End Of The Road To Cryptopia? After Loosing $16M To Hackers.

[Inosend]

I still don't believe that the cryptopia hack was an outside job. I think that the cryptopia exchange owners have in hand in this and they stole from users, called it hack and went for liquidation. Just as we saw at quadrigax this other exchanges are mimicking this

[JuliaJi]

When I read such news I dont know in what to believe... how such old with big experience exchanges have such problems.. and if it really possible to have safe data and funds in real time?

[anjho.ace]

This one really scares me as i have many tokens on my account at cryptopia.
i really wish they will back to normal operation for atleast a day just to withdraw our tokens.
It is not a joke amount and i put efforts on doing bounties and making research to get those amount.

[||bit]

I don't think they lost only 16m $. Cryptopia wasn't a very small exchange they had decent volume and user base and they lost all eth and probably eth tokens so their loss should be higher than 16m $. Also, i can't be sure if any hack news is real or not. It always felt like a "hack". Even binance hack seems fishy so i have my suspects about cryptopia too.

Still, if 16m $ was their lost i can't believe they can't cover it. They were charging 8 btc for listing and they were having lots of trading fees.

[Osayo]

Cryptopia Exchange has Gone Into Liquidation After Hackers took away what was reported to worth about $16M in January this year. The New Zealand exchange going down!
In this news; https://www.cryptoinformers.info/news/137-cryptopia-exchange-goes-into-liquidation-after-hack the story of the hack was told.

This is a very pathetic thing. This is where the blockchain technology seems to lag. If this was to happen to a bank, it would have been very easy to track down the hackers. Something has to be done about the security of the blockchain.

[Ailmand]

yes, that is the end of cryptopia. i really enjoyed using this exchange, but by the sudden closing down i lost about 0.001 btc. that is not a lot of money, but annoying anyway. to come back after the hack, and then close again after a few days is stupid. now, more people have lost money and it will take time to make good on their claims. 

Hacking could be an exit scam from the exchange itself unless independently verified. Cryptopia was already a lost cause. Any amount I had in the exchange had decreased to such low that it was not worth trading. Cryptopia is going down with hundreds of other unless coins and tokens. Glad no new investor would be convinced by it's fake pump and dumps.

But $16M is still a small amount for Cryptopia to exit that easy. They're actually losing more than that said amount. Cryptopia was a good exchange and it's just disappointing that hackers have broken their reputation as well. No exchange is exempted from any hacking despite their complete security measures.

[qazgroup]

Another exchange bites the dust this time due to hacking of funds, some other exchanges are closing perhaps due to low volumes and no funds for maintaining the exchanges, i think it is high time that all these exchanges are regulated like forex brokers and their should be a licensing and monitoring agency for all the crypto exchanges only that way investors and traders can feel better and safe.

[redsun114]

Cryptopia Exchange has Gone Into Liquidation After Hackers took away what was reported to worth about $16M in January this year. The New Zealand exchange going down!
In this news; https://www.cryptoinformers.info/news/137-cryptopia-exchange-goes-into-liquidation-after-hack the story of the hack was told.

Meehn, hackers are really tuning everything there is in cryptocurrency. There really should be something done about all these things that are happening. And sometimes I do have these exchnages to blame, I just don't know why most of them are behaving like they don't care and being less concerned, I just can't understand why. Security should be their number one priority, they should always make sure that they find ways ways to heighten the level of security on their site to prevent hackers from having access to their site. Really bad they don't even care, seems like they only about money.

[Chika08]

Cryptopias move of closure and all the events that took place as a scam, and very suspicious. I which the government should run a deep investigation on the owners of this exchange.

[anatolij.shishkin]

Who cares about 16 million whales wash billions? Not like hacking does not appear on the market. The market will only see what kind of whale decides to sell off its portfolio and exit cryptocurrency.

[niisarearning]

Another exchange bites the dust this time due to hacking of funds, some other exchanges are closing perhaps due to low volumes and no funds for maintaining the exchanges, i think it is high time that all these exchanges are regulated like forex brokers and their should be a licensing and monitoring agency for all the crypto exchanges only that way investors and traders can feel better and safe.

Some of my funds are hacked and it was marked as Cryptopia Loss marker as i thought atleast i will get fund returned then after while i was checking It has stopped operation for liquidation . I had even some more fund which were not hacked now i completely loose my fund . These exchanges has to be regulated.

