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Author Topic: Reason Why Cryptopia Is SCAM  (Read 444 times)
alexey14
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January 15, 2019, 09:16:34 PM
 #1

Im 100% sure that they manage that, for sure that the ""Hacker"" is the owner of cryptopia.

Cryptopia is an top exchange and they cant store more than 50% of cryptocurrency on offline wallet ? how stupid can be ?

Also !!! : if i remember cryptopia have 2k withdraw limit per day, how hackers manage that ? How they break that system ? as i know cryptopia say " Withdraw limit for security " ..... Another scamm exchange
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January 15, 2019, 09:42:33 PM
 #2

Im 100% sure that they manage that, for sure that the ""Hacker"" is the owner of cryptopia.

Cryptopia is an top exchange and they cant store more than 50% of cryptocurrency on offline wallet ? how stupid can be ?

Also !!! : if i remember cryptopia have 2k withdraw limit per day, how hackers manage that ? How they break that system ? as i know cryptopia say " Withdraw limit for security " ..... Another scamm exchange

Is it possible for hackers to have taken over the private keys of the exchange?

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January 15, 2019, 10:52:19 PM
 #3

If they got on to the computer where they were stored, it would be easy. Cryptopia should have had the funds in cold storage, not in a hot wallet

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January 16, 2019, 05:33:50 AM
Merited by carlfebz2 (1), Mometaskers (1)
 #4

I'm not saying that Cryptopia did not do an exit scam, as it's definitely very possible(and might even be most likely the case here), but we just can't make conclusions just yet. We know very little to just automatically call it an 100% exit scam.

Cryptopia is an top exchange and they cant store more than 50% of cryptocurrency on offline wallet ? how stupid can be ?
We don't know what percentage of the total funds got stolen. They never claimed that 100% of all the funds got stolen.

Also !!! : if i remember cryptopia have 2k withdraw limit per day, how hackers manage that ? How they break that system ? as i know cryptopia say " Withdraw limit for security " ..... Another scamm exchange
We don't even know if the accounts got hacked or if their cold/hot storage itself got hacked. Again, we don't have enough information to make conclusions.

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January 16, 2019, 08:49:41 AM
 #5

The media are surely enjoying this event. It has become the trending topic on my crypto community. Luckily I never use this exchange since last year.

Im 100% sure that they manage that, for sure that the ""Hacker"" is the owner of cryptopia.

There is no fact yet to support your accusations. If you have some proofs or at least evidence suggesting this possibility then feel free to share. In fact, there's still a 'dispute' on how much actually got stolen.[1]

Cryptopia is an top exchange and they cant store more than 50% of cryptocurrency on offline wallet ? how stupid can be ?

I don't think cryptopia is a top exchange, and even if they were, doing something stupid is quite possible. Maybe they make mistake here and there, and the 'hackers' use that.

If they got on to the computer where they were stored, it would be easy. Cryptopia should have had the funds in cold storage, not in a hot wallet

I honestly doubt they don't use cold storage, but it's just speculation without any basis. We can only wait and see, and if there's time, probably track the transactions on the blockchain.

[1] https://www.chepicap.com/en/news/6626/what-we-know-of-the-cryptopia-hack-so-far-.html
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January 16, 2019, 04:13:08 PM
 #6

Of course it is an exit scam.  There is no doubt in my mind that the owner of cryptopia is involved in this heist.  We have seen this same scenario play out multiple times with exchanges and they always claim to be "hacked".  Its really sad because once they convert all that crypto to Monero it will be impossible to track.
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January 16, 2019, 05:31:12 PM
 #7

Yes, we might haven't a piece of solid evidence or proof that we conclude Cryptopia exchange is an exit scam. But if you are looking out the Exchanges thread there's an issue regarding that exchange. Last year my friend deposit on his Byteball coin on that exchange but they freeze it around 3 months before he can trade into Bitcoin and withdraw (he still lucky). So shitty isn't it?

