CRYPTOPIA SHUTTING DOWN: Investor losses

[JollyGood]

So here is the main issue I have with the announcement Cryptopia is shutting down.

After the theft of the coins Cryptopia re-opened and continued doing business but ended up closing down.

If Cryptopia had not re-opened after the theft of the coins, what would investors have lost?

After Cryptopia re-opened and allowed investors to deposit and withdraw funds, what will investors lose?

I would take a guess and say it is highly probable that Cryptopia was re-opened after the theft with at least one eye on the possibility that they could shut down at a later date and hand over to an administrator after regaining customer confidence meaning they would send funds to Cryptopia wallets again therefore more funds would at Cryptopia funds when they closed down.

There was no rush for them to allow deposits after re-opening, they could have allowed trading and withdrawal for a short time to see where the business was going but opted to go down a different route.

It seems investors will now end up losing more as a result of them re-opening after the hack because they never thought through the best way forward instead of rushing in.

[Adriano2010]

Investors lose all coins they had on exchange because some of them hold coins on exchange, but even so i don't know if they return all coins. Investors don't lose nothing after cryptopia enable and allowed deposit, but maybe cryptopia try to see if they can get new users and if they see the drop decided to close.

[target]

Investors lose all coins they had on exchange because some of them hold coins on exchange, but even so i don't know if they return all coins. Investors don't lose nothing after cryptopia enable and allowed deposit, but maybe cryptopia try to see if they can get new users and if they see the drop decided to close.

I guess they were trying to save the business,  they were hoping to see if some users will get back on again and continue trading after all what had happened. Of course its not that simple now that we've seen them vulnerable. Investors were given time to withdraw when they reopened, those who deposited took the risks. I doubt if there were many of them though.

[JollyGood]

Investors lose all coins they had on exchange because some of them hold coins on exchange, but even so i don't know if they return all coins. Investors don't lose nothing after cryptopia enable and allowed deposit, but maybe cryptopia try to see if they can get new users and if they see the drop decided to close.

I disagree. After Cryptopia re-opened it allowed users to invest by sending their crypto there again.

After Cryptopia closed down recently, all those people that deposited their crypto might stand to lose it all.

We wait for Cryptopia administrators to make a full press release.

[Ailmand]

Cryptopia has tried their best to save the exchange but thing didn't work. That's the risk of investing and storing coins in an exchange. Any unexpected thing could happen anytime so it's best to keep our earnings in a more secured wallet to get rid of these instances.

[bitbollo]

The liquidators are focused on securing the assets for the benefit of all stakeholders.

At this moment we can't say what investor will lose.
Until there are no news it's totally useless spread FUD or other speculations.
Not all coins/tokens from the exchange have been stolen.

[HELLOFF]

Of course I do not envy the administration of the resource, as well as users who may lose their money.  This proves once again that we should not store all eggs in one basket, especially on the trading exchange.  There is no fault of the administration, although it is always necessary to improve the degree of security of the resource.

[serjent05]

Cryptopia should have not opened and allow deposit after the hack in the first place, I think it is just a trap for the users.  I think they are finding way to give back what their investors had lost on that hack by liquidating the depositors token and funds.  They can just say they are closing and give time frame to enable users to withdraw their coins and tokens.  But  instead they just announced that they are closing and suspended withdrawals in a sudden.  That is a broad daylight robbery in my opinion.   I just hope that depositors can get their funds back.

[JollyGood]

Cryptopia should have not opened and allow deposit after the hack in the first place, I think it is just a trap for the users.  I think they are finding way to give back what their investors had lost on that hack by liquidating the depositors token and funds.  They can just say they are closing and give time frame to enable users to withdraw their coins and tokens.  But  instead they just announced that they are closing and suspended withdrawals in a sudden.  That is a broad daylight robbery in my opinion.   I just hope that depositors can get their funds back.

That was my concern too, why did they re-open allowing deposits again?

Something does not add up and it seems that investors will suffer while another crypto exchange collapses.

[klaaas]

I guess they were trying to save the business,  they were hoping to see if some users will get back on again and continue trading after all what had happened. Of course its not that simple now that we've seen them vulnerable. Investors were given time to withdraw when they reopened, those who deposited took the risks. I doubt if there were many of them though.

Indeed. I was expecting something like the nicehash reimbursement program but to much damage was been done it seems. 

[neatworld]

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

[$anounimus$]

I guess they were trying to save the business,  they were hoping to see if some users will get back on again and continue trading after all what had happened. Of course its not that simple now that we've seen them vulnerable. Investors were given time to withdraw when they reopened, those who deposited took the risks. I doubt if there were many of them though.

Indeed. I was expecting something like the nicehash reimbursement program but to much damage was been done it seems. 

I think it is difficult to be able to replace a new nicehash because it requires a lot of capital and they also think of missing funds from traders so maybe they better close and choose not to continue the platform.

[JollyGood]

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

Yes it has many hallmarks of an exit scam.

I remember when their service was unavailable a couple of years ago because they were "upgrading" their servers adding lots and lots of new coins in one go. Since then the site was never he same again.

The recent "hack" is definitely not the whole story, I wait for the full true story to come out.

[Mux@]

I was lucky by chance, because just before the closure of the Cryptopia exchange, I withdrew almost all the funds from my account. On the account there were only those tokens, the withdrawal of which was closed, but they cost only about $ 50. Nevertheless, I expected to still get this unfortunate money when the exchange resumed work, but the withdrawal of these tokens was not active, and the exchange closed again. I sympathize with those less fortunate than me. Trading on cryptocurrency exchanges is a very risky business!

[Gozie51]

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

This news is unfortunate, I just realize I opened the exchange but don't know how many coins I bought there yet. I have to make a check on that. I just hope I don't have much coin there, that is if I can still be allowed in.

[arpon11]

That is why keeping your trading or investments fund in an exchange is a very risky thing to do and we should be very careful whenever you hear about an exchange's platform been hack as it is few of them that do come out very strong again. Deposits funds may not all be withdraw before the  shutdown of cryptopia exchange and it is painful if one deposit money after the hacked and their are on able to withdraw before the shutdown.

[krostue]

unfortunate to see them go. Seemed like they were trying to get their nose clean, despite the fact that so many pump spam messages encouraged insider trading there. kek. oh well. one of the primary lessons in crypto, as per exchanges.

get in, get what you want, get out

^this is why i used to like shapeshift, but that is another thread.
good luck to all you users on that spreadsheet

[timmmers]

Guys, who are using small centralized exchanges? And if you use it, why don´t you immediately send funds to your wallet?
Small exchanges are not regulated, they do not have insurance or enough funds to cover all loses.

[zgrdyg]

Guys, who are using small centralized exchanges? And if you use it, why don´t you immediately send funds to your wallet?
Small exchanges are not regulated, they do not have insurance or enough funds to cover all loses.

Cryptopia wasn't that small. Also they were on the market for a long time.

Still, this hack seems to me like an exit scam to me from day one. We learned again, never trust an exchange.

[South Park]

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

It is obvious to me they tried to run their exchange as if nothing had happened and were expecting the community was dumb enough to believe in them again, but that did not happen so they changed their plan, while I really hope they do not scam the users that believed in them at the same time I do not know what they were thinking, why deposit your money in an exchange that was recently hacked and that is not allowing withdrawals? At some point they need to use their common sense and stop trusting in centralized exchanges.