[DeathGrasp]

I don't think they lost only 16m $. Cryptopia wasn't a very small exchange they had decent volume and user base and they lost all eth and probably eth tokens so their loss should be higher than 16m $. Also, i can't be sure if any hack news is real or not. It always felt like a "hack". Even binance hack seems fishy so i have my suspects about cryptopia too.

Still, if 16m $ was their lost i can't believe they can't cover it. They were charging 8 btc for listing and they were having lots of trading fees.

Yes, given the situation with Bitfinex and raising funds to the amount of almost 1 billion dollars, The situation with cryptopia does not seem very clear. On the other hand I do not see any problems at the moment because they have declared bankruptcy by legal means, it remains to wait for a formal solution of this problem.

[Little_king]

Cryptopia used to be a quick profit making exchange for all then as lot of token there used to do 200-1000% and people use it a lot which is more reason some will have their money hanging now .

The funds that was stolen was even low to that of binance but couldn't hold it which is a bad omen to crypto now a days as hacker is taking every measure to hack on a daily basis .

[Yalovtsev]

Well, actually a strange situation,after 1 million of loss,screaming that it's 10-15% of our actiwave was gone,so not that terrible,in a month all will return and everything and silence,and then the news that they are closing,so what!?the fact that they lied about 10-15%,and there's at least 50-70% of the assets are gone,otherwise I would so direct is not closed quickly,although anything can be

[rijaljun]

https://www.theblockcrypto.com/tiny/cryptopia-founder-plans-to-set-up-new-exchange/
https://decryptmedia.com/7132/cryptopia-hack-liquidation-new-exchange

The founder seems want to create new business at same field (crypto exchange) but with advanced technology. Unfortunately this is not really good. Either to use advanced system or the old one, it's useless if they still aren't able to resolve big issue such as refunding investors' money.

[Wayan_Pedjeng]

Well, actually a strange situation,after 1 million of loss,screaming that it's 10-15% of our actiwave was gone,so not that terrible,in a month all will return and everything and silence,and then the news that they are closing,so what!?the fact that they lied about 10-15%,and there's at least 50-70% of the assets are gone,otherwise I would so direct is not closed quickly,although anything can be

Still there is not much clarity on how much they lost during the hack. According to them, 9.8% of the total funds were lost during the initial hack. And this was confirmed by some third party individuals as well. But then, in May some more coins (ETH) were stolen from the wallets after the users made deposits to them despite the warnings. That was when they decided to close down.

[Callanta787]

Cryptopia is a very good altcoins exchange so far and its just sad to see it go away ,its always better not to leave your coins and tokens on any exchange no matter how popular the exchange maybe ,anything can happen at any time

[adaseb]

Well, actually a strange situation,after 1 million of loss,screaming that it's 10-15% of our actiwave was gone,so not that terrible,in a month all will return and everything and silence,and then the news that they are closing,so what!?the fact that they lied about 10-15%,and there's at least 50-70% of the assets are gone,otherwise I would so direct is not closed quickly,although anything can be

Still there is not much clarity on how much they lost during the hack. According to them, 9.8% of the total funds were lost during the initial hack. And this was confirmed by some third party individuals as well. But then, in May some more coins (ETH) were stolen from the wallets after the users made deposits to them despite the warnings. That was when they decided to close down.

They probably only did lose 10% of the total funds but they went into liquidation probably because they had way too much debt due to the horrible bear market of 2018.

They probably hired a few dozen employees shortly after the peak and volumes quickly declined, which meant lower profits. Then they probably started to borrow money to keep the company operational and wait until "bear market is over" and it did end however they suffered this attack which was basically the nail on the coffin and they probably couldn't find a way out of the hole.

Would of been better to do a haircut for most users instead of shut down completely and everyone losing 100% instead of 10%.

[CLywaTeLb]

The most unpleasant statement in their answers: At this stage we cannot confirm what will be returned or whether crypto assets will be returned as crypto-assets or fiat currency.
It can be assumed that with high probability no one will now receive their assets. Thus, the haircut prepared by all the rules, so that no one thought to be offended .

[josephdd1]

Like many have pointed out here.. i have my doubts on cryptopia's intentions. I think, they themselves swindled the money and now are playing the age-old got hacked trumpet.