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January 16, 2019, 05:37:04 PM
 #8


Cryptopia Hack Update: While Police Investigation Continues, People Demand Refund from Hacked Exchange

Accordingly, on January 15, 2019, police have locked down Cryptopia’s Colombo St headquartered office and published an initial report on its official website. However, police examined the office yesterday but no comments from the company’s officials are available yet. Further, the police are doing its best and in talks with the relevant agencies to partner within the country and overseas as well.

this problem is going to make a lot of noise

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January 16, 2019, 05:53:10 PM
 #9

remember cryptopia have 2k withdraw limit per day, how hackers manage that ?
It can be the hacker got access their hot wallet and take all everything he wants without following the exchange's withdrawal flow system.

And same as few people I have some thoughts that this is some kind of exit scam but let's wait until some news and updates. I just saw some tweet that some of the funds we're forwarded to binance and the account or funds was freeze, and that's pretty stupid thing that hacker can do since blockchain is public and every moved coins will be traced.

https://twitter.com/cz_binance/status/1085511601665368065

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January 17, 2019, 11:33:44 AM
 #10

Im 100% sure that they manage that, for sure that the ""Hacker"" is the owner of cryptopia.

Cryptopia is an top exchange and they cant store more than 50% of cryptocurrency on offline wallet ? how stupid can be ?

Also !!! : if i remember cryptopia have 2k withdraw limit per day, how hackers manage that ? How they break that system ? as i know cryptopia say " Withdraw limit for security " ..... Another scamm exchange

Yeah, It's logical that the hackers respect the rules of daily withdraw limit.

more needs to be our interest in what will be the end of Cryptopia. Many users have a non-ethereum deposit there and the need to allow at least they get their money.
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January 17, 2019, 12:35:04 PM
 #11

All are possible OP so they can really scam or hack us still better to look at the worth of anything like in cryptopia i think this is a good trading site here in crypto then if they turn to scam or hack site that's part of taking risk in this site and actually if you not know this that's your own fault so study first any site here before you do invest and for me withdraw your btc and alts in trusted wallet so your really safe then no reason to experience scam of hack

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January 17, 2019, 09:37:49 PM
 #12


Cryptopia Hack Update: While Police Investigation Continues, People Demand Refund from Hacked Exchange

Accordingly, on January 15, 2019, police have locked down Cryptopia’s Colombo St headquartered office and published an initial report on its official website. However, police examined the office yesterday but no comments from the company’s officials are available yet. Further, the police are doing its best and in talks with the relevant agencies to partner within the country and overseas as well.

this problem is going to make a lot of noise

The main problem I see here is that the authorities might end up seizing assets, either because the exchange has been fraudulent in one way or another, or the fact that it isn't registered as exchange.

I am sure that most people expect such a shady exchange to participate in fraudulent activity, so it's going to be interesting to see where this goes. After BTCe went down I haven't had any interest in using similar exchanges anymore.

I get it that people don't want to walk themselves through KYC/AML verification requirements, but playing Russian roulette with your funds on exchanges such as Cryptopia isn't a good thing either....

 
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January 18, 2019, 10:40:28 PM
 #13

Just wait for the process of investigation.

Overall, all statements are just a pure speculation.

No way they will just do an exit scam "easily" because they are fully compliant with New Zealand's crypto regulation. That means they are legit established company there. Im not disregarding the possibility of exit scam but I believed there's a "hidden stuff" here which all of us here didn't know so just wait for progress rather than assuming.

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January 19, 2019, 03:52:22 PM
 #14

No way they will just do an exit scam "easily" because they are fully compliant with New Zealand's crypto regulation. That means they are legit established company there. Im not disregarding the possibility of exit scam but I believed there's a "hidden stuff" here which all of us here didn't know so just wait for progress rather than assuming.
Still possible, if they file a bankruptcy due to the hack issue and somewhat refund some small percentage of the users funds or not at all and run the remaining. But of course all of them are speculations. Its been days already but still no positive report of the investigation.

