Cryptopia exchange hacked

[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.

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[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....