Cryptopia exchange hacked

[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.