Is cryptopia dead?

[justone123]

So i'm just wondering what's the current state of Cryptopia? By looking almost all coins have 0 volume. Is the exchange closed. Will it reopen? If yes, then when? Can someone update me on status of cryptopia?

[vv181]

We could say Cryptopia is on a process of being 'resurrected' because the exchange was recently hacked, and suffer a significant amount of losses. The NZ police already made an investigation, and the cryptopia team is working on to reopen the exchange to the regular state. You can see the latest update about the exchange on the official Twitter account https://twitter.com/Cryptopia_NZ

[r1a2y3m4]

For what I've heard in this forum, I saw that cryptopia was recently hacked. And it could be restored any time soon. Are your funds safe?

[Nifflerco]

Does exchange plan to work on reimbursing their customers after they relaunch? Must be hard to re-launch after rep is damaged so badly.

[mk4]

Yes. They have reopened last month.

Now, should you still use them? That's another question. I'd only use it if I had no other choice; and one thing's for sure, I definitely would leave funds on Cryptopia for more than 5 minutes.



Tweet link: https://twitter.com/Cryptopia_NZ/status/1107811759941779456

[ryzaadit]

If crytopia want to resume their platform, the user needs to use crytopia more longer because of this hack i think a lot their customer will try to withdraw the money. The reason i say this, they need some fund to recover from the hack it can be from :

• Fee Trading
• Listing Fee
• Withdrawl Fee

And other services, if all customer withdrawal their asset crytopia will OUT OF FUND. They can't pay their customer because of this significant lose from hacking.

[Nifflerco]

Yes. They have reopened last month.

Now, should you still use them? That's another question. I'd only use it if I had no other choice; and one thing's for sure, I definitely would leave funds on Cryptopia for more than 5 minutes.



Tweet link: https://twitter.com/Cryptopia_NZ/status/1107811759941779456

I assume you meant that you wouldn't leave funds on Cryptopia for more than 5 minutes. I agree to your point, it's a stain that you can't really washout afterwards.
The intentions however are good as easy option would be to declare bankruptcy and not even try to recover.

[pawanjain]

So i'm just wondering what's the current state of Cryptopia? By looking almost all coins have 0 volume. Is the exchange closed. Will it reopen? If yes, then when? Can someone update me on status of cryptopia?

The last thing I read about cryptopia was that it is being maintained and it had also made a statement where it said that the exchange will be up and running soon (since it is down since the hack occurred).
Also, cryptopia will try to reimburse the lost funds and give back the users what they had lost although no guarantees.
I guess it would take time but at least they are trying from their side to make things alright.

[1Referee]

The downside of the crypto space is that shitcoins getting 51% attacked or exchanges getting "hacked" aren't going anywhere. People continue to invest and use both of them as if nothing has happened.

Cryptopia is back trading and it seems that the users are pretty happy with that. I wouldn't waste one single second on an exchange like that, but since most people don't care anyway, they'll keep using this stuff till they end up losing funds. After all, people only learn when they lose money, so it will be an expensive lesson for sure.

Just look at Yobit. It has consistently been one of the shittiest exchanges, yet people still use it.

[milewilda]

The downside of the crypto space is that shitcoins getting 51% attacked or exchanges getting "hacked" aren't going anywhere. People continue to invest and use both of them as if nothing has happened.

Cryptopia is back trading and it seems that the users are pretty happy with that. I wouldn't waste one single second on an exchange like that, but since most people don't care anyway, they'll keep using this stuff till they end up losing funds. After all, people only learn when they lose money, so it will be an expensive lesson for sure.

Just look at Yobit. It has consistently been one of the shittiest exchanges, yet people still use it.

People wont ever learn after they lose money which is really the "sad reality" we are seeing for how many years.Even just depending on our common sense
we would able to spot out that it isnt already ideal on using up an exchange which do have already some stains into its reputation.Incidents of being hacked would be tied
up forever on the name of certain exchange, majority would leave and pull out their funds but there are really people tend to remain.I do somehow amazed on what cryptopia
is trying to retrieve but they cant really take those things back but atleast they are still trying.

[BitHodler]

Looking at their very low volumes, it may seem that they are very near the point of collapsing, but no one knows how long they can keep it up to have their platform running without profits.

Maybe, maybe that with time their volumes will somewhat recover, but looking at what happened with BTC-E that later on turned into WEX, I don't have much hope for a miraculous recovery, but never say never of course.

