hackers and scammers around if this issue will be resolved  in much lesser time
frame, though doubts are there but looking forward to see any good updates regarding to this hacking incident.

There's no safe place for your assets aside from one inside your own position, a hard wallet where control is everything under your hands.

[scrollerz]

Judging by the fact that they do not give any updates, I assume that the funds of users are lost. This is another point that storing funds in your account is a risk.

[condoras]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Quite a long time the company’s website remains offline and no single update neither through website nor social media accounts. Indeed very poor practice...

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline! Details : https://cointelegraph.com/news/new-zealand-police-say-cryptopia-is-ready-to-resume-trading-but-platform-remains-offline

Assuming that crytopia it’s not ready yet even after police clearance!

Even if their investigation is over that doesn't mean that the company is or can be 100% ready to restart. That's a fact for all the companies, crypto related or not.
We can all make assumptions (positive or negative) but the truth is that only them can clarify what they will do.

I'm sure that they know that we want our funds back in full, no matter how much is the amount.

[Naida_BR]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Sometimes it is impossible to manage them yourself. Especially, if you are involved in daily trading you have to store some of your cryptocurrencies/tokens at the exchange. It is a time saver and you can make the trade instantly leading to better buying prices and bigger selling prices. Exchanges need to take better security measures to protect their clients.

[HippiePyro]

I hope they reopen soon. That was my favorite exchange. I didnot have funds there, thankfully.

[harizen]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

[examplens]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

I was lucky, I had a very small amount of other coins. I'm not sure whether they had found all bugs and the omissions. I guess so if they reopen trading and logging, people will just go to withdraw his funds and leave until next better time. That's why I guess it will not be a soon continuation of work there.

[starmman]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

I was lucky, I had a very small amount of other coins. I'm not sure whether they had found all bugs and the omissions. I guess so if they reopen trading and logging, people will just go to withdraw his funds and leave until next better time. That's why I guess it will not be a soon continuation of work there.

Hope they get back online soon =)

Fingers crossed that not too many funds are gone

[squatter]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

The losses might be small enough that private investors might compensate victims in exchange for company equity. That's definitely the hail mary everyone should be hoping for -- a replay of the Coincheck aftermath where everyone was repaid the fiat value of their coins. If they're in the middle of negotiations, that would explain the delay. They might also be busy figuring out how to best apply a haircut to user accounts to account for the losses.

[examplens]

whether this is a positive signal?

"Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen."

source: https://twitter.com/Cryptopia_NZ/status/1096158617022201856

[Bitze]

yes finally there is an update again. doesn't sound bad in my opinion.
it is definitely very important to play with open cards. so from cryptopia and also the police. to leave the people in the unknown would not be okay.

[figmentofmyass]

whether this is a positive signal?

"Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen."

source: https://twitter.com/Cryptopia_NZ/status/1096158617022201856

they probably have some tough choices to make. unless some miracle happens and they can repay the debt from their own capital, they need to figure out how to get solvent (by deducting losses from user balances). figuring out how to socialize the losses when they support a million different shitcoins won't be easy!

[Lanatsa]

whether this is a positive signal?

"Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen."

source: https://twitter.com/Cryptopia_NZ/status/1096158617022201856

they probably have some tough choices to make. unless some miracle happens and they can repay the debt from their own capital, they need to figure out how to get solvent (by deducting losses from user balances). figuring out how to socialize the losses when they support a million different shitcoins won't be easy!

Wont really be that easy for making compensation into those users who are mainly affected on the hack.If they wont like to ruin their reputation then they would really need to consider this step and continue
on what they had started.If not, then i dont see for people to trust them again.

[jhongzjhong]

Wont really be that easy for making compensation into those users who are mainly affected on the hack.If they wont like to ruin their reputation then they would really need to consider this step and continue
on what they had started.If not, then i dont see for people to trust them again.

Why people trust them, as what they have done to their valued clients and hopefully their funds back. I don't think so if cryptopia have a reputation since start they are a shitty exchange I've known. A bunch of customer complaint regarding their exchange and now they were hacked by no valid reason either inside job. So, what next? Another victim on them.

[mr.relax]

Transparency and Communication is what I want.
Why is there not a single email from cryptopia.
I have to check twitter and whatever to find out what mybe is going on.
If someone keeps and destroys my cash, at least I want to hear some words from the guy...
Its a shame, there is no letter of excuse to the users.

[Zalaster]

If you keep your funds on the account, you can lose them, so you must use the services without registering. This reduces risk.

[mr.relax]

Not the users are to blame if the exchange got robbed.
You cannot trade without having funds there.
Sure I try not to leave huge amounts on an exchange. but if you dont only exchange to fiat or vice versa, but do daytrading,
you are exposed to the risk.
This has nothing to do if your account is registered(verified).
I expect some words from cryptopia.
They dont explain what happened in detail and they dont explain what they plan to do now.

If I buy anything at a shop in the web and they cant deliver, they send me an email straight.
Who do cryptopia think they are, that they dont even contact their customers.

Thats below any common behaviour.  SHAME ON YOU

[scrollerz]

It seems to me that the funds of the users are always lost, and in fact, Cryptopia has nothing to say. This shows how risky it is to keep funds in your account.

[condoras]

It seems to me that the funds of the users are always lost, and in fact, Cryptopia has nothing to say. This shows how risky it is to keep funds in your account.

Without having funds in both currencies (or any currency), you can't trade and that's a fact. Period.
As mentioned before i would also lke to see a more professional and "straight forward" approach from them.

Let's see if they will do it in the near future...

[adamvp]

trading is a very risky thing, we should use our brain to lower risk - for example not to keep money on centralised exchange  - or keep lower amount and use leverage
We should move to the decentralised exchange!

[mr.relax]

Yes the future is decentralized.
But in fact no other exchange with volume had provided that huge range of altcoins.
An no decentralized one too...so this was not yet an alternative.
Again, not the users are to blame.
Cryptopia lost the funds they kept for their users. And they dont even talk to the victims.
They have the responsability.
We all know, they wont be able to refund all and now.
But I kept funds there that were probably not stolen.
And I want to know whats with my money.
Cryptopia is responsible for information at least, and they fail again.
That makes me also think about the possiblility of the hack as an inside job.

[sheenshane]

snip-
Cryptopia is responsible for information at least, and they fail again.
That makes me also think about the possiblility of the hack as an inside job.

Probably funds of their clients are there in wallet account in cryptopia but ain't sure if they will be able to accommodate all requested refund.
That was also in my mind and I smell that the hacking incident was inside job. I think people out there still doubted on that exchange and we can't blame them. Probably it takes a year(s) before they can build again a trust or more worst no one can trust that exchange.

[Lanatsa]

snip-
Cryptopia is responsible for information at least, and they fail again.
That makes me also think about the possiblility of the hack as an inside job.

Probably funds of their clients are there in wallet account in cryptopia but ain't sure if they will be able to accommodate all requested refund.
That was also in my mind and I smell that the hacking incident was inside job. I think people out there still doubted on that exchange and we can't blame them. Probably it takes a year(s) before they can build again a trust or more worst no one can trust that exchange.

Once being hacked theres no turning back into the reputation had been ruined.Just take a look on the situation of Bitfinex. Building up users trust wont really be that easy.For this cryptopia
situation it do really sucks to see that they didnt even have the updates regarding on the situation which we can really presume that it might really be an inside job.

[mr.relax]

well bitstamp was hacked, and they paid all back.
BitFinex was hacked and they paid all back.
Localbitcoins was hacked and they paid back.
The reasons why Bitfinex is not on the top now,
thats their Tether engagement, their hard kyc procedure(almost impossible for business-accounts)
their slow crypto payout , their slower fiat payout and the fact that other exchanges like binance are developped very well.
But they are still huge.

Even the doubtful btce was able to relaunch after they were closed-until they scammed all.

A good reputation of a once hacked exchange can be gained back.
But not by being silent about what was and what will be...

Sorry but 20Mio USD is not sooo much for a willingful team and a working exchange.

There are ways to pay back slowly through credit-tokens.
If there is only a will...and technical skill to prevent that from happening again, however it happened.
Well it was probably my cash too and I want to know details!

Everybody knows that its never 100% possible to prevent a hack-there is no total website security,
thats why there must be ways to limit the damage, in case it happens.
In the case of cryptopia it seems there were not such ways planned....

Just a safe cold wallet/hot wallet structure, and cryptopia would be able to pay back straight at least 80% of losses...

[MinermanNC]

I just want then to open up and let people withdraw what coins they can. I just want my shitcoins off of there  

For those who held BTC ETH and other high value coins, well that should be the focus for Cryptopia, how to make it right.

And yes we all have to keep some coins on exchanges for trading or selling etc, especially if the coin is only listed there  

this whole ordeal stinks of a scam job.....

and yes they could rebuild their reputation by making efforts to repay. I think customers would respect that and continue to do business with them.

Early on Poloniex was hacked and robbed, but they eventually paid it all back and continued on to get very strong. So it can be done.

[mr.relax]

read this:
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12203358

Slowly all users get angry about the way cryptopia handles that situation...

or read on twitter the answers to the 'latest' news from cryptopia...

https://twitter.com/Cryptopia_NZ/status/1096158617022201856

Its incredible how they treat their users as shit.

First Telegram Groups are forming against Cryptopia:

https://t.me/cryptopiausersclaimsuit

Is it true funds are still moving from Cryptopia?

[starmman]

read this:
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12203358

Slowly all users get angry about the way cryptopia handles that situation...

Radio silence is not a healthy way for them to go - although there were plently of faults, at least cryptsy opened up and communicated

[condoras]

Is it true funds are still moving from Cryptopia?

Really?! As far as i know, it was suppose to stop after the end of police investigation...
Not sure why they choose this kind of strategy but i guess that they can't do a lot at that point.

[mr.relax]

Someone at twitter cryptopia told that but i dont know if its true.

[MinermanNC]

I think they took the money and ran with it. Only logical explanation for the way they are acting and handling the situation. The less said the less they will have to explain later on.

[RivAngE]

I think they took the money and ran with it. Only logical explanation for the way they are acting and handling the situation. The less said the less they will have to explain later on.

Someone is claiming that they answered in Discord about the reason they're not opening yet.
Since they haven't posted anything in the official Twitter or Facebook, we can't know for sure if this is official or just a PR statement from an employee.
In any case, what the following states makes absolute sense, so don't rush to freak out that they stole the money. I strongly believe Cryptopia is incompetent, but not evil.

Source: Cryptopia discord

http://www.legislation.govt.nz/act/public/2012/0024/latest/DLM2136633.html

^^^
I've filtered content from the above quote, visit the link for more information.

[peonminer]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

HFS. I am glad I got my coins out of there a long time ago. This is horrible news and I hope they are able to recover the funds lost...

I think they took the money and ran with it. Only logical explanation for the way they are acting and handling the situation. The less said the less they will have to explain later on.

Alternate story: you could be right and this could be Cryptsy 2.0... follow the blockchain transactions for the wallets for Cryptopia and see where the coins went....

[Bitze]

read this:
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12203358

Slowly all users get angry about the way cryptopia handles that situation...

or read on twitter the answers to the 'latest' news from cryptopia...

https://twitter.com/Cryptopia_NZ/status/1096158617022201856

Its incredible how they treat their users as shit.

First Telegram Groups are forming against Cryptopia:

https://t.me/cryptopiausersclaimsuit

Is it true funds are still moving from Cryptopia?

the sentence that always exists - not your keys. not your bitcoin - shows it over and over again. much too careful rather than losing.
but if this is really an inside job then it would be another huge setback for the crypto world.

[Capt00]

the sentence that always exists - not your keys. not your bitcoin - shows it over and over again. much too careful rather than losing.
but if this is really an inside job then it would be another huge setback for the crypto world.

Yeah, you're right, the reason why people afraid to store their crypto asset on exchange it is because on that scenario, unlike if the exchange is a reputable one. We can't assure that our funds are safety on exchanges.
Cryptopia is a shitty exchange before hacked has happened so that is expected an exit scam.

[adamvp]

Yes the future is decentralized.
But in fact no other exchange with volume had provided that huge range of altcoins.
An no decentralized one too...so this was not yet an alternative.
Again, not the users are to blame.
Cryptopia lost the funds they kept for their users. And they dont even talk to the victims.
They have the responsability.
We all know, they wont be able to refund all and now.
But I kept funds there that were probably not stolen.
And I want to know whats with my money.
Cryptopia is responsible for information at least, and they fail again.
That makes me also think about the possiblility of the hack as an inside job.

Oh decentralized exchanges will have better liquidity and volume when people will start tu use it - but to more people come to decentralized exchanges it needs people understand disadventages of CEX (mostly in terms of security)

the sentence that always exists - not your keys. not your bitcoin - shows it over and over again. much too careful rather than losing.
but if this is really an inside job then it would be another huge setback for the crypto world.

Yeah, you're right, the reason why people afraid to store their crypto asset on exchange it is because on that scenario, unlike if the exchange is a reputable one. We can't assure that our funds are safety on exchanges.
Cryptopia is a shitty exchange before hacked has happened so that is expected an exit scam.

you aren't right cryptopia wasn't the top of exchange but there was and still is some much more "shady" exchanges which are still performing

[MinermanNC]

All I know is they are doing a very poor, almost intentional job at not communicating to the public. They have all the user emails, maybe a nice letter of reassurance of what they are doing and when they plan to open for withdraws of OUR funds.  This just really seems suspicious now. 

[harizen]

Yeah, you're right, the reason why people afraid to store their crypto asset on exchange it is because on that scenario, unlike if the exchange is a reputable one. We can't assure that our funds are safety on exchanges.
Cryptopia is a shitty exchange before hacked has happened so that is expected an exit scam.

Might be right but there are part of your comment which I disagree.

First of all, even how reputable exchanges is, don't ever considered your coins as "safe" there. It's just that you are minimizing the risks.

And disagree with Cryptopia being a shitty exchange prior to hack. I don't know how you define "shitty" or maybe we have a different meaning to it. They are way better compare to other "average" exchanges in terms of volume. Im not a biased here just because I have a lost funds there but what will you do if you have hold coins and it was only listed on few exchanges including Cryptopia (other exchanges involved not even have a nice volume - dexes)? You will just let it sleep on your precious wallet and never it will traded? I already received a decent profit out from playing coins into Cryptopia even on a bearish market that dominates the whole 2018. That is not possible if volumes there is not that great.

Anyways I already considered my funds there as loss.  There is still no "bright" progress since the day it were hacked . Overall, that's not really a loss for me because I earned much throughout my career there. It's just that I value my time and effort so still not closing the doors that exchange will reopen again even at 0.05%.

[peonminer]

All I know is they are doing a very poor, almost intentional job at not communicating to the public. They have all the user emails, maybe a nice letter of reassurance of what they are doing and when they plan to open for withdraws of OUR funds.  This just really seems suspicious now. 

I can confirm, I never had a good experience while using cryptopia. This is why I pulled all of my funds out of there a long time ago. I did not have a good feeling about their devs and operators and ability to keep things running smoothly and safe.

[MinermanNC]

I don't know I have used Cryptopia since they started. Never an issue at all. Were better than most at the time. A step below Poloniex and Bittrex. Mainly they carried a good variety of coins that I mined. But I never held coins there that I did not plan on selling, which i did quickly. Only now because I was going out of town for a couple of months and would be away from my wallet, did I send up 80,000 coins just before I left town just in case there was a price increase. As it turns out the coin has doubled in value and is moving up. But of course this "Hack" happens just as i did that.  