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January 19, 2019, 11:06:30 PM
 #15

Cryptopia was closed due to the New Zealand police investigation https://www.police.govt.nz/news/release/update-investigation-involving-cryptocurrency-company
I find for example Cryptopia BTX wallet still untouched https://chainz.cryptoid.info/btx/wallet.dws?6363903.htm
the question is when will it work again, I also think it will be very hard to recover.
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February 15, 2019, 08:38:10 PM
 #16

I use only bittrex and binance. Tried this one previously but I am glad that give up soon after registration.
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February 15, 2019, 09:08:39 PM
 #17

I use only bittrex and binance. Tried this one previously but I am glad that give up soon after registration.

bittrex is a scam website - AVOID!- WITH PROOF!!

My Bittrex account has been disabled.

Bittrex blocked my account more than 2 weeks ago and still don’t answer at all

BITTREX.COM 1.000.000$ disabled

Bittrex scams $millions and the community is in denial phase!

bittrex are also not trustworthy with lots of money

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February 16, 2019, 10:10:47 AM
 #18

the question is when will it work again, I also think it will be very hard to recover.
The case of cryptopia exchange is unsolved, so probably my guess is taking a lot of time before it will recover or it will close forever.
Yes, ZN police authorities now are still working on that case and hopefully it will solve because a lot of traders suffer on their loss due to that exchange.

I don't know which decentralized exchange now we trusted for, hence, they also have a possibility of scam prone. My question is, what exchange next? HitBTC? as I noticed shitty exchange having scam exit.

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February 16, 2019, 01:43:38 PM
 #19

the question is when will it work again, I also think it will be very hard to recover.
The case of cryptopia exchange is unsolved, so probably my guess is taking a lot of time before it will recover or it will close forever.
Yes, ZN police authorities now are still working on that case and hopefully it will solve because a lot of traders suffer on their loss due to that exchange.

I don't know which decentralized exchange now we trusted for, hence, they also have a possibility of scam prone. My question is, what exchange next? HitBTC? as I noticed shitty exchange having scam exit.

There some development on the case as reported. And NZ authorities have given the go signal that the exchange can resume their operations. But it seems Cryptopia remains offline as of this time. And hinting from the report, it seems that NZ has cleared Cryptopia of any internal malpractices to say the least

https://cointelegraph.com/news/new-zealand-police-say-cryptopia-is-ready-to-resume-trading-but-platform-remains-offline

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xtraelv
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February 16, 2019, 02:40:31 PM
 #20

the question is when will it work again, I also think it will be very hard to recover.
The case of cryptopia exchange is unsolved, so probably my guess is taking a lot of time before it will recover or it will close forever.
Yes, ZN police authorities now are still working on that case and hopefully it will solve because a lot of traders suffer on their loss due to that exchange.

I don't know which decentralized exchange now we trusted for, hence, they also have a possibility of scam prone. My question is, what exchange next? HitBTC? as I noticed shitty exchange having scam exit.

There some development on the case as reported. And NZ authorities have given the go signal that the exchange can resume their operations. But it seems Cryptopia remains offline as of this time. And hinting from the report, it seems that NZ has cleared Cryptopia of any internal malpractices to say the least

https://cointelegraph.com/news/new-zealand-police-say-cryptopia-is-ready-to-resume-trading-but-platform-remains-offline

While the police has just given them back their buildings it does not mean they can just start trading again. It would be quite reckless to just throw the doors open without doing a proper security review of everything.  There will be quite a lot of work for them to do on their site to ensure safe trading can occur.
As you can imagine - during the investigation there was no staff working on the site (other than to assist the police) and they had no access to their building - now that they do have access to their building they will have to assess the situation and make changes. The police focuses on the preservation of evidence and finding the perpetrator - but the police don't fix the website or whatever cause the breach.
They will also need to prepare for an exodus. There will be quite a few people that will withdraw their funds from the exchange. Times like this remind that it is important to only keep funds necessary for trading on an exchange.

I don't know which decentralized exchange now we trusted for, hence, they also have a possibility of scam prone.

Decentralized exchanges and exchanges with questionable jurisdictions are more risky.  Who are the owners ? Who will investigate ? Who will be held responsible ? At least with a licensed exchange there will be some required standards of care and accountability.

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