'Positive' side of their low volumes is that they aren't generating fake volume to make it appear that they are more active than they in reality are. They are very vulnerable being in this position, so respect for that.

[jhenfelipe]

Yes. They have reopened last month.

I don't think re-opened is the right term. Just say that they resumed trading for some pairs.

Some trading pairs have been resumed, but Cryptopia is still in "Read Only" mode. Only those who have coins inside the exchange can trade because Withdrawal and Deposit are still disabled. Most likely the reason why there's a low volume.

They will re-open fully after securing all the wallets. If when, I don't know (how I wish it would be sooner). Just check their twitter page for updates @Cryptopia_NZ and you can join the discussions in their ANN thread too.

[akamit]

I have one token there with some amount, just now tried to withdraw the funds but it is still on maintenance.
In my opinion, they are not dead yet, they are trying best of their ability to resume their service and I hope they will compensate the users who lost coins during the hack.

[harizen]

So i'm just wondering what's the current state of Cryptopia? By looking almost all coins have 0 volume. Is the exchange closed. Will it reopen? If yes, then when? Can someone update me on status of cryptopia?

You just need to follow their Twitter account rather than going back to this thread. You will only read opinions, views etc. here.

https://twitter.com/Cryptopia_NZ

For now, Im consider them as "dead" until not 100% operational. I have funds there and I believed it will now be converted to their own token (if my understanding is right just like what happen in Bitfinex). The moment they will resume and my tokens are now gone, will play with the waters for my remaining funds there. If conversion will not happen, then I will get out immediately.

More importantly, never attempt to deposit on this exchange again unless you know what you are doing.

[LeGaulois]

Cryptopia will need several months, maybe several years, before regaining the trust of users. The scenario that occurred is one of the worst for an exchange. Most people have left and have no intention of coming back, they won't feel secure anymore. And among those who come back, it's just to see if they have the possibility to recover their coins and leave.

[enhu]

It may really take time before people start trusting them again. I myself had an account which somehow got few hundreds on it, I'm not going to withdraw it fro them so I'm still a loyal client but might not be trading on them til I find something worth going back.  I haven't submitted KYC to them so I guess I'm still with them.

[carlfebz2]

Looking at their very low volumes, it may seem that they are very near the point of collapsing, but no one knows how long they can keep it up to have their platform running without profits.

Maybe, maybe that with time their volumes will somewhat recover, but looking at what happened with BTC-E that later on turned into WEX, I don't have much hope for a miraculous recovery, but never say never of course.

'Positive' side of their low volumes is that they aren't generating fake volume to make it appear that they are more active than they in reality are. They are very vulnerable being in this position, so respect for that.

Too early too judge but most of these cases on where exchangers have recently hacked and comeback to life would really have that hard time on regaining the trust of their users.Low volume is already the proof that it had been decreased drastically wayback before the incident.We cant really point out that they will die but we can already make presumptions.

[nc50lc]

Does exchange plan to work on reimbursing their customers after they relaunch? Must be hard to re-launch after rep is damaged so badly.

Well, they've sent an email to all of their clients regarding the hacking incident including the information about reimbursement.

Here's the part where the refund was stated:

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.

From the looks of it, lost coins will be replaced by CLM tokens/coins which have a value of 1 New Zealand Dollars each ($0.67 USD).

[Netnox]

So i'm just wondering what's the current state of Cryptopia? By looking almost all coins have 0 volume. Is the exchange closed. Will it reopen? If yes, then when? Can someone update me on status of cryptopia?

All of your questions will be answered if you go through this thread:

https://bitcointalk.org/index.php?topic=5097601.0

I guess that is the official thread for the Cryptopia exchange here in Bitcointalk. And the tentative date for re-opening for the exchange is sometime in June 2019.

[erikalui]

Does exchange plan to work on reimbursing their customers after they relaunch? Must be hard to re-launch after rep is damaged so badly.

There will be a rebate for customers who unfortunately lost funds. We are working through the logistics of this to ensure it is equitable and in compliance with local laws.

This is what they said in their email on March 22nd but they haven't started any withdrawals yet and I don't even know how much I have lost as I had many coins in the exchange. They have deposited some 26.94410377 CLM coins but what the amount indicates is what I don't know. Hope they process withdrawals soon and reimburse the customers.