So ya this really sucks.

If I hadn't done that I could care less what they do in the future. I just want my coins back in my wallet.

PS: and no it wasn't 80k BTC lol

[Legnum-Abez]

give me cryptopia discord link pls

[mr.relax]

Please sign the petition :
https://www.change.org/p/cryptopia-we-deserve-a-fair-appraisal-from-cryptopia

Check reddit:
https://www.reddit.com/r/Cryptopia/comments/au9hja/lets_start_fighting_for_our_money/

Telegram groups:
https://t.me/Cryptopiatraders
https://t.me/cryptopiausersclaimsuit

Cryptopias Twitter Channel (without real news but nice comments):
https://twitter.com/cryptopia_nz?lang=de&lang=de

[peonminer]

Who has the cryptopia bitcoin wallet addresses? I would like to do some blockchain digging.

[mr.relax]

Today, after terrible long silence, good news are coming from Cryptopia.
Check their twitter...

[RivAngE]

Who has the cryptopia bitcoin wallet addresses? I would like to do some blockchain digging.

I've found an old post of mine just for you mate!
This is one of their (previous) deposit wallets: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD]3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD
I had also tried to do some digging, here's what I had found,

Okay I think I found the Cryptopia's BTC wallet. My deposit there is kinda old and I can't recall 100% if it's the address I deposited was Cryptopia's or another exchange's, but I traced the movement and since the wallet's movements stopped on 14th January I'm 99% sure it's Cryptopia's.

This is their wallet: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD

After many hops between 1-use addresses, I find a big amount of funds consecrated here: 12YBZCaPe45LFbvgYWP5AVm3pvZTtHTiNY
This was a new address created on 13th January.
It seems that after gathering BTC from different Cryptopia's wallets, summing 392.31 BTC, they sent a "test" transaction of 3 BTC on 14th January and 10 minutes later they sent all the amount to the same address.

From that point on, it seems like the funds were split to multiple addresses, probably many of which are exchanges.

Your thoughts? Anything I missed maybe?

Today, after terrible long silence, good news are coming from Cryptopia.
Check their twitter...

Tweet 1#
We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today

Tweet 2#
We are securing each wallet individually to ensure the exchange is fully secure when we resume trading.
We have more updates to come today, please keep an eye on our page.

Tweet 3#
As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses.
We have more updates to come tomorrow, keep an eye on our page.

[Bitze]

All I know is they are doing a very poor, almost intentional job at not communicating to the public. They have all the user emails, maybe a nice letter of reassurance of what they are doing and when they plan to open for withdraws of OUR funds.  This just really seems suspicious now.  

i fully agree with you. if something happens then you have to stand by it. all involved parties deserve a notification and regular updates. i think the police can't forbid that
but at least via twitter there are some news. a lot of them are up to date.

[MinermanNC]

Yes, Twitter post help but is a very general way to be handling this. A direct email would be far more professional and reassuring. We shall see....  

[onecall123]

Yes, Twitter post help but is a very general way to be handling this. A direct email would be far more professional and reassuring. We shall see....  

I should think so. Indeed, smart thought as most account associated with the email. That would be regarded genuine formal procedure than this. I appreciate their new approach, though. They are not bankrupted, our assets are very Safe! I trust we hear some good news on the very beginning of March.

[MinermanNC]

Yes, Twitter post help but is a very general way to be handling this. A direct email would be far more professional and reassuring. We shall see....  

I should think so. Indeed, smart thought as most account associated with the email. That would be regarded genuine formal procedure than this. I appreciate their new approach, though. They are not bankrupted, our assets are very Safe! I trust we hear some good news on the very beginning of March.

Yes and more news has come out that they have lost around 9.4 % of their crypto assets. So maybe not a total loss now.

https://www.coindesk.com/hacked-exchange-cryptopia-discloses-estimate-of-stolen-crypto

[MinermanNC]

Maybe just maybe we will get somewhere with Cryptopia?   

https://twitter.com/cryptopia_nz?lang=de&lang=de

[harizen]

Today, after terrible long silence, good news are coming from Cryptopia.

Hopefully the expected good news will not become terrible lol.

Cryptopia Exchange@Cryptopia_NZ
Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.

Still wondering how's the compensation (cross fingers) of lost tokens will be done.

[jhongzjhong]

Cryptopia Exchange@Cryptopia_NZ
Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.

Re-open? Lol, I don't think so if people or their current clients will trust them again. They are a very shady exchange, I think building trust again for them is not easy and as of now traders perhaps afraid of what happened before. my guess that exchange was going to die no traders will come there.

[examplens]

Cryptopia Exchange@Cryptopia_NZ
Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.

Re-open? Lol, I don't think so if people or their current clients will trust them again. They are a very shady exchange, I think building trust again for them is not easy and as of now traders perhaps afraid of what happened before. my guess that exchange was going to die no traders will come there.

it will soon be forgotten. but it is good to come back. They will probably maximum slow down all withdrawal because of security and trying to keep people in. Also, expect to reduce the conditions for listing new altcoins to bring as many people back.

[harizen]

Cryptopia Exchange@Cryptopia_NZ
Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.

Re-open? Lol, I don't think so if people or their current clients will trust them again. They are a very shady exchange, I think building trust again for them is not easy and as of now traders perhaps afraid of what happened before. my guess that exchange was going to die no traders will come there.

Disregarding the "regaining back the trust", they really need to reopen the site for an obvious purpose that traders will now able to withdraw their respective assets. It's nice if somehow traders can get out here together with their funds.

After that, it's a dumb thing to used this platform once again. So if there will be a chance of regaining access to withdrawals, need to rush things and get out immediately.

[squatter]

Cryptopia Exchange@Cryptopia_NZ
Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.

Re-open? Lol, I don't think so if people or their current clients will trust them again. They are a very shady exchange, I think building trust again for them is not easy and as of now traders perhaps afraid of what happened before. my guess that exchange was going to die no traders will come there.

If user losses are capped below 10%, things might actually just go on as normal. Remember when Bitfinex got hacked for 120,000 bitcoins? They only got bigger after that. Never underestimate cryptocurrency investors. They're born gamblers.

Cryptopia has never really come across as shady to me, either. Maybe stretched too thin and supporting too many coins, but not particularly shady.

Still wondering how's the compensation (cross fingers) of lost tokens will be done.

Maybe some angel investor will step in so Cryptopia can compensate the losses, like Coincheck. Wouldn't that be nice?

I'm guessing they'll issue tokens for the losses like Bitfinex did.

[RivAngE]

If user losses are capped below 10%, things might actually just go on as normal. Remember when Bitfinex got hacked for 120,000 bitcoins? They only got bigger after that. Never underestimate cryptocurrency investors. They're born gamblers.

Cryptopia has never really come across as shady to me, either. Maybe stretched too thin and supporting too many coins, but not particularly shady.

Still wondering how's the compensation (cross fingers) of lost tokens will be done.

Maybe some angel investor will step in so Cryptopia can compensate the losses, like Coincheck. Wouldn't that be nice?

I'm guessing they'll issue tokens for the losses like Bitfinex did.

Bitfinex seemed shady to me, I was ready to trust them and they took over 2 months to activate my account! Like hell I'd ever use them after that, what would happen if they'd decide they want to hold my funds until I provide them with some random paperwork?

As for Cryptopia, why would they need an angel investor to help them? They've said that they estimate the loses to be AT WORST 10%. They've made a killing from listing all these small coins so they better suck up the loses themselves if they want to have a chance for people to ever trust them again.

[condoras]

The news about the re-opening is good news for all.
Either someone want's to keep trading there or not, the fact is that we will all have access to our funds.

Let's see what they will deside to do about withdraws (which imho will be big) and how to compensate people about this incident.

[yurimir]

Today, after terrible long silence, good news are coming from Cryptopia.
Check their twitter...

Another positive tweet: "Update: We have transitioned 24% of all wallets to our new secure servers.  Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page."

https://twitter.com/Cryptopia_NZ/status/1101275730372059136

[bitbollo]

Hi guys, any news about bitsend tokens? They have been stolen also? Or it's possible recover it already? Thanks in advance for replies.

[digit]

Hi guys, any news about bitsend tokens? They have been stolen also? Or it's possible recover it already? Thanks in advance for replies.

doesn't look like it, and funds have not been swept yet.  most likely the Cryptopia staff have not done that wallet yet.

[mr.relax]

Are you talking about Cryptopia?
May be another exchange as Cryptopia never told they will close and users should withdraw their coins

[wwzsocki]

Are you talking about Cryptopia?
May be another exchange as Cryptopia never told they will close and users should withdraw their coins

Thanks for this reply. You are right this is about Cryptopia, not Nova. I don't know how I messed this up?

Deleted my post already because is not related at all.

[bitbollo]

Hi guys, any news about bitsend tokens? They have been stolen also? Or it's possible recover it already? Thanks in advance for replies.

doesn't look like it, and funds have not been swept yet.  most likely the Cryptopia staff have not done that wallet yet.

thanks digit. Maybe this wallet is really safe
So there are some news about next steps? When they will come back online again?
When they come back

[MinermanNC]

I think if they come back on line with enhanced security and make right the missing funds and offer attractive listing fees to new coins as in FREE for a while and gain back trust, they can survive this. many other exchanges have been hit and made the right steps to recovery and are still here and stronger than before. Lets hope this is the scenario for Cyrptopia.

Hope we learn more by Monday, that will be the first step! and stick to what you say Cryptopia!

[yurimir]

Latest news about Cryptopia's opening - Cryptopia exchange to reopen on 4th march, could possibly be delayed updates team

"Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.

— Cryptopia Exchange (@Cryptopia_NZ) March 4, 2019"

https://blockmanity.com/news/exchanges/cryptopia-exchange-to-reopen-today-could-possibly-be-delayed/

[beer_man]

We're always here for our investors. 
Cryptopia hackers tried to sell tokens on DEX and MyWish team has bought about 450,000 WISHs to distribute it back to the real owners.
Every user will get 22% of his/her lost WISH tokens back.

https://twitter.com/mywishplatform/status/1102592605932699648

[roughswap]

So Cryptopia is back up read only but when you try sign in it brings you to two factor authentication and i am not yet to get an email from Cryptopia with the code so can not login anyone else have this problem?

Also the balances are apparently pre hack so how do i know if my coins were untouched.

[adamvp]

So Cryptopia is back up read only but when you try sign in it brings you to two factor authentication and i am not yet to get an email from Cryptopia with the code so can not login anyone else have this problem?

Also the balances are apparently pre hack so how do i know if my coins were untouched.

I saw in main cryptopia thread such post: https://bitcointalk.org/index.php?topic=1669443.msg50025317#msg50025317
in the middle of this post you can find this part:

Lost & Found

ETH gone
GNT, REP still there  Shocked

My shitcoin bags still there!!
BTC, LTC, usdt, doge still there!!!!

but I don't quite understand how to understand it 

[Blawpaw]

Great news... At least we will have a chance to check how much was stolen. Bringing the Exchange back up again means they are trying to do something right

[peonminer]

Is anyone still using cryptopia after the hack? Seems really risky. I would just pull out and move on.

[mr.relax]

Nobody can use cryptopia now, its read only and it shows only the balance before the hack,
so nobody knows how much is left NOW.
But anyway thats a positive step forward.
Sure many will use it after the hack too.
Almost all exchanges were hacked already,
it depends how much they learn and how they handle the loss.
At least if they come back, its almost a proof that they were not the scammers.
At least no exit scam.

You would draw back your funds?
Nobody can draw back now, its read only...

[peonminer]

Oh I see... read only. I am glad they are still in business at least. They are letting people back on to view stats and everything and say they only lost 9.5% of funds. That's just scary to think about if they would have pulled a cryptsy. Yeah exchanges are risky and it set them apart since they actually are back online and it seems like they will soon let users trade and withdrawal again.

[boyptc]

Oh I see... read only. I am glad they are still in business at least. They are letting people back on to view stats and everything and say they only lost 9.5% of funds. That's just scary to think about if they would have pulled a cryptsy. Yeah exchanges are risky and it set them apart since they actually are back online and it seems like they will soon let users trade and withdrawal again.

They are trying to be transparent to gain back what has been taken to them and that is their reputation.

But the damage has been done, I'll wait on where this is heading. I'm hoping that most of the users funds will be refunded.

[yurimir]

Now the situation begins to clear up. I hope Cryptopia will work in full mode soon  

"The New Zealand-based crypto exchange that just suffered from a massive yet “untypical” hack will be introducing cancel-only mode for their users in the next few days.

The announcement wrote that users are allowed to cancel any positions accordingly on this mode, although there’s no detail on how many days will “the next few days” be.

Moreover, the team also emphasized that this update is crucial as it will be the last step before the trade engine is turned back on for trading."

https://www.chepicap.com/en/news/7921/cryptopia-to-introduce-cancel-only-mode-trading-engine-will-be-on-after.html

[pinoycash]

Now the situation begins to clear up. I hope Cryptopia will work in full mode soon  

"The New Zealand-based crypto exchange that just suffered from a massive yet “untypical” hack will be introducing cancel-only mode for their users in the next few days.

The announcement wrote that users are allowed to cancel any positions accordingly on this mode, although there’s no detail on how many days will “the next few days” be.

Moreover, the team also emphasized that this update is crucial as it will be the last step before the trade engine is turned back on for trading."

https://www.chepicap.com/en/news/7921/cryptopia-to-introduce-cancel-only-mode-trading-engine-will-be-on-after.html

I find it odd that they are not talking about withdrawal they are playing it safe and nicely and buying more time to build up more trust so no mass withdrawal will happen when they eventually open for business.

[RivAngE]

Now the situation begins to clear up. I hope Cryptopia will work in full mode soon  

"The New Zealand-based crypto exchange that just suffered from a massive yet “untypical” hack will be introducing cancel-only mode for their users in the next few days.

The announcement wrote that users are allowed to cancel any positions accordingly on this mode, although there’s no detail on how many days will “the next few days” be.

Moreover, the team also emphasized that this update is crucial as it will be the last step before the trade engine is turned back on for trading."

https://www.chepicap.com/en/news/7921/cryptopia-to-introduce-cancel-only-mode-trading-engine-will-be-on-after.html

I find it odd that they are not talking about withdrawal they are playing it safe and nicely and buying more time to build up more trust so no mass withdrawal will happen when they eventually open for business.

They can't allow you to withdraw what they don't "physically" have. I suppose that "physically" isn't the exact word for cryptocurrencies, but you get what I mean. They had coins stolen so even though we see some balances in our accounts, they can't be put into the blockchain because Cryptopia doesn't hold those coins anymore.

As stated here: https://twitter.com/Cryptopia_NZ/status/1102776289650335744 they'll offer "rebates"... now what those "rebates" mean, I don't know.

[pinoycash]

They can't allow you to withdraw what they don't "physically" have. I suppose that "physically" isn't the exact word for cryptocurrencies, but you get what I mean. They had coins stolen so even though we see some balances in our accounts, they can't be put into the blockchain because Cryptopia doesn't hold those coins anymore.

As stated here: https://twitter.com/Cryptopia_NZ/status/1102776289650335744 they'll offer "rebates"... now what those "rebates" mean, I don't know.

I dont have ERC20 or ETH Balance on my Cryptopia account and majority of my funds is on USDT and its not affected by the hack.

