Cryptopia exchange hacked

[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.