They should be allowed to be withdrawn while the users with affected coins can wait for their so called rebates.

[digit]

They can't allow you to withdraw what they don't "physically" have. I suppose that "physically" isn't the exact word for cryptocurrencies, but you get what I mean. They had coins stolen so even though we see some balances in our accounts, they can't be put into the blockchain because Cryptopia doesn't hold those coins anymore.

As stated here: https://twitter.com/Cryptopia_NZ/status/1102776289650335744 they'll offer "rebates"... now what those "rebates" mean, I don't know.

I dont have ERC20 or ETH Balance on my Cryptopia account and majority of my funds is on USDT and its not affected by the hack.

They should be allowed to be withdrawn while the users with affected coins can wait for their so called rebates.

USDT is also an ERC20 token, not just OMNI.  and they have not made a public announcement of what has been lost, so no one knows.

Unless you can show on one or both of its blockchains, you cannot know if the USDT are safe.  Have you checked on either of the blockchains for USDT to see if Cryptopia wallet has its coins?

[pinoycash]

USDT is also an ERC20 token, not just OMNI.  and they have not made a public announcement of what has been lost, so no one knows.

Unless you can show on one or both of its blockchains, you cannot know if the USDT are safe.  Have you checked on either of the blockchains for USDT to see if Cryptopia wallet has its coins?

Based on unofficial reports, only TrueUSD are stolen by the hacker which is an ERC20 Token.

So there are big chances that they are using omni for their USDT Balance


EDIT

I just check that they are using OMNI for their USDT


Current Block height of Omni 565889
https://omniexplorer.info

[condoras]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

[pinoycash]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

[starmman]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

Did anybody lose any coin?

[RivAngE]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

Did anybody lose any coin?

Well, my whole 0.000005 BTC dust is still there for now, but that's only during the "view-only" phase. I hope that after they restart the business they won't touch my balance!
Seems like there is no official word about it though.

[harizen]

Did anybody lose any coin?

100% yes.

Everyone saw their balance, including mine, complete and exact amount prior to the hack.

But until the site goes live we can't really say if some of users here in the forum got lost coins.

They should be allowed to be withdrawn while the users with affected coins can wait for their so called rebates.

We didn't even know if our balance still there.

So Cryptopia is back up read only but when you try sign in it brings you to two factor authentication and i am not yet to get an email from Cryptopia with the code so can not login anyone else have this problem?

If 2FA is activated, I think no email authentication needed at least in my case. 2FA can't be found in email.

[condoras]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

Nice to see you again man, long time indeed...

If you don't know that is on "read-only" mode, you believe that nothing happend.
I don't understand though why to do such few steps for such long time. Probably they want to fix books before they open withdraws?

We didn't even know if our balance still there.

At least "looks" like it's there, even if we can't move or trade it.

[bitbollo]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

Did anybody lose any coin?

No. Because my funds deposited were BSD and it seems the wallet hasn't be hacked.
https://chainz.cryptoid.info/bsd/wallet.dws?36087.htm

[harizen]

At least "looks" like it's there, even if we can't move or trade it.

Don't want the idea of a fake view. It will build a fake expectations.

Looks like a delaying tactics to me just to show their customers that they are taking actions.

Anyways, hope that another good progress will happen few days by now.

[figmentofmyass]

Oh I see... read only. I am glad they are still in business at least. They are letting people back on to view stats and everything and say they only lost 9.5% of funds. That's just scary to think about if they would have pulled a cryptsy. Yeah exchanges are risky and it set them apart since they actually are back online and it seems like they will soon let users trade and withdrawal again.

it's much better than expected. bitfinex lost ~36% of user deposits a few years ago and they recovered. (although personally i still feel screwed over by the way bitfinex handled things and i'm sure people at cryptopia will too)

Did anybody lose any coin?

No. Because my funds deposited were BSD and it seems the wallet hasn't be hacked.
https://chainz.cryptoid.info/bsd/wallet.dws?36087.htm

doesn't matter. they will probably haircut everyone's balances to account for the total losses. this is how other exchanges have handled hacks. they convert all the losses to fiat value and then socialize the % amount from all customers.

[STOPBEINGREEDY]

So users gain access again to the site but they can't do anything...
Now we will have to wait at least two weeks, to see wallets back and working or for something else? What's the next step of this procedure?

Hello Brother Condoras long time...

Yes the site is currently on read-only mode and their next plan of action is to open the site as cancel-only mode (wherein users can cancel their orders from the trading terminal page) 

Did anybody lose any coin?

I have $1400 in usdt on cryptopia and 0.2 BTC and 48 neo.
Waiting in limbo to see what has or has not happened to it.
Also have a few low market coins which are not my biggest concern.

[condoras]

At least "looks" like it's there, even if we can't move or trade it.

Don't want the idea of a fake view. It will build a fake expectations.

Looks like a delaying tactics to me just to show their customers that they are taking actions.

Anyways, hope that another good progress will happen few days by now.

I hardly believe that after Police investigation, will put fake balances. Besides most people didn't have any expectations at all.
Yes, they are late to announce some actions and it's obvious that it is their strategy. The result though so far, is positive and i really hope it continue this way.

So we are on the same page here.

[pinoycash]

I hardly believe that after Police investigation, will put fake balances. Besides most people didn't have any expectations at all.
Yes, they are late to announce some actions and it's obvious that it is their strategy. The result though so far, is positive and i really hope it continue this way.

So we are on the same page here.

Yes they are good in buying more time to create an illusion that they are working behind the scene's its getting more obvious now.

Next week (No specific day) they will enable cancel - only mode in the site and based on the discord discussion of some mods, Cryptopia will give more *time (ehem delay) to all customers to cancel all active orders on the site.

What happen next is still a mystery and still no positive news about customer's balance withdrawals.

[yurimir]

In my opinion, this story is very strange  - Mothership receive private keys from Cryptopia hacker, 16.8m MSP returned

https://www.chepicap.com/en/news/8000/mothership-receive-private-keys-from-cryptopia-hacker-16-8m-msp-returned.html

[harizen]

At least "looks" like it's there, even if we can't move or trade it.

Don't want the idea of a fake view. It will build a fake expectations.

Looks like a delaying tactics to me just to show their customers that they are taking actions.

Anyways, hope that another good progress will happen few days by now.

I hardly believe that after Police investigation, will put fake balances. Besides most people didn't have any expectations at all.
Yes, they are late to announce some actions and it's obvious that it is their strategy. The result though so far, is positive and i really hope it continue this way.

So we are on the same page here.

The opening of that fake website view turned out to be positive to others including me, but I realized later on that the picture was not totally makes sense and just used, as I mentioned, to show people they are in progress of making the site operational.

And now they leave people again hanging after a week of reopening that fake view site.

I really missed my funds there lol although Im now on the process of moving on.

[milewilda]

At least "looks" like it's there, even if we can't move or trade it.

Don't want the idea of a fake view. It will build a fake expectations.

Looks like a delaying tactics to me just to show their customers that they are taking actions.

Anyways, hope that another good progress will happen few days by now.

I hardly believe that after Police investigation, will put fake balances. Besides most people didn't have any expectations at all.
Yes, they are late to announce some actions and it's obvious that it is their strategy. The result though so far, is positive and i really hope it continue this way.

So we are on the same page here.

The opening of that fake website view turned out to be positive to others including me, but I realized later on that the picture was not totally makes sense and just used, as I mentioned, to show people they are in progress of making the site operational.

And now they leave people again hanging after a week of reopening that fake view site.

I really missed my funds there lol although Im now on the process of moving on.

The suck part is that we are waiting for no definite time or just estimates on when it would be fully operational.I do really see this thing as a show-off to its users that they
are doing their part to retrieve their service. The feeling of being hanged in the middle isnt really that easy even i do already pull my funds on Cryptopia but im still stressed out on the current
condition of its users.

[pinoycash]

Just in

Cryptopia Exchange
‏@Cryptopia_NZ
Update: We have commenced answering support tickets in regards to 2FA and password resets. Keep an eye on our page for further updates.

https://twitter.com/Cryptopia_NZ/status/1105333501383999488

Another 1 step forward and 2 step backward

What next? We will commence resetting user passwords

and then the next day...

We will commence resetting 2FA resets

and then the day after

No Update since its weekend Good Job cryptopia

[mano237]

I have around 1 million daps on cryptopia..

Do we know if all erc20 tokens are gone? Or is there a chance that one of our wallets is not affected? 

[pinoycash]

I have around 1 million daps on cryptopia..

Do we know if all erc20 tokens are gone? Or is there a chance that one of our wallets is not affected? 

There's NO official announcement on the list of coins that been stolen but based on unofficial reports from 3rdparty researcher all ETH and ERC20 Tokens has been drained by the hacker in Cryptopia hot wallet.

[LeGaulois]

Surprisingly, the website is back online today , did they announced something about a relaunch and its users balance? Not that I care about mine, I have just a few cents in and I see them in my wallet, but I'm wondering about users with "a lot of coins"

It will be a real challenge for them to regain the trust of users

[pinoycash]

Surprisingly, the website is back online today , did they announced something about a relaunch and its users balance? Not that I care about mine, I have just a few cents in and I see them in my wallet, but I'm wondering about users with "a lot of coins"

It will be a real challenge for them to regain the trust of users

They been online for some time now (march 4, 2019) and currently on READ-ONLY Mode with the options to cancel orders on the trading page.

[figmentofmyass]

Surprisingly, the website is back online today , did they announced something about a relaunch and its users balance? Not that I care about mine, I have just a few cents in and I see them in my wallet, but I'm wondering about users with "a lot of coins"

It will be a real challenge for them to regain the trust of users

they've been posting updates on twitter. everything is still in read-only mode---i'm not even sure if they've decided how to distribute the losses yet. now people can cancel old orders so they are't immediately triggered when trading resumes.

tbh i have a feeling many users will stay at cryptopia. the losses were fairly small, they have a market niche that few other exchanges can fill (lots and lots of low cap coins), and people (even old school people) seem to like them. if they do it bitfinex-style and repay with tokens over time---or maybe even offer customers the opportunity to invest---i'll bet they would retain most of their prior volume.

the big question should be whether the site is actually secure but for most people in this situation, it's an afterthought. with the bitfinex hack the admins couldn't even figure out how it happened. they just migrated to new wallets. they still continued to grow in market share after that!

[RivAngE]

they've been posting updates on twitter. everything is still in read-only mode---i'm not even sure if they've decided how to distribute the losses yet. now people can cancel old orders so they are't immediately triggered when trading resumes.

tbh i have a feeling many users will stay at cryptopia. the losses were fairly small, they have a market niche that few other exchanges can fill (lots and lots of low cap coins), and people (even old school people) seem to like them. if they do it bitfinex-style and repay with tokens over time---or maybe even offer customers the opportunity to invest---i'll bet they would retain most of their prior volume.

the big question should be whether the site is actually secure but for most people in this situation, it's an afterthought. with the bitfinex hack the admins couldn't even figure out how it happened. they just migrated to new wallets. they still continued to grow in market share after that!

But Bitfinex was hacked at a time when there was little competition in the space and a year or so later we had the famous huge price spike in every coin and all the exchanges got flooded with new customers.
Most of these new customers wouldn't care to research about an exchange's past, all they wanted was just one exchange to verify their account ASAP (so that they can get REKT in ATH ).

This period of time is different and people won't be as forgiving to Cryptopia who had a bad customer support to start with. However for such a small loss, I believe they'll just absorb it themselves and many people will forget the issue after a little.

[figmentofmyass]

they've been posting updates on twitter. everything is still in read-only mode---i'm not even sure if they've decided how to distribute the losses yet. now people can cancel old orders so they are't immediately triggered when trading resumes.

tbh i have a feeling many users will stay at cryptopia. the losses were fairly small, they have a market niche that few other exchanges can fill (lots and lots of low cap coins), and people (even old school people) seem to like them. if they do it bitfinex-style and repay with tokens over time---or maybe even offer customers the opportunity to invest---i'll bet they would retain most of their prior volume.

the big question should be whether the site is actually secure but for most people in this situation, it's an afterthought. with the bitfinex hack the admins couldn't even figure out how it happened. they just migrated to new wallets. they still continued to grow in market share after that!

But Bitfinex was hacked at a time when there was little competition in the space and a year or so later we had the famous huge price spike in every coin and all the exchanges got flooded with new customers.
Most of these new customers wouldn't care to research about an exchange's past, all they wanted was just one exchange to verify their account ASAP (so that they can get REKT in ATH ).

This period of time is different and people won't be as forgiving to Cryptopia who had a bad customer support to start with. However for such a small loss, I believe they'll just absorb it themselves and many people will forget the issue after a little.

people always think "it's gonna be different this time" but it rarely is. when exchanges are in a position to pull an exit scam but they don't (like bitfinex in 2016 or btc-e in 2017), lots of customers will stick it out. that's just my observation over the years. maybe it's just the wild west nature of crypto speculators and exchanges. i've found that lots of investors in this space---in spite of the entire purpose of bitcoin---just don't care very much about securing their money. they like to stick with what they're used to (including bad security practices and using exchanges that get hacked) and they really like buying shitcoins (cryptopia's specialty).

[yurimir]

Possibly it will take a couple of months 

"As we prepare to open we have secured 35% of coins on our exchange to new wallets. We need to complete this exercise fully prior to opening the exchange."

https://twitter.com/Cryptopia_NZ/status/1106030832009895937

[pinoycash]

Possibly it will take a couple of months 

"As we prepare to open we have secured 35% of coins on our exchange to new wallets. We need to complete this exercise fully prior to opening the exchange."

https://twitter.com/Cryptopia_NZ/status/1106030832009895937

You forget about their scheduled outage today

I have to commend who ever thinks of these updates 
They keep posting useless after useless updates just to keep their customer entertain.

[condoras]

They keep posting useless after useless updates just to keep their customer entertain.

You are right. If they want to entertain us, let it open normally.
Only one update with the full opening/funcionality date, would be enough.

You forget about their scheduled outage today

It's like a day menu... "what we have today, Chef? Anything new?"

[pinoycash]

They are hoping to resume their service by the end of this month, Again HOPING. Playing safe before dropping any date.

If you held balances in coins that were lost in the event you will start to see Withdraws on your account for those coins. The TXID for the withdraw will not exist on the network but will detail how the coin was impacted in the event. For each withdraw you will also see a subsequent deposit of Cryptopia Loss Marker(CLM), the TXID for this will also not exist on a network but will detail the coin it represents a loss for. CLM is not a coin, it can't be traded as yet, it is just a number in the database that represents the loss for each coin for each user in $NZD at the time of the event. There are still steps to take to ensure we are taking a legal path toward reimbursement.

 We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.

Source: https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=48613b3cdb50338032a664a14a9619ba

[nc50lc]

I just received an email from cryptopia regarding their stand to this "hacking" incident. [March 18]
It's pretty much the same as the link on the post above. ^

Here are some parts of the email:

Dear Cryptopia Customer
We are writing this letter to update you on the progress we are making after the event that occurred on the 14th of January 2019. You may have heard various comments about this event being an exit scam but rest assured we are 100% committed to reopening the exchange, bigger and better and to continue trading.
.......

I wonder where did they find those "exit scam" comments  

DID YOU KNOW???

Cryptopia, the New Zealand-based cryptocurrency exchange that was the target of two hack attacks in January, is gearing up for relaunch by taking new steps. In what could be a novel development for a cryptocurrency exchange, Cryptopia announced on 11 March, the option for users to cancel orders.

Reported for Plagiarism.
Reference Link: https://ambcrypto.com/cryptopia-allows-users-to-cancel-orders-as-it-prepares-for-re-launch/

[mr.relax]

From my amount of BTC-Funds at Cryptopia 14% were taken.

14.0489% BTC was lost in the January 2019 event. 0.

I didnt even know any BTC were stolen, thought it were only ETH and ETH-tokens.
Maybe they haircut all coins?

[condoras]

From my amount of BTC-Funds at Cryptopia 14% were taken.

14.0489% BTC was lost in the January 2019 event. 0.

I didnt even know any BTC were stolen, thought it were only ETH and ETH-tokens.
Maybe they haircut all coins?

As far as i recall/remember they confirm that losses involves ETH and one or two ETH tokens.
I just check my account and it shows the same balances. The only difference is that all my open orders have been canceled and not by me.

And i wonder... If they canceled all the open orders of all their customers, then how books still have open orders and are not at 0?

[pinoycash]

As far as i recall/remember they confirm that losses involves ETH and one or two ETH tokens.
I just check my account and it shows the same balances. The only difference is that all my open orders have been canceled and not by me.

And i wonder... If they canceled all the open orders of all their customers, then how books still have open orders and are not at 0?

Everyone suffers the a haircut on their balance

Based on discord

BTC = 14% Haircut
LTC = 43% Haircut
ETH = 100% Haircut

And based on this figure they lost more than ETH and ETH tokens.

Trading resumed in some market but still NO WITHDRAWAL

[condoras]

Everyone suffers the a haircut on their balance

Based on discord

BTC = 14% Haircut
LTC = 43% Haircut
ETH = 100% Haircut

And based on this figure they lost more than ETH and ETH tokens.

Trading resumed in some market but still NO WITHDRAWAL

My mistake guys, unfortunately you are both right...
So we get a haircut instead of compensation? Nice strategy, will keep a lot of us there when they start working normaly...

[xtraelv]

Everyone suffers the a haircut on their balance

Based on discord

BTC = 14% Haircut
LTC = 43% Haircut
ETH = 100% Haircut

And based on this figure they lost more than ETH and ETH tokens.

Trading resumed in some market but still NO WITHDRAWAL

My mistake guys, unfortunately you are both right...
So we get a haircut instead of compensation? Nice strategy, will keep a lot of us there when they start working normaly...

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

[nc50lc]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

That's B****hit.
If clients get their hands on their lost balance as a single token (CLM) all at the same time,
its price will decrease drastically after the obvious "sell race™" that users will do to get their preferred "exit coin".

I still prefer the 100% free haircut over an ECR20 token.

[digit]

Everyone suffers the a haircut on their balance

Based on discord

BTC = 14% Haircut
LTC = 43% Haircut
ETH = 100% Haircut

And based on this figure they lost more than ETH and ETH tokens.

Trading resumed in some market but still NO WITHDRAWAL

My mistake guys, unfortunately you are both right...
So we get a haircut instead of compensation? Nice strategy, will keep a lot of us there when they start working normaly...

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

its not a lost marker, its a token representing the NZD value of the coins at the time of the hack.  a loss marker would be a token that is equal 1:1 to the actual crypto that was stolen.  eg: 1 CLM_A = 1 LTC, 1_CLM_B= 1 ETH.

[digit]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

That's B****hit.
If clients get their hands on their lost balance as a single token (CLM) all at the same time,
its price will decrease drastically after the obvious "sell race™" that users will do to get their preferred "exit coin".

I still prefer the 100% free haircut over an ECR20 token.

u could take a gamble that Cryptopia will save itself and those CLM will be bought back by them one day.  

their communication has been bad but overall the way they have handled the situation so far has good.  they are facing up to their obligations to customers, its not perfect but its better than the alternative.

[figmentofmyass]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

That's B****hit.
If clients get their hands on their lost balance as a single token (CLM) all at the same time,
its price will decrease drastically after the obvious "sell race™" that users will do to get their preferred "exit coin".

it'll probably get dumped hard as soon as the CLM market opens. the same thing happened with the BFX token when bitfinex issued it. the people running for the exits will all dump immediately. but after that it'll probably recover significantly. despite the urge to dump, i'd probably try to hold for better days and focus on my liquid capital. if they make a couple of small (~1%) payments in the first couple months, people will regain a lot of faith and the CLM market may pay off over time.

[condoras]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

They replace them to all the users? Because i don't see any CLM tokens in my balance...

their communication has been bad but overall the way they have handled the situation so far has good.  they are facing up to their obligations to customers, its not perfect but its better than the alternative.

It's true that they didn't act as well as they possible can, at least in terms of communication with us.
Indeed the reopening is good news but it would have been better, if it were operating normally and not in "View Only" mode.

[ulhaq]

The e-mail they sent was disgusting. Not even a single apology in it. It's as if they think they did nothing wrong, when their incompetence was extreme. I got the impression from the email that they want to go on as if it's business as usual. And they don't care about the customers. Did anyone else get this impression? I am not going to use cryptopia for any trading.

[pinoycash]

The e-mail they sent was disgusting. Not even a single apology in it. It's as if they think they did nothing wrong, when their incompetence was extreme. I got the impression from the email that they want to go on as if it's business as usual. And they don't care about the customers. Did anyone else get this impression? I am not going to use cryptopia for any trading.

What can you expect, They been silence for almost 2 months and in those day's not a single apology from the CEO of cryptopia.

Right now they are probably afraid of the mass exodus when they open the withdrawal of the top cryptocurrency.

[bobcaticus]

The e-mail they sent was disgusting. Not even a single apology in it. It's as if they think they did nothing wrong, when their incompetence was extreme. I got the impression from the email that they want to go on as if it's business as usual. And they don't care about the customers. Did anyone else get this impression? I am not going to use cryptopia for any trading.

What should they apologize for? 

That some shitty dev made some shitty code that got exploited?
or that you left your coins on an exchange and not in your private wallet?

I think they handled this quite well. 

[Oilacris]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

That's B****hit.
If clients get their hands on their lost balance as a single token (CLM) all at the same time,
its price will decrease drastically after the obvious "sell race™" that users will do to get their preferred "exit coin".

I still prefer the 100% free haircut over an ECR20 token.

Sell race would definitely happen specially into these kind of situations but surely later on that token will gradually increase it price.So,holding it for sometime might really be worthy if you aren't
on a rush nor panicked to sell out directly once its compensated.

They are really trying not to ruin their business as best as they can and I can really see their efforts.

[ulhaq]

The e-mail they sent was disgusting. Not even a single apology in it. It's as if they think they did nothing wrong, when their incompetence was extreme. I got the impression from the email that they want to go on as if it's business as usual. And they don't care about the customers. Did anyone else get this impression? I am not going to use cryptopia for any trading.

What should they apologize for? 

That some shitty dev made some shitty code that got exploited?
or that you left your coins on an exchange and not in your private wallet?

I think they handled this quite well. 

People have responsibility to secure their coins, but companies have responsibility for security. Are you saying that companies have no responsibility for security?? You rely on security for every company you interact with.

[bobcaticus]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN. 

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

[RivAngE]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN. 

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

And then there are those which are not worth bothering to hack!
I think Cryptopia might pass from all those 3 types eventually!

[squatter]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN. 

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

Pretty much. All exchanges will be hacked, and some will be hacked beyond recovery or ability to compensate. When I got into Bitcoin years ago, one would have expected Cryptopia to simply disappear in a situation like this -- like Cryptsy and others did. Cryptopia probably could have handled things better PR-wise, but people should be happy they're getting anything back at all. The alternatives are Gox, Cryptsy, etc.

[bobcaticus]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN. 

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

And then there are those which are not worth bothering to hack!
I think Cryptopia might pass from all those 3 types eventually!

I was a locksmith for many years before i got into infosec:

The average thief will spend 5 minutes trying to break into a home.   If they fail, they move to the next house.

HOWEVER.

If they want to get in - they are going to get in.


The same holds true with crypto.

[harizen]

Ok so it will turned out as Bitfinex 2.0 wherein the compensation will be tokens. The reason also I stopped using that exchange.

GG Cryptopia. I worked so hard for those tokens of mine on your platform. Thanks anyways I got decent profit out of it but still lots of left. No choice but to accept the compensation better than nothing although Im really truly disappointed to the process.

[adamvp]

indeed, better little compensation than nothing.
And most important thing should be cryptopia will survive.. there is no other 3rd class coins exchange like cryptopia :|


Sorry seems to me posting in cryptopia hack event thread - I think we should focus ther bout hack thing at most (not bout cryptopia future)

[figmentofmyass]

Ok so it will turned out as Bitfinex 2.0 wherein the compensation will be tokens. The reason also I stopped using that exchange.

at least it sounds like there will be a market for these CLM tokens. so anyone who wants to dump them and run can do so. as an alternative, those who believe cryptopia will be viable can buy the CLM tokens cheap and either flip them for profit or wait for repayment.

it worked for bitfinex......cryptopia isn't as attractive from a volume/prestige standpoint but the losses appear to be much smaller than bitfinex too.

[xtraelv]

The lost funds are replaced with the CLM token as a loss marker. The exact method of how this will work they haven't announced yet.

They replace them to all the users? Because i don't see any CLM tokens in my balance...

They are only issued to those that have an affected coin. They also still haven't completed the audit and transfer to new wallets addresses for all the coins.

[RivAngE]

Ok so it will turned out as Bitfinex 2.0 wherein the compensation will be tokens. The reason also I stopped using that exchange.

at least it sounds like there will be a market for these CLM tokens. so anyone who wants to dump them and run can do so. as an alternative, those who believe cryptopia will be viable can buy the CLM tokens cheap and either flip them for profit or wait for repayment.

it worked for bitfinex......cryptopia isn't as attractive from a volume/prestige standpoint but the losses appear to be much smaller than bitfinex too.

I don't know how trustworthy Bitfinex's or any exchange's volume reports are.
I know the webpage visit rate is not a precise compare tool, but for an exchange which was reporting about 10 times more volume than Cryptopia (not sure of the exact number), Bitfinex didn't have any different traffic compared to Cryptopia.
https://www.similarweb.com/website/cryptopia.co.nz?competitors=bitfinex.com

I'd like to see older data but unfortunately I can only see that since September, Bitfinex and Cryptopia had the same amount of visitors. Now how big amounts was each visitor trading... is something we can't know for sure.

[mr.relax]

Finex needed or maybe still needs high volume from traders.
You had or have to deposit huge amounts.
Their Wallets are known.
https://bitinfocharts.com/de/bitcoin/wallet/Bitfinex-coldwallet
Only in this wallet Bitfinex holds more than 400Mio Dollars...


Its not a shitcoinexchange where you trade in microBTC-sizes.
So the comparing of Networktraffic wont show comparable traded volumes.
Buying/selling 20BTC is nothing at Bitfinex.
At Cryptopia, you are a whale with 20BTC.

[squatter]

I don't know how trustworthy Bitfinex's or any exchange's volume reports are.
I know the webpage visit rate is not a precise compare tool, but for an exchange which was reporting about 10 times more volume than Cryptopia (not sure of the exact number), Bitfinex didn't have any different traffic compared to Cryptopia.
https://www.similarweb.com/website/cryptopia.co.nz?competitors=bitfinex.com

That's probably not the best metric. IIRC, Cryptopia supported close to 1,000 coins, most of which were very low volume. They probably have lots and lots of tiny traders who are trading altcoins.

Bitfinex has much thicker order books. We can also see that much larger traders use it -- they make large market orders and set up walls on the order book. Bitfinex could easily be inflating their volume but I'm pretty sure it's still much bigger than Cryptopia. Even little fish like me avoid Cryptopia because I can usually get a better price on a bigger exchanges.

[MinermanNC]

Like the rest of us, i keep waiting to hear something new  yawn

[ulhaq]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN. 

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

And then there are those which are not worth bothering to hack!
I think Cryptopia might pass from all those 3 types eventually!

I was a locksmith for many years before i got into infosec:

The average thief will spend 5 minutes trying to break into a home.   If they fail, they move to the next house.

HOWEVER.

If they want to get in - they are going to get in.


The same holds true with crypto.

That's exactly the point. There is a difference between a company using hot wallets and cold storage, just like there is a difference between someone using a regular vs. a high-security lock/door. You're acting as if they are the same.

[RivAngE]

Risk Management.  

You've done your due diligence:  unique email/pass, 2FA, VPN.  

No such thing is "safe".

There are only 2 types of companies: those that have been hacked, and those that will be hacked.

And then there are those which are not worth bothering to hack!
I think Cryptopia might pass from all those 3 types eventually!

I was a locksmith for many years before i got into infosec:

The average thief will spend 5 minutes trying to break into a home.   If they fail, they move to the next house.

HOWEVER.

If they want to get in - they are going to get in.


The same holds true with crypto.

That's exactly the point. There is a difference between a company using hot wallets and cold storage, just like there is a difference between someone using a regular vs. a high-security lock/door. You're acting as if they are the same.

Actually in essence they're pretty much the same thing, both a cold storage and a hot storage are a pair of public and private key. What we "usually think" of cold storages is that the company using them won't have the private key saved in a place that's accessible from the internet.

However what we think as common sense is not necessarily what Cryptopia or any other company might be doing, they might just have the private keys of the cold storage in the CEO's personal PC while he's downloading pirated software or clicks on any ads that pops in his screen for all we know.

[mr.relax]

Just now another Exchange had been hacked:
https://www.coindesk.com/singapore-based-crypto-exchange-dragonex-has-been-hacked

You know what they wrote:

For the loss caused to our users, DragonEx will take the responsibility no matter what.

[pinoycash]

Just now another Exchange had been hacked:
https://www.coindesk.com/singapore-based-crypto-exchange-dragonex-has-been-hacked
You know what they wrote:

For the loss caused to our users, DragonEx will take the responsibility no matter what.

This should be the role model of any exchange that been hack They announce being hack after a couple of days and providing the details of the after 1 week , While in our beloved cryptopia they hide behind the police for almost 2 months and up to know they didn't bother to issue a statement on what had been loss.

And guess what? no tweet today no changes in the number of secure coins in coininfo page after 1 week,

[RivAngE]

Just now another Exchange had been hacked:
https://www.coindesk.com/singapore-based-crypto-exchange-dragonex-has-been-hacked
You know what they wrote:

For the loss caused to our users, DragonEx will take the responsibility no matter what.

This should be the role model of any exchange that been hack They announce being hack after a couple of days and providing the details of the after 1 week , While in our beloved cryptopia they hide behind the police for almost 2 months and up to know they didn't bother to issue a statement on what had been loss.

And guess what? no tweet today no changes in the number of secure coins in coininfo page after 1 week,

You better keep smashing that F5 in their page! They might suddenly open depositing and trading with withdrawing disabled... or something stupid like that.
Cryptopia keeps amazing me day after day, decision after decision!

[onecall123]

Meanwhile Cryptopia have been enabled lots of trade pairs, but deposits and withdrawals still down. Appears that they're moving the assets to the new safe wallets, first until then we won't be able to withdraw.

[mr.relax]

If they carry on renewing their wallets with this speed,
we might wait until december.
Also they did haircut the btc but i dont believe BTC were stolen.
Why dont they open tell what was stolen?
Why dont they open tell who will do the losses or will they repay them?
Do they even know what was stolen?
Every single day we have to check if anything happened...and it did not...

[RivAngE]

If they carry on renewing their wallets with this speed,
we might wait until december.
Also they did haircut the btc but i dont believe BTC were stolen.
Why dont they open tell what was stolen?
Why dont they open tell who will do the losses or will they repay them?
Do they even know what was stolen?
Every single day we have to check if anything happened...and it did not...

From my own personal research back when the hack was first announced I had noticed movement in their BTC wallets that seemed to be the result of the hacker.
Initially I though that maybe the movement was the result of Cryptopia moving their BTC to new wallets just to be safe, but if what they said about shutting everything down (no that this would help with anything other than stopping tradings if their private keys were compromised) and leaving the office access to police, then the BTC movement was done by the hacker.

My research could have mistakes though, so double check yourself if you want. That's my initial post,

Okay I think I found the Cryptopia's BTC wallet. My deposit there is kinda old and I can't recall 100% if it's the address I deposited was Cryptopia's or another exchange's, but I traced the movement and since the wallet's movements stopped on 14th January I'm 99% sure it's Cryptopia's.

This is their wallet: 3ALZ4ALw2T4jebXXUy8GMv2rLB7JpFL1JD

After many hops between 1-use addresses, I find a big amount of funds consecrated here: 12YBZCaPe45LFbvgYWP5AVm3pvZTtHTiNY
This was a new address created on 13th January.
It seems that after gathering BTC from different Cryptopia's wallets, summing 392.31 BTC, they sent a "test" transaction of 3 BTC on 14th January and 10 minutes later they sent all the amount to the same address.

From that point on, it seems like the funds were split to multiple addresses, probably many of which are exchanges.

Your thoughts? Anything I missed maybe?

[pinoycash]

Meanwhile Cryptopia have been enabled lots of trade pairs, but deposits and withdrawals still down. Appears that they're moving the assets to the new safe wallets, first until then we won't be able to withdraw.

This process is painstaking process and really slow. Judging from their previous performance before they even hack they usually have a wallet under a maintenance for 2weeks to 4 weeks for a mere wallet update.

[Netnox]

Meanwhile Cryptopia have been enabled lots of trade pairs, but deposits and withdrawals still down. Appears that they're moving the assets to the new safe wallets, first until then we won't be able to withdraw.

If that is the case, then they should have disabled the trading as well, right? I had around 0.1 BTC at the time of hack, and it looks like I may lose around 15% of that amount. Anyway... some lessons are learnt the hard way. We are not supposed to store our coins in exchanges...

[RivAngE]

Meanwhile Cryptopia have been enabled lots of trade pairs, but deposits and withdrawals still down. Appears that they're moving the assets to the new safe wallets, first until then we won't be able to withdraw.

This process is painstaking process and really slow. Judging from their previous performance before they even hack they usually have a wallet under a maintenance for 2weeks to 4 weeks for a mere wallet update.

I'm not sure if you mean that this process is "generally" slow or if it's slow in Cryptopia's case.
Unless they use a couple home PCs and a DSL internet connection, they shouldn't be taking so much time to create and sync new wallets.

If they're following a special procedure which takes a long time to complete, then they should let their customers know about it... after all they just robbed them from a respectable amount of their funds.

[xtraelv]

Meanwhile Cryptopia have been enabled lots of trade pairs, but deposits and withdrawals still down. Appears that they're moving the assets to the new safe wallets, first until then we won't be able to withdraw.

This process is painstaking process and really slow. Judging from their previous performance before they even hack they usually have a wallet under a maintenance for 2weeks to 4 weeks for a mere wallet update.

I'm not sure if you mean that this process is "generally" slow or if it's slow in Cryptopia's case.
Unless they use a couple home PCs and a DSL internet connection, they shouldn't be taking so much time to create and sync new wallets.

If they're following a special procedure which takes a long time to complete, then they should let their customers know about it... after all they just robbed them from a respectable amount of their funds.

I can only speak in general terms because I do not work there and don't know their exact process.

An exchange wallet comprises of thousands of addresses. All those addresses have to be loaded and interfaced with the exchange software (deposit engine and withdrawal engine).

Every user has a individual deposit address (unless a reference is used like with ETN). So if a coin has 20 000 users on the exchange then 20 000 deposit addresses have to be generated for that coin and interfaced with the software API.

All the old addresses have to be checked for balances and transferred to the exchange hot wallet. That process is normally done automatically but since it is unknown what the cause of the breach is - it is possible that they are checking and transferring it manually.

Cryptopia has over 2 million registered users and around 400 ? coin listings. It gives an indication of the scale of the work involved. It will involve a small number of staff because it provides access to private keys and therefore is sensitive information and security is at stake.

[bL4nkcode]

Earlier today

30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet

Tx: https://whale-alert.io/transaction/ethereum/480ba3b8ec861b1adb78fe7cd7e4c2b543503cfd635ade023255511372d5d3e5

https://twitter.com/whale_alert/status/1111450832426491906

[Naida_BR]

Just now another Exchange had been hacked:
https://www.coindesk.com/singapore-based-crypto-exchange-dragonex-has-been-hacked

You know what they wrote:

For the loss caused to our users, DragonEx will take the responsibility no matter what.

It sounds very unclear of what is this responsibility that will be taken from the exchange.
The fact is if they will compensate their clients with their own money or not. If they do so, then I would agree that they taken the fully responsibility of this breach otherwise they are just talking nonsense.

[Netnox]

Earlier today

30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet

Tx: https://whale-alert.io/transaction/ethereum/480ba3b8ec861b1adb78fe7cd7e4c2b543503cfd635ade023255511372d5d3e5

https://twitter.com/whale_alert/status/1111450832426491906

By now it looks like it was the work of professional hackers. Earlier, I was thinking that it could be an insider job, but evidence points against any such conclusion. Anyway... it seems to be that the hackers are in a rush to cashout.

[pinoycash]

Earlier today

30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet

Tx: https://whale-alert.io/transaction/ethereum/480ba3b8ec861b1adb78fe7cd7e4c2b543503cfd635ade023255511372d5d3e5

https://twitter.com/whale_alert/status/1111450832426491906

As of now there's still no clear official news from cryptopia on what coins has been hack and how much. We don't know if this really the work of the hacker or cryptopia themselves. Until they issue such statement we really have to rely in this 3rd party blockchain analyst to track stolen coins.

[carlfebz2]

Earlier today

30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet

Tx: https://whale-alert.io/transaction/ethereum/480ba3b8ec861b1adb78fe7cd7e4c2b543503cfd635ade023255511372d5d3e5

https://twitter.com/whale_alert/status/1111450832426491906

As of now there's still no clear official news from cryptopia on what coins has been hack and how much. We don't know if this really the work of the hacker or cryptopia themselves. Until they issue such statement we really have to rely in this 3rd party blockchain analyst to track stolen coins.

We cant really make any conclusions yet since there are no official updates came from Cryptopia team themselves.We can presume that these funds is being moved out once again or this was their doing same as you said.
For now we should wait for sometime.

[||bit]

%15 of their btc seems gone (it says on my btc balance) but because i don't have eth before, i can't see the lost about eth and we all know the biggest hit were there. So anyone who holds any ether on cryptopia can say the % of loss?

Oh, now i saw it:

"
BTC = 14%
LTC = 43%
ETH = 100% "


It was expected, unfortunately.

[Netnox]

%15 of their btc seems gone (it says on my btc balance) but because i don't have eth before, i can't see the lost about eth and we all know the biggest hit were there. So anyone who holds any ether on cryptopia can say the % of loss?

Oh, now i saw it:

"
BTC = 14%
LTC = 43%
ETH = 100% "


It was expected, unfortunately.

Hopefully, we don't need to bear those losses. You might have noticed "cryptopia loss marker" in the balances tab. It is denominated in NZD and represents all the coins that you had lost. Cryptopia will refund either the entire amount, or a part of it.

[pinoycash]

%15 of their btc seems gone (it says on my btc balance) but because i don't have eth before, i can't see the lost about eth and we all know the biggest hit were there. So anyone who holds any ether on cryptopia can say the % of loss?

Oh, now i saw it:

"
BTC = 14%
LTC = 43%
ETH = 100% "


It was expected, unfortunately.

Hopefully, we don't need to bear those losses. You might have noticed "cryptopia loss marker" in the balances tab. It is denominated in NZD and represents all the coins that you had lost. Cryptopia will refund either the entire amount, or a part of it.

Until all coins has been check and safely secured we are NOT entirely safe of haircut for other coins, Specially the USDT which is until now there's no news about the status of USDT balance of their clients.

[mr.relax]

So lets sum it up:
we dont really know what happenes with the losses , who will pay the damage?
Will there be any compensation for the losses?

How high were the losses really?
On what coins and how much?
How can cryptopia say in the beginning that xy was lost, but now they seem not able to define the losses?
When or will the funds ever be able to withdraw?
We see cryptopia tries to get the exchange back in operation.
But this happenes painful slow and will probably last until end of this year.

Why are withdrawals on already secured coins not enabled.
Its OUR money , not theirs, they play with our money.Thats a crime.

This is not the transparency that we have the right to ask for.
And its not really clear if we will ever be able to withdraw.

Somehow it looks to me as if they only play to gain time.
Or are they really so incredible incompetent?

[pinoycash]

So lets sum it up:
we dont really know what happenes with the losses , who will pay the damage?
Will there be any compensation for the losses?

How high were the losses really?
On what coins and how much?
How can cryptopia say in the beginning that xy was lost, but now they seem not able to define the losses?
When or will the funds ever be able to withdraw?
We see cryptopia tries to get the exchange back in operation.
But this happenes painful slow and will probably last until end of this year.

Why are withdrawals on already secured coins not enabled.
Its OUR money , not theirs, they play with our money.Thats a crime.

This is not the transparency that we have the right to ask for.
And its not really clear if we will ever be able to withdraw.

Somehow it looks to me as if they only play to gain time.
Or are they really so incredible incompetent?

They already know what had been loss but they are hiding behind the police investigation Which is i dont get the point, they can simply post a bitcoin tx details of the hack amount and let the community help in tracking down the hacker. But they choose to rely on the police that don't know anything about blockchain.

Its really painful to see our funds lock inside cryptopia without any assurance that they will allow withdrawal in the near future, What more painful is the way they handle their customers, Acting like they OWN all the money inside their vault specially all those discord moderators that treat all those users that asking for news like garbage and threatens with ban since all question about cryptopia are considered FUD.

[condoras]

They already know what had been loss but they are hiding behind the police investigation Which is i dont get the point, they can simply post a bitcoin tx details of the hack amount and let the community help in tracking down the hacker. But they choose to rely on the police that don't know anything about blockchain.

Its really painful to see our funds lock inside cryptopia without any assurance that they will allow withdrawal in the near future, What more painful is the way they handle their customers, Acting like they OWN all the money inside their vault specially all those discord moderators that treat all those users that asking for news like garbage and threatens with ban since all question about cryptopia are considered FUD.

So at the end, they don't answer at all as they did from the start of this incident. Same old unprofessionalism...
Cryptopia update us when they see fit/like, because nobody(?) can't force them to do it differently.

It's a fact though that if they want to start earning again as exchanger, they will need to activate the wallets faster.

[fapnnap]

man, i just want to withdraw my coins from cryptopia, thats why im checking this thread lol

[SportbetMaster]

hi OP, please can you change the title for this thread?!!
cryptopia did not lose any dollar in this event, everything was paid by the users wallet who trusted these bastards and much more, without even giving any proof about the hack.

[pinoycash]

So at the end, they don't answer at all as they did from the start of this incident. Same old unprofessionalism...
Cryptopia update us when they see fit/like, because nobody(?) can't force them to do it differently.

It's a fact though that if they want to start earning again as exchanger, they will need to activate the wallets faster.

That's how it works with cryptopia, All their customers is at their mercy and everyone has been hoping everyday that they should allow withdrawal for secured coins.

man, i just want to withdraw my coins from cryptopia, thats why im checking this thread lol

Who else not i been active in their discord, twitter, facebook reading all the comments made by their angry customers and none from cryptopia replied or care

[condoras]

That's how it works with cryptopia, All their customers is at their mercy and everyone has been hoping everyday that they should allow withdrawal for secured coins.

Then my guess is that when they activate their "wallets" (and they will at some point), 90% of their clients will withdraw everything.

man, i just want to withdraw my coins from cryptopia, thats why im checking this thread lol

In the way they behave to their customers from the start, i dought that anyone cares for something else.

[Netnox]

That's how it works with cryptopia, All their customers is at their mercy and everyone has been hoping everyday that they should allow withdrawal for secured coins.

Then my guess is that when they activate their "wallets" (and they will at some point), 90% of their clients will withdraw everything.

man, i just want to withdraw my coins from cryptopia, thats why im checking this thread lol

In the way they behave to their customers from the start, i dought that anyone cares for something else.

You need to wait for some more time. They are only around 50% through their hot wallet creation process and the indications are that it may take another 2 months. So hopefully by June, you will be able to withdraw your coins (if everything goes according to the plan). So be patient, and don't think about it too much.

[erikalui]

That's how it works with cryptopia, All their customers is at their mercy and everyone has been hoping everyday that they should allow withdrawal for secured coins.

Then my guess is that when they activate their "wallets" (and they will at some point), 90% of their clients will withdraw everything.

man, i just want to withdraw my coins from cryptopia, thats why im checking this thread lol

In the way they behave to their customers from the start, i dought that anyone cares for something else.

You need to wait for some more time. They are only around 50% through their hot wallet creation process and the indications are that it may take another 2 months. So hopefully by June, you will be able to withdraw your coins (if everything goes according to the plan). So be patient, and don't think about it too much.

And do you know when they will start reimbursing the customers? I got about 26.94410377 CLM coins and they say that 0.00526361 BTC was withdrawn during the hack but the last time I checked the website, the price was more than 0.02 BTC. I don't know if they are lying about the amount that was lost too as I hadn't checked their website for long.

[mr.relax]

Somehow I get the feeling we lost 100% of all coins. I dont believe in the ability and will of cryptopia to enable withdraw and allow any satoshi to go back to us.
Its time to go to a lawyer...

[Netnox]

And do you know when they will start reimbursing the customers? I got about 26.94410377 CLM coins and they say that 0.00526361 BTC was withdrawn during the hack but the last time I checked the website, the price was more than 0.02 BTC. I don't know if they are lying about the amount that was lost too as I hadn't checked their website for long.

Probably by late May or early June. CLM represents the value of the coins that were withdrawn by the hacker from your wallet (in NZ Dollar). You may face a 14% haircut on your Bitcoin holdings in Cryptopia. But don't worry. The remaining 86% is safe and you may be able to withdraw them in approx. 2 months from now. And you may get a part of the remaining 14%, if you chose to exchange the CLM coins to BTC or NZD.

[brother3]

Deposits and Withdrawals enabled for BTC, LTC and DOGE. Hot Wallet is being topped up manually between 9AM-5PM (NZST) Monday-Friday. Withdrawals will not be available outside of these times or on NZ public holidays (Good Friday 19 April, Easter Monday 22 April, ANZAC Day 25 April
https://twitter.com/Cryptopia_NZ/status/1117924287300558848

[condoras]

And do you know when they will start reimbursing the customers? I got about 26.94410377 CLM coins and they say that 0.00526361 BTC was withdrawn during the hack but the last time I checked the website, the price was more than 0.02 BTC. I don't know if they are lying about the amount that was lost too as I hadn't checked their website for long.

Probably by late May or early June. CLM represents the value of the coins that were withdrawn by the hacker from your wallet (in NZ Dollar). You may face a 14% haircut on your Bitcoin holdings in Cryptopia. But don't worry. The remaining 86% is safe and you may be able to withdraw them in approx. 2 months from now. And you may get a part of the remaining 14%, if you chose to exchange the CLM coins to BTC or NZD.

Firstly the haircut effect all the clients/users of Cryptopia with no exeptions. Secondly withdraws for those coins is available from now, if anyone wants to.
As for the CLM tokens, Cryptopia doesn't even make a market. They just credit our accounts and nothing more, at least until now.
Btw a lot of alt coins are still not available due the "hot wallets" fixation...

[erikalui]

Somehow I get the feeling we lost 100% of all coins. I dont believe in the ability and will of cryptopia to enable withdraw and allow any satoshi to go back to us.
Its time to go to a lawyer...

They have enabled BTC withdrawals and are continuously working on other wallet so I guess we need to have patience till then as even hiring a lawyer won't be useful when they have already reported the matter to the police. In such cases, users have to wait for years to get back their money but Cryptopia has been more reliable than other exchanges that just pulled down their website and disappeared. I'm also waiting on withdrawing my altcoins.

[harizen]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

In such cases, users have to wait for years to get back their money but Cryptopia has been more reliable than other exchanges that just pulled down their website and disappeared. I'm also waiting on withdrawing my altcoins.

Already prepared on that since the day it was hacked. On the bright side, even they left their customers hangings for a brief period of time, at least they showed some progress even at slow phase. Still hoping even at low chances that my altcoins there where not affected by the hacked as it wasn't even mentioned on several reports that released.

[condoras]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

Yes, i made a BTC withdraw couple hours ago. Still pending but i receive a notification so i'm pretty sure that i will get them soon.

[RivAngE]

Probably by late May or early June. CLM represents the value of the coins that were withdrawn by the hacker from your wallet (in NZ Dollar). You may face a 14% haircut on your Bitcoin holdings in Cryptopia. But don't worry. The remaining 86% is safe and you may be able to withdraw them in approx. 2 months from now. And you may get a part of the remaining 14%, if you chose to exchange the CLM coins to BTC or NZD.

Firstly the haircut effect all the clients/users of Cryptopia with no exeptions. Secondly withdraws for those coins is available from now, if anyone wants to.
As for the CLM tokens, Cryptopia doesn't even make a market. They just credit our accounts and nothing more, at least until now.
Btw a lot of alt coins are still not available due the "hot wallets" fixation...

They are so slow. They probably want to "prove" to their users that their exchange is safe again and they are trustworthy (or rather, fake it) before enabling CLM trading.
Maybe they'll stick a PoS tag on it hoping it'll be made less useless this way.
It's disgusting how they create a new useless token as a form of compensation when they already have their own token called "DOT" which at least has 1 use, that is getting listed in their exchange (https://www.cryptopia.co.nz/CoinListings).

They could have compensated people with DOT but nope, that'd be like sharing the loses with their users, let's instead push all the loses to their customers! Great business tactic.

[mr.relax]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

Yes I got my BTC out, already last week.
BUT: My Altcoins are not tradeable against BTC and I cannot withdraw.
So since 3 Months they block the money.
Its not only the haircut, but still lack of info and no progress at the altcoins.
They autoclose tickets.
They lie about the (almost nonexistent)progress.
They have no plan to slowly pay the loss-tokens back, not even a promise...

Man, there are people who open a new exchange in less time.

They dont know how to handle things or they dont want to handle them.

I dont believe I will get my altcoins, I think cryptopia will be dead before.
Somehow its a zombie already...

[erikalui]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

In such cases, users have to wait for years to get back their money but Cryptopia has been more reliable than other exchanges that just pulled down their website and disappeared. I'm also waiting on withdrawing my altcoins.

Already prepared on that since the day it was hacked. On the bright side, even they left their customers hangings for a brief period of time, at least they showed some progress even at slow phase. Still hoping even at low chances that my altcoins there where not affected by the hacked as it wasn't even mentioned on several reports that released.

I withdrew my 0.03 BTC from the website last week and since it was Easter, I got it after 3 days. I have another 0.035 BTC stuck in altcoins. Not a big amount but those coins were worth even more when I deposited them. My mistake as I just forgot about the exchange for a year and now desperately need them out as I need to swap some of them and have asked the admin to wait for Cryptopia's update.

[squatter]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

Yes I got my BTC out, already last week.
BUT: My Altcoins are not tradeable against BTC and I cannot withdraw.
So since 3 Months they block the money.
Its not only the haircut, but still lack of info and no progress at the altcoins.
They autoclose tickets.
They lie about the (almost nonexistent)progress.
They have no plan to slowly pay the loss-tokens back, not even a promise...

Sadly, they probably won't be able to -- at least from the look of these pitiful trading volumes and the loss of trust after this pathetic relaunch. This situation increasingly reminds me of Vircurex. After being hacked in 2014, Vircurex attempted to maintain services and slowly paid back a small portion of the losses. But trading volume died and they eventually just stopped processing withdrawals. Then they disappeared.

[carlfebz2]

Anyone here already got a successful withdrawal by now? (BTC,LTC,Doge)

Yes I got my BTC out, already last week.
BUT: My Altcoins are not tradeable against BTC and I cannot withdraw.
So since 3 Months they block the money.
Its not only the haircut, but still lack of info and no progress at the altcoins.
They autoclose tickets.
They lie about the (almost nonexistent)progress.
They have no plan to slowly pay the loss-tokens back, not even a promise...

Sadly, they probably won't be able to -- at least from the look of these pitiful trading volumes and the loss of trust after this pathetic relaunch. This situation increasingly reminds me of Vircurex. After being hacked in 2014, Vircurex attempted to maintain services and slowly paid back a small portion of the losses. But trading volume died and they eventually just stopped processing withdrawals. Then they disappeared.

Cryptopia would be heading on the same path.This is the problem on where exchanges getting hacked because trust of its users cant really able to gain back which means majority of them will really switch into those flawless or non tarnished exchangers rather than entrusting their coins into an exchange which do have the history of hacking.It would be just a normal reaction for anyone to experience this problem so i wont be surprised if this would disappear too.

[mr.relax]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

[RivAngE]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

B-but-but... the police... they blocked our entrance... a-and then the weather... such a bad weather, first of all is the employee's safety!
A-A-and th-the coffee machine broke, our employees can't work more than 1 hour per day without coffee.
Al-also, two of our hamsters powering the servers died, so we can't sync more than 1 wallet at a time.

[condoras]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

B-but-but... the police... they blocked our entrance... a-and then the weather... such a bad weather, first of all is the employee's safety!
A-A-and th-the coffee machine broke, our employees can't work more than 1 hour per day without coffee.
Al-also, two of our hamsters powering the servers died, so we can't sync more than 1 wallet at a time.

It's true that they come up to with more than 1mil excuses and it's well known already their "remarkable" customer service...
We can only (?) wait and hope that all the coins will be active.

[harizen]

If they are not trying to regain trust or just want to disappear completely, they shouldn't allow withdrawals in the first place and let customers hanging for a long period of time by posting/tweeting they are really working.

That action is way better than those exchanges that turned scammed completely and leave without a trace.

I'm sicked of waiting whether what happened now to our altcoins there but I don't mind waiting now that they achieved even small progress.


Ok now confirmed that BTC withdrawals are now smooth. Those people who able to withdraw now can freely say goodbye to that exchange. Don't have BTC there, only altcoins, but the fact they allow withdrawals, hoping the next progress will now be on other altcoins (finger crossed).

[TheHas]

Cryptopia needs to give it up. This random new zealand exchange was fine back when altcoin exchanges were almost non-existent, but now there is so much competition they need to do better or exit the business.

Take your business elsewhere to a decentralized exchange or somewhere that has rock solid security.

[pinoycash]

Cryptopia needs to give it up. This random new zealand exchange was fine back when altcoin exchanges were almost non-existent, but now there is so much competition they need to do better or exit the business.

Take your business elsewhere to a decentralized exchange or somewhere that has rock solid security.

Until they refund everyone with their hard earn money and all CLM Coins properly compensated they cannot give up and abandon their exchange. They should returned everything to all their users upto the single satoshi on each and every account.

[condoras]

Cryptopia needs to give it up. This random new zealand exchange was fine back when altcoin exchanges were almost non-existent, but now there is so much competition they need to do better or exit the business.

Take your business elsewhere to a decentralized exchange or somewhere that has rock solid security.

Until they refund everyone with their hard earn money and all CLM Coins properly compensated they cannot give up and abandon their exchange. They should returned everything to all their users upto the single satoshi on each and every account.

I really dought that they will return everything back to us. Besides if they want to do just that, why they make a haircut and issue a new token?

[harizen]

Cryptopia needs to give it up. This random new zealand exchange was fine back when altcoin exchanges were almost non-existent, but now there is so much competition they need to do better or exit the business.

Take your business elsewhere to a decentralized exchange or somewhere that has rock solid security.

Crytopia already allowed BTC withdrawals and that's a good action by them rather than be silent for long time and left without a trace. The said action lead others to get out to that exchange with their funds which is a good thing.

If you don't have an active funds left on Cryptopia prior to hacked then stop giving people an advice about using another exchanged instead. We know what we are doing.

[pinoycash]

Cryptopia needs to give it up. This random new zealand exchange was fine back when altcoin exchanges were almost non-existent, but now there is so much competition they need to do better or exit the business.

Take your business elsewhere to a decentralized exchange or somewhere that has rock solid security.

Until they refund everyone with their hard earn money and all CLM Coins properly compensated they cannot give up and abandon their exchange. They should returned everything to all their users upto the single satoshi on each and every account.

I really dought that they will return everything back to us. Besides if they want to do just that, why they make a haircut and issue a new token?

They should be returning everyone coins by now except those that been affected by hack, But until now they choose to ignore their customer plead in opening withdrawals of other coins,.

Basically they are forcing their users to sell their coins at loss in the BTC market so they can withdraw their money out of cryptopia.

Imagine on Cryptopia people are selling their ETN at 69 sats while the real market price of each ETN is 90 sats in other exchanges,. Its a hard pill to swallow that people have no choice but to sell their ETN at loss for BTC, So they can withdraw their money out of their system.

[mr.relax]

At least you can exchange and withdraw. My Altcoins show market-disabled, so i cannot withdraw or exchange to a withdrawable currency.
Cryptopia are SCAMMERS

[Netnox]

At least you can exchange and withdraw. My Altcoins show market-disabled, so i cannot withdraw or exchange to a withdrawable currency.
Cryptopia are SCAMMERS

If they are scammers, then why should they enable the withdrawals? Already most of the users have withdrawn their coins from the exchange. And regarding the altcoins, I was able to convert most of my altcoins to BTC, and then to withdraw them. Can you tell me which alt is having the market disabled? IMO, we need to give them more time. They are still in a recovery phase and we need to be patient.

[mr.relax]

Given Ex. is Loki, but also other coins cannot been traded now and not withdrawn

[condoras]

If they are scammers, then why should they enable the withdrawals? Already most of the users have withdrawn their coins from the exchange. And regarding the altcoins, I was able to convert most of my altcoins to BTC, and then to withdraw them. Can you tell me which alt is having the market disabled? IMO, we need to give them more time. They are still in a recovery phase and we need to be patient.

There is though a general question. How much time they need in order to have wallets for all the coins? Their excuse is that they need the devs of those alts...
Btw a lot of coins are not available, even if the market is open to trade them. That's even more strange, don't you think?

[Zer0Sum]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

B-but-but... the police... they blocked our entrance... a-and then the weather... such a bad weather, first of all is the employee's safety!
A-A-and th-the coffee machine broke, our employees can't work more than 1 hour per day without coffee.
Al-also, two of our hamsters powering the servers died, so we can't sync more than 1 wallet at a time.

They are calculating that trust is gone so pseudo Exit Strategy:

(1)  Freeze all Customer shitcoin transfers.

(2)  Force Customers to dump shitcoins for $0.80 on the dollar... Cryptopia instantly arbs your shitcoin for $0.20 in BTC.

(3)  With BTC mooning and alts tanking this is BIG WINDFALL for Cryptopia...
They could be making as much as $20-30,000/day by freezing Customer shitcoins indefinitely.

(4)  In any civilized country with a Court System (like NZ) this is fraud and criminal...
But when you are totally fucked anyway... hey, you do what you have to do 

[Netnox]

Today I withdrew all my remaining BTC in Cryptopia (around BTC0.08). I wanted to withdraw some of my alts, but it was not possible since the hot wallets were not ready. I was waiting for more than a month now, so lost my patience and converted all my alts to BTC. Now I have just the CLM (Cryptopia Loss Marker) tokens remaining in that exchange.

[dunfida]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

B-but-but... the police... they blocked our entrance... a-and then the weather... such a bad weather, first of all is the employee's safety!
A-A-and th-the coffee machine broke, our employees can't work more than 1 hour per day without coffee.
Al-also, two of our hamsters powering the servers died, so we can't sync more than 1 wallet at a time.

They are calculating that trust is gone so pseudo Exit Strategy:

(1)  Freeze all Customer shitcoin transfers.

(2)  Force Customers to dump shitcoins for $0.80 on the dollar... Cryptopia instantly arbs your shitcoin for $0.20 in BTC.

(3)  With BTC mooning and alts tanking this is BIG WINDFALL for Cryptopia...
They could be making as much as $20-30,000/day by freezing Customer shitcoins indefinitely.

(4)  In any civilized country with a Court System (like NZ) this is fraud and criminal...
But when you are totally fucked anyway... hey, you do what you have to do 

What a nice analysis of that pseudo Exit strategy which is really plausible but we cant still accuse yet but presuming on the things do happening
then theres no doubt that this one is really valid. 

Today I withdrew all my remaining BTC in Cryptopia (around BTC0.08). I wanted to withdraw some of my alts, but it was not possible since the hot wallets were not ready. I was waiting for more than a month now, so lost my patience and converted all my alts to BTC. Now I have just the CLM (Cryptopia Loss Marker) tokens remaining in that exchange.

Lucky for you but for me same as others my altcoin is still locked and cant be traded.

[pinoycash]

They had their chance of regaining trust.
But after 3 months they dont got their exchange running.
You cannot rise from the ashes if you dont try to stand up.

B-but-but... the police... they blocked our entrance... a-and then the weather... such a bad weather, first of all is the employee's safety!
A-A-and th-the coffee machine broke, our employees can't work more than 1 hour per day without coffee.
Al-also, two of our hamsters powering the servers died, so we can't sync more than 1 wallet at a time.

They are calculating that trust is gone so pseudo Exit Strategy:

(1)  Freeze all Customer shitcoin transfers.

(2)  Force Customers to dump shitcoins for $0.80 on the dollar... Cryptopia instantly arbs your shitcoin for $0.20 in BTC.

(3)  With BTC mooning and alts tanking this is BIG WINDFALL for Cryptopia...
They could be making as much as $20-30,000/day by freezing Customer shitcoins indefinitely.

(4)  In any civilized country with a Court System (like NZ) this is fraud and criminal...
But when you are totally fucked anyway... hey, you do what you have to do 

What's your take about USDT?

#3 is a real deal, they are the one buying this coins/tokens below market price to get some profit for themselves. Allowing BTC withdrawal is just a smoke screen to hide their real intention and to buy sometime to prevent people from filling cases against them.

[Netnox]

Today I withdrew all my remaining BTC in Cryptopia (around BTC0.08). I wanted to withdraw some of my alts, but it was not possible since the hot wallets were not ready. I was waiting for more than a month now, so lost my patience and converted all my alts to BTC. Now I have just the CLM (Cryptopia Loss Marker) tokens remaining in that exchange.

Lucky for you but for me same as others my altcoin is still locked and cant be traded.

They started creating the new hot wallets almost 3 months back. And until April, they were giving regular updates. But all of that has stopped now. On April 4, the announced in Twitter that they are 50% through the hot wallet creation process. At this rate, they could have completed this process by the first week of May. But as I mentioned earlier, there have been no updates and so I don't know what's going on. And just a few minutes back, they published this strange tweet:

https://twitter.com/Cryptopia_NZ/status/1128491715608727553

I don't understand much. Are they going to liquidate the exchange?

[joniboini]

https://twitter.com/Cryptopia_NZ/status/1128491715608727553

I don't understand much. Are they going to liquidate the exchange?

Yes. They went insolvent and now looking for help.

Another Mt.Gox story. Exchanges should learn from this case so that no more traders/users got fucked up by their mistakes.

[Netnox]

https://twitter.com/Cryptopia_NZ/status/1128491715608727553

I don't understand much. Are they going to liquidate the exchange?

Yes. They went insolvent and now looking for help.

Another Mt.Gox story. Exchanges should learn from this case so that no more traders/users got fucked up by their mistakes.

OK... so it is confirmed. Those users, who had their funds remaining in Cryptopia are now royally screwed. I can't believe how lucky I am. Just a few hours before they closed down, I had transferred my BTC from the Cryptopia wallet to one of my personal wallets. I still have some CLM tokens remaining there, but the amount is not that big.

Now I guess what happened with Mt Gox will repeat with Cryptopia as well. The Mt Gox users are yet to receive any reimbursements, despite the process going on for more than 5 years now. Anyway, all the best guys!!!

[bitcoin9999]

https://twitter.com/Cryptopia_NZ/status/1128491715608727553

I don't understand much. Are they going to liquidate the exchange?

Yes. They went insolvent and now looking for help.

Another Mt.Gox story. Exchanges should learn from this case so that no more traders/users got fucked up by their mistakes.

OK... so it is confirmed. Those users, who had their funds remaining in Cryptopia are now royally screwed. I can't believe how lucky I am. Just a few hours before they closed down, I had transferred my BTC from the Cryptopia wallet to one of my personal wallets. I still have some CLM tokens remaining there, but the amount is not that big.

Now I guess what happened with Mt Gox will repeat with Cryptopia as well. The Mt Gox users are yet to receive any reimbursements, despite the process going on for more than 5 years now. Anyway, all the best guys!!!

You are very lucky.  I suspected something was not right because they locked up  many of the altcoins for so long.

[condoras]

OK... so it is confirmed. Those users, who had their funds remaining in Cryptopia are now royally screwed. I can't believe how lucky I am. Just a few hours before they closed down, I had transferred my BTC from the Cryptopia wallet to one of my personal wallets. I still have some CLM tokens remaining there, but the amount is not that big.

Now I guess what happened with Mt Gox will repeat with Cryptopia as well. The Mt Gox users are yet to receive any reimbursements, despite the process going on for more than 5 years now. Anyway, all the best guys!!!

Firstly it was not a choise for any user to keep his alts there. If you can't withdraw then your coins are bounded.
You were indeed more than lucky because you didn't have any alts of value, besides CLM which was a total fail.

MtGox is a total (?) different case but can have the same result. The users to get a big 0 and loose their funds, no matter what coin/ token they have.

[pinoycash]

We have been played by cryptopia Founders, operators, Discord admins and mods.

They keep saying everything is ok and people are still funding their balance via BTC in order to collect those cheap alt coins that is open for trading. And this liquidation news happens.

What in the world they allow deposit via BTC if they are just planning to close permanently. This is just a plain scam and founders should go to jail and spend their eternity paying for their crimes.

[RivAngE]

Do you think this is somehow related to Bitcoin's price surge?
And what is a "liquidation" supposed to mean? Why would it take months? (quote: "Given the complexities involved we expect the investigation to take months rather than weeks.")

Though, if a matter like securing new wallets and resuming trading which is a work of a few days took them over a month, then I suppose this procedure will take years.
Bye bye 0.000001 BTC dust of mine!

[pinoycash]

Do you think this is somehow related to Bitcoin's price surge?
And what is a "liquidation" supposed to mean? Why would it take months? (quote: "Given the complexities involved we expect the investigation to take months rather than weeks.")

Though, if a matter like securing new wallets and resuming trading which is a work of a few days took them over a month, then I suppose this procedure will take years.
Bye bye 0.000001 BTC dust of mine!

It could be, they probably sold all customers coins when BTC was at 4.5k to 5k price in the anticipation of another big dump in the crypto market. but it goes sideways. BTC went up to 8K USD and now they owe more money to their customers. There's no other solutions but to file for bankruptcy.

This process will really takes months if not years of patience. Its bets to forget our money and charge it to experience.

[Lomingo]

Does the new message on Cryptopia.co.nz and Twitter mean, that all my funds on Cryptopia are lost?

[||bit]

I don't think they did trade with customer funds and lost because bitcoin pumped more than anticipated, at least i hope so.

They did let people withdraw %85 of their btc balance after the hack and even they are liquidating the exchange, they should let people withdraw whatever they can. I am one of the lucky users has only lost around 200$. It is not a very small amount but compared to what can happen, i can accept this loss.

[erikalui]

I don't think they did trade with customer funds and lost because bitcoin pumped more than anticipated, at least i hope so.

They did let people withdraw %85 of their btc balance after the hack and even they are liquidating the exchange, they should let people withdraw whatever they can. I am one of the lucky users has only lost around 200$. It is not a very small amount but compared to what can happen, i can accept this loss.

I lost around $270 but this will be my 4th loss as I have been scammed thrice earlier. I luckily withdrew 0.03 BTC from the exchange but now all my altcoins are gone including COR which I had to swap.

[Zer0Sum]

We have been played by cryptopia Founders, operators, Discord admins and mods.

They keep saying everything is ok and people are still funding their balance via BTC in order to collect those cheap alt coins that is open for trading. And this liquidation news happens.

What in the world they allow deposit via BTC if they are just planning to close permanently. This is just a plain scam and founders should go to jail and spend their eternity paying for their crimes.

LOL... one day after I openly accuse them of fraud...
These weasels shut down and hide behind an Big Accounting Firm...
So their super brilliant Pseudo Exit Strategy was not fooling anyone...
Any criminal investigation should focus directly on Cryptopia owner INTENT and ACTIONS... both hack and post-hack.

[squatter]

Does the new message on Cryptopia.co.nz and Twitter mean, that all my funds on Cryptopia are lost?

Not lost per se, but the company is entering liquidation proceedings. If you have a balance on Cryptopia, you will need to make a claim with the liquidators or trustee in the coming weeks or months. Then you'll wait in line with all of Cryptopia's other creditors who are hoping to get a fraction of their money back.

This could be a long, drawn-out process. It could end up taking years, like the Mt. Gox bankruptcy.

[pinoycash]

LOL... one day after I openly accuse them of fraud...
These weasels shut down and hide behind an Big Accounting Firm...
So their super brilliant Pseudo Exit Strategy was not fooling anyone...
Any criminal investigation should focus directly on Cryptopia owner INTENT and ACTIONS... both hack and post-hack.

Their actions are suspicious in nature and a police should start their criminal investigation if some from NZ file a report against them.

Why they keep securing wallets in the first place if they have plans in closing their doors. Too many question left unanswered and their discord mod wasn't helping at all. All moderators already keep their distance and all those mods that defended Cryptopia are gone.

[Thirdspace]

OK... so it is confirmed. Those users, who had their funds remaining in Cryptopia are now royally screwed. I can't believe how lucky I am. Just a few hours before they closed down, I had transferred my BTC from the Cryptopia wallet to one of my personal wallets. I still have some CLM tokens remaining there, but the amount is not that big.

you are definitely a lucky one!
if I know this will happen, I would trade my altcoins for btc and withdraw (procrastination is bad)
do you guys think this is all planned or the sudden bitcoin price increase forces them to liquidate?

If you have a balance on Cryptopia, you will need to make a claim with the liquidators or trustee in the coming weeks or months. Then you'll wait in line with all of Cryptopia's other creditors who are hoping to get a fraction of their money back.

would this mean we have to do KYC procedure to claim our coins?

[xtraelv]

Does the new message on Cryptopia.co.nz and Twitter mean, that all my funds on Cryptopia are lost?

Not lost per se, but the company is entering liquidation proceedings. If you have a balance on Cryptopia, you will need to make a claim with the liquidators or trustee in the coming weeks or months. Then you'll wait in line with all of Cryptopia's other creditors who are hoping to get a fraction of their money back.

This could be a long, drawn-out process. It could end up taking years, like the Mt. Gox bankruptcy.

Appointment of liquidators shows the situation is not good but it also does not mean that it necessarily over.

Liquidators have special powers under New Zealand law - investigative, ability to compel creditors and shareholders to accept a resolution, restructure and cancel contracts like a lease.
http://www.lawsociety.org.nz/lawtalk/lawtalk-archives/issue-880/an-introduction-to-liquidations

They also have the power to continue trading if it is the best solution forward.

I'm disappointed but not surprised that they have taken this course of action. They did not have a lot of options after such a heist. I feel sorry for the small coins that only trade on there and people who hold balances of such coins.

The person or persons responsible for the theft didn't just steal the funds. They stole the livelihood of their staff, the potential of some of the coins, the value from the shareholders and CEFs holders and hurt a lot of the exchange users.

[Noojna]

How is the Cryptopia hack situation progressing? I can see that it is stil not possible to withdraw altcoins from Cryptopia. When will this be enabled?

[mr.relax]

Never.
Cryptopia is dead

[xtraelv]

How is the Cryptopia hack situation progressing? I can see that it is stil not possible to withdraw altcoins from Cryptopia. When will this be enabled?

Cryptopia has gone into statutory management with a liquidator having been appointed.

It is not likely that they will reopen while it is potentially still possible.

I think the most likely scenario is that the liquidator will allow the eventual withdrawal of some funds once liquidity is established.

[mr.relax]

Its almost sure it will not be reopened.
Liquidation means, the coins that cryptopia really hold(not what is shown from db in our accounts) will be sold.
Then the liquidator, the taxes and all bills will be paid.
If anything remains-and that wont be much if any, we will be paid out from that percentually.
So dont expect you may click on withdraw again at cryptopia.

[madfox11]

People believed that Cryptopia management could return the exchange business to profitability. But now we hear about the process of liquidation, it's a bad sign, I feel like everything is going wrong.

[onecall123]

People believed that Cryptopia management could return the exchange business to profitability. But now we hear about the process of liquidation, it's a bad sign, I feel like everything is going wrong.

Cryptopia is gone, we hear about the procedure of liquidation then why they opened up new deposits. To be honest, this declaration shock the traders. Its not a professional move at any sense just locked down everything.

[Zer0Sum]

LOL... one day after I openly accuse them of fraud...
These weasels shut down and hide behind an Big Accounting Firm...
So their super brilliant Pseudo Exit Strategy was not fooling anyone...
Any criminal investigation should focus directly on Cryptopia owner INTENT and ACTIONS... both hack and post-hack.

Their actions are suspicious in nature and a police should start their criminal investigation if some from NZ file a report against them.

Why they keep securing wallets in the first place if they have plans in closing their doors. Too many question left unanswered and their discord mod wasn't helping at all. All moderators already keep their distance and all those mods that defended Cryptopia are gone.

Let's see:

(1)  There was a "hack" months ago for which there is no reliable information.

(2)  In response to the allegded "hack" which was almost certainly an inside job...
Cryptopia owners seized all Customer assets...
Cryptopia owners commingled all Customer assets...
Cryptopia owners hid behind a "police investigation" that was out of it's depth in highly specialized crypto...
Cryptopia owners applied arbitrary "haircuts" to various commingled Customer assets...
Cryptopia owners bought months of time by floating various schemes to "reopen" but never did...
Cryptopia owners waited out a 100% pump in Bitcoin before hiding behind an Accounting Firm...
Cryptopia owners have now permanently seized all Customer assets by making a "liquidation" impossible...
Grant Thornton is not gonna get > 100 blockchains synched for transfers ever.

(3) This behavior is in line with the way Cryptopia has fucked over developers and projects repeatedly...
See raiblocks, safex, and many others.

(4)  Putting "we can defraud you" in your Terms of Service does not give one the right to commit fraud.

(5)  That's why the USA is the "policeman of the world"...
1000s of US citizens have been defrauded by both Cryptopia and Quadriga...
And until those responsible are extradited to Lower Manhattan... they can just keep bullshitting 

[roughswap]

So it looks like the CLM tokens are useless and will never have any value,
hopefully not and when we supposedly come to getting refunded we get something out for our losses,
that were made at less than 1/2 the value today or close.

Its all abit sketchy

[pinoycash]

So it looks like the CLM tokens are useless and will never have any value,
hopefully not and when we supposedly come to getting refunded we get something out for our losses,
that were made at less than 1/2 the value today or close.

Its all abit sketchy

Well CLM supposed to be valued at 1NZD but at this rate i don't think the liquidators will include those CLM holders for the refund. The main question arise right now is what will happen to those coins that only being traded on cryptopia. They should be refunded in their own coins instead of sharing the pot of the coins with liquidity in other exchange.

[Vishnu.Reang]

So it looks like the CLM tokens are useless and will never have any value,
hopefully not and when we supposedly come to getting refunded we get something out for our losses,
that were made at less than 1/2 the value today or close.

Its all abit sketchy

They were actually planning to buy back these CLM tokens using the fee from trading. Now that the exchange has closed down, we can't expect them to go ahead with this plan. Those users who had BTC, ETH and other altcoins in Cryptolia wallets can expect a full or partial refund. But the problem is that it can take at least a few years.

Meanwhile I heard some rumors regarding why they closed down. This is just an unconfirmed rumor. From what I heard, some of the users had deposited ETH and altcoins to the old wallets (even after Cryptopia warned them not to do so). By the second week of May, the exchange staff noticed that the hackers had once again stolen the ETH from the old wallets. This proved to be the last nail in the coffin and the promoters gave up and closed down the exchange.

[mr.relax]

Those users who had BTC, ETH and other altcoins in Cryptolia wallets can expect a full or partial refund.

No.

Our funds dont belong to us only because the website showed that amount in our accounts.
If you send coins to an exchange, this coins dont belong to you any more.
Who guaranties that our accounts amounts were ever existent in real coins?
All existing coins will probably be sold.
The Haircutcoin is without value, so it cant be sold.

Then the liquidators salary and costs will be paid(huge).
Then taxes will be paid.
Then bills will be paid.
Staffs salaries will be paid.
Whats eventually left will be distributed among us.
Its by mathematics impossible to get a full refund.


The reason why they closed is NOT because users sent coins to old, hacked addresses.
This is was no loss for cryptopia.
The damage from the hack was already socialised, so also there no loss for cryptopia.
They never promised that they will repay the users losses.
Either they did not hold the coins that they should hold,
and/or they did not have the knowledge and ability to admin the site.
As far as I know the ownership of cryptopia changed shortly before the hack.
Even before the hack, the site was sometimes poor managed,
but afterwards maybe total amateurs and/or reckless scammers were in office.

Dont expect more than maybe 10% getting back after years, if ever.

[pinoycash]

~snip~

Dont expect more than maybe 10% getting back after years, if ever.

10%?? i dont think these liquidators has the right to take everyone's money and pay for cryptopia debt. This thing should been done internally instead of this scenario.

If only they open 100% 1 month after they been hack they should been back in business in no time. but they choose to neglect everything and ignore their customers. So its only expected that trust is loss and their business is loss. Now all their customers will pay the price of their incompetence.

[mr.relax]

It is already in liquidation.
Cryptopia has no more its hands on the thing.
Yes the liquidator has the rights...

Now all their customers will pay the price of their incompetence.

Thats the way how things are. If you send money to an exchange its no more your money.
Yes the company owns you something, but if the company is  bancrupt, your funds have gone up in smoke...
Same if you buy a car and pay in advance...or if you order something in an internetshop, pay and the shop turns into bancrupsy.

i dont think these liquidators has the right to take everyone's money and pay for cryptopia debt.

Yes he has. Its not everybodys money, its money that belongs to cryptopia.
With cryptopias money all will be paid, but we users are quite behind in the queue.
After us are only the shareholders, they wont see anything for sure.
(I guess they took all before already ;-) )

I am almost sure, cryptopia broke the law before getting bancrupt.

[Zer0Sum]

It is already in liquidation.
Cryptopia has no more its hands on the thing.
Yes the liquidator has the rights...

Now all their customers will pay the price of their incompetence.

Thats the way how things are. If you send money to an exchange its no more your money.
Yes the company owns you something, but if the company is  bancrupt, your funds have gone up in smoke...
Same if you buy a car and pay in advance...or if you order something in an internetshop, pay and the shop turns into bancrupsy.

i dont think these liquidators has the right to take everyone's money and pay for cryptopia debt.

Yes he has. Its not everybodys money, its money that belongs to cryptopia.
With cryptopias money all will be paid, but we users are quite behind in the queue.
After us are only the shareholders, they wont see anything for sure.
(I guess they took all before already ;-) )

I am almost sure, cryptopia broke the law before getting bancrupt.

Cryptopia owners are fully responsible as long as this plays out...
Hiring an accountant does not relieve you of your responsibility for criminal conduct.

These clowns and their Twitter Apologists (you know who you are)...
Are floating ludicrous defenses like running a multi-million $$$ international exchange is a "hobby"... trololo 

Countdown to Cryptopia owners faking their own deaths... 3-2-1...
In crypto, everyone will eventually have to fake their own death 

[condoras]

It is already in liquidation.
Cryptopia has no more its hands on the thing.
Yes the liquidator has the rights...

Now all their customers will pay the price of their incompetence.

Thats the way how things are. If you send money to an exchange its no more your money.
Yes the company owns you something, but if the company is  bancrupt, your funds have gone up in smoke...
Same if you buy a car and pay in advance...or if you order something in an internetshop, pay and the shop turns into bancrupsy.

i dont think these liquidators has the right to take everyone's money and pay for cryptopia debt.

Yes he has. Its not everybodys money, its money that belongs to cryptopia.
With cryptopias money all will be paid, but we users are quite behind in the queue.
After us are only the shareholders, they wont see anything for sure.
(I guess they took all before already ;-) )

I am almost sure, cryptopia broke the law before getting bancrupt.

Cryptopia owners are fully responsible as long as this plays out...
Hiring an accountant does not relieve you of your responsibility for criminal conduct.

These clowns and their Twitter Apologists (you know who you are)...
Are floating ludicrous defenses like running a multi-million $$$ international exchange is a "hobby"... trololo 

Countdown to Cryptopia owners faking their own deaths... 3-2-1...
In crypto, everyone will eventually have to fake their own death 

The thing is that we i) lost probably for good our funds (no matter their value) and ii) we will never see anyone to take the blame for it.
Every time the same thing. The clients pay for the incopetence of the exchangers...

[Kiir]

For those with Tweeter:
https://twitter.com/whale_alert/status/1130519928640036869

"10,769.729044941925 #ETH (2,674,562 USD) of stolen funds transferred from Cryptopia Hack to unknown wallet"


There are more, so they are tracking it. For now, ofc.

[pinoycash]

The thing is that we i) lost probably for good our funds (no matter their value) and ii) we will never see anyone to take the blame for it.
Every time the same thing. The clients pay for the incopetence of the exchangers...

The chances of getting our money back is next to nothing, It would be hard to move on from this mess. But we as a customers  of cryptopia had to endure all these pain and suffering while the owners are relaxing and probably laughing at their customers.

I would be willing to donate to the cause if these crooks spend a lifetime in jail. they fuck 2million users and even only 10% had an actual balance in their account, 200,000 people coming together and take them to a criminal court we can easily take them down.

[harizen]

Im still hoping back then because I still see chances but with the recent action, I can now conclude that everything will now turned into sh*t.

Like I said before, I already considered my funds there as loss. Time to move on now and Im now closing the doors for the possibility of recovering back my alts. Just a little bit of frustrated here because even I got a decent profits playing from those alts, I remember the effort I made just to make it grow and gave me good returns.

About the liquidation process, I don't mind it anymore and don't want to think of it honestly. Since it will take several months or years, well then goodluck.

[Zer0Sum]

The thing is that we i) lost probably for good our funds (no matter their value) and ii) we will never see anyone to take the blame for it.
Every time the same thing. The clients pay for the incopetence of the exchangers...

The chances of getting our money back is next to nothing, It would be hard to move on from this mess. But we as a customers  of cryptopia had to endure all these pain and suffering while the owners are relaxing and probably laughing at their customers.

I would be willing to donate to the cause if these crooks spend a lifetime in jail. they fuck 2million users and even only 10% had an actual balance in their account, 200,000 people coming together and take them to a criminal court we can easily take them down.

The Cryptopia owners can run, but they can't hide.

Look at Bitfinex...
They are registered on Gilligan's Island but are, right now, subject to various orders by a US judge...
Bitfinex has hired the best lawyers in the world, but it just buys time before they are all locked up.

By the time the Quadriga case plays out over several years I'm sure people will go to jail.

As for the Cryptopia owners...
Every sleazy rent-seeker in the world is gonna use the NZ and US court systems to take a pound of flesh.

You have to remember that Grant Thornton is not their "friend"...
I'm sure the Cryptopia owners has to sign a 100 page Engagement Letter that gives them zero rights...
And also compels Grant Thornton to report any sign of malfeasance to NZ and US authorities...
And you could probably write a book on all the Cryptopia malfeasance that has taken place just in public.

[mr.relax]

https://www.coindesk.com/collapsed-cryptopia-exchange-founder-wants-you-to-put-funds-in-his-new-project

[jerry0]

Can someone quickly summarize what happened here?  Were most users affected by this?  What coins were taken? 


So would this exchange be safe to use now?  I notice some coins i like... they have it and there is lot of volume in it.

[RivAngE]

Can someone quickly summarize what happened here?  Were most users affected by this?  What coins were taken? 


So would this exchange be safe to use now?  I notice some coins i like... they have it and there is lot of volume in it.

I guess you are a few articles behind! Cryptopia is done, gone, *POOF*!
They tried to reopen but they were very slow in resuming the trading functions and they also rolled the loss % to their customers. I don't remember the exact loss %, but if for example they lost about 20% of their BTC, then they reduced the customers' BTC holdings by 20%.

With this way of operation, the users didn't trust them again and they sow their decline, so they decided to shutdown and liquefy their assets.
https://www.cryptopia.co.nz/

[bradock]

lol read this guy post about this
https://bitcointalk.org/index.php?topic=5146541.0
https://cryptonomist.ch/en/2019/05/22/cryptopia-founder-exchange-assetylene/

[soloasi]

That moment you realized, you DID lose all your altcoins   

[Netnox]

Can someone quickly summarize what happened here?  Were most users affected by this?  What coins were taken? 


So would this exchange be safe to use now?  I notice some coins i like... they have it and there is lot of volume in it.

I guess you are a few articles behind! Cryptopia is done, gone, *POOF*!
They tried to reopen but they were very slow in resuming the trading functions and they also rolled the loss % to their customers. I don't remember the exact loss %, but if for example they lost about 20% of their BTC, then they reduced the customers' BTC holdings by 20%.

With this way of operation, the users didn't trust them again and they sow their decline, so they decided to shutdown and liquefy their assets.
https://www.cryptopia.co.nz/

One small correction. The decision to close down the exchange was taken after another round of robbery, in which more than 1,500 ETH was stolen. It had nothing to do with the feedback from the users, or any third party. A few months back, the hackers had deleted the private keys, and the Cryptopia admins were unable to secure the coins until the last reported hack.

[Jo.surf]

If someone is collecting customers for a lawsuit, i'm in.

[jemmy655]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform. Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

"Robust security systems"? I wont call it that. What I see is an over complicated processes (validations, verification, etc) yet resulting to know where but just to give an impression that the system is secured. Many important things to look out for were ignored e.g
1. System should production ready before allowing users pump their funds.
Most hacks are done internally i.e stage managed. This is so bad

[Zer0Sum]

Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

This is an "age-old question" only for people too lazy to trade or do basic risk analysis...
But the upside of expert crypto trading is orders of magniitude greater than the very limited counterparty risk.

https://www.coindesk.com/hacked-crypto-exchange-cryptopia-files-for-us-bankruptcy-protection

Here we go...
Didn't take long for Southern District of New York to be involved...
You start with a bankruptcy and run a concurrent criminal investigation on these Cryptopia asshats.

Oh look, Grant Thorton's initial report is out:

https://cointelegraph.com/news/liquidators-of-hacked-cryptopia-exchange-release-report-note-42m-owed-to-creditors

https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/first-liquidators-report-31-05-2019.pdf

"At the date of liquidation, (Cryptopia) had over 2.2 million registered users worldwide and employed 37 staff"...
lol, nothing to see here this was just a "hobby"... but wild guess they had 200,000 US Customers... you can run, but you can't hide.

The $4.2 million "owed to creditors" is just business expenses...

*** The value of coins UNLAWFULLY SEIZED in January 2019 by Cryptopia management from Customers...
Cannot be addressed because you have to synch 100s of blockchains and sell a mountain of shitcoins ***...

The logistics of this means Customer payouts of any kind probably never happen...
But we will see US Grand Jury indictments... as "the wheels of justice turn slowly, but grind exceedingly fine".  

[bobcaticus]

They pulled the plug on the discord.   Where's the new stitch-n-bitch site?

[TheBeardedBaby]

Is there any way to check what people had on the exchange? I think I widraw everything from there but something keep me thinking that I still have (had) something.
So the site is down for quite some time now.

[roughswap]

Any news on if people with CLM tokens will get any reimbursements or money back things seem a bit quiet apart from the news saying they accessed the database again.

[mr.relax]

Nobody of the customers will get anything back.
Say goodbye to your funds

[crypto_trader#43xzEXrP]

Hey, what about withdrawals? Why site of CRYPTOPIA EXCHANGE - not working?

[RivAngE]

Hey, what about withdrawals? Why site of CRYPTOPIA EXCHANGE - not working?

Just how long have you been away?
Hacked - They did a haircut on their customers - They opened but no one was happy with the haircut and their slow speed - They closed again seeing that no customers are coming back.

Also, most of the volume you see in most exchanges is fake, so it's not as easy as it may seem to get enough people trading on their platform and to make their business profitable.

[Cobgoblincave4]

Nobody of the customers will get anything back.
Say goodbye to your funds

The liquidators have already pulled NZ$955,618 in their own fees from this exchange. Good to see someone calling them out on it as no one who had tokens lost on the exchange have been compensated yet.

GNY Issues Notice to Grant Thornton Over Cryptopia Liquidation

https://www.gny.io/post/gny-issues-notice-to-grant-thornton-over-cryptopia-liquidation

On 14 January 2019, GNY lost over 15 million LML tokens on the Cryptopia Limited crypto currency exchange in New Zealand following a hack on the exchange. The tokens were stolen from what was described as a secure server run and managed by Cryptopia. The hack resulted in the crash of the price of LML tokens listed elsewhere, losing over 95% of its market value. The stolen tokens, now in decentralised exchanges in unknown jurisdictions, are beyond recovery.

On 15 May 2019, Cryptopia went into liquidation. David Ruscoe and Malcolm Moore, of Grant Thornton New Zealand, were appointed as liquidators.

On 21 July 2020 GNY issued a notice to the liquidators under sections 285 and 286 of the Companies Act 1993 alleging that they have failed to comply with one or more of their duties.

 
In the notice GNY alleges that:

· The liquidators have failed to accept or reject GNY’s claim despite having all the information requested from GNY.

· The liquidators did not accurately describe GNY’s claim to the Court. Nor have they reflected GNY’s claim in their liquidation reports.

· The liquidators have failed to investigate the Hack and how the company’s security systems failed. GNY considers this investigation should be separate from the police investigation underway which seeks to determine criminal liability.

· The liquidators’ recent liquidator report fails to adequately explain the work they have undertaken for their fees. Over the 15 November 2019 to 14 May 2020 period, the liquidators have incurred NZ$955,618 in fees.

 
GNY is concerned that the total of the liquidators’ fees and other expenses in the liquidation have consumed more than half of the receipts in the liquidation to date. These costs continue to mount at the expense of creditors (like GNY) whose claims have not been accepted or engaged with, in GNY’s view, adequately. The liquidators have paid themselves over NZ$1.7m in this liquidation.

GNY have concerns about the liquidators’ handling of this liquidation, and consider the process to have been deeply flawed as set out in the notice. It is for this reason that GNY has issued a notice of failure to comply. As things stand, any final report from Grant Thornton, will almost inevitably give grounds for appeal. The liquidators have 5 business days to respond to GNY’s notice.

Full copy of the legal notice:  https://download-files.wix.com/_api/download/file?downloadToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpc3MiOiJ1cm46YXBwOmU2NjYzMGU3MTRmMDQ5MGFhZWExZjE0OWIzYjY5ZTMyIiwic3ViIjoidXJuOmFwcDplNjY2MzBlNzE0ZjA0OTBhYWVhMWYxNDliM2I2OWUzMiIsImF1ZCI6WyJ1cm46c2VydmljZTpmaWxlLmRvd25sb2FkIl0sImlhdCI6MTU5NTMzNDQ4NCwiZXhwIjoxNTk1MzcwNDk0LCJqdGkiOiI0NzExNDVlMTgzODAiLCJwYXlsb2FkIjp7InBhdGgiOiIvdWdkL2NkZGYzMl80ZDZhODczODY4NTc0ODhiYTIzZjNiOGNiYzRkMzU1OC5wZGYiLCJhdHRhY2htZW50Ijp7ImZpbGVuYW1lIjoiQ2hhcG1hbiBUcmlwcCBsZXR0ZXIgMjEgSnVseSAyMDIwLnBkZiJ9fX0.k1mZTA5FHb0beOhqdRC8k53E0uAeqyh-DXj55JiaVDc