CRYPTOPIA SHUTTING DOWN: Investor losses

[Lakai01]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

[Bavaria]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

[moynul2050]

if indeed Cryptopia is re-opened, and the trade returns to good work, investors may not experience a loss, but if the Exchanger's condition does not recover, investors will lose a lot of assets.

[tippytoes]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

Still they are not learning their lessons. Maybe, they are waiting to lose their entire portfolio before they realise that they need to keep their coins in their own wallet. Big and famous exchanges are not free from possible hacking incident, so you should always keep your coins safe and secure.

[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

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.

I hope your losses will be minimal. Any exchange sinking and taking customer funds with it is unacceptable.

If the Cryptopia owners did anything wrong we will hear about it when the news is released in the coming days and weeks.

[ajaymukund]

They actually claimed that Cryptopia was bankrupt and would not open it again. they are delaying and calling for more than $ 2 million to be able to pay investors.
This is really a very unfortunate incident and also an experience for traders. we should not send money to a small exchange and do not have a reputation in the crypto market.

[michellee]

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?

Of course, the investor will lose their money because I think many investors still have their coin in that exchange, and they are not yet to withdraw their coin and send it into another exchange. So they could only hope that cryptopia can re-opened and allow investors to withdraw the funds. But if they don't re-opened, then the investor will regret that because they lose their coins without having a chance to withdraw.

[JollyGood]

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.

Agreed. As another user posted in another thread, exchanges should only be used to trade. When the trade is complete the coins should be withdrawn.

[HudiBaba@06]

It totally Doesn't Feel like Cryptopia is losing it's all investments. I hope they will be Prepared with their Backup Plan. As I personally felt Cryptopia just doesn't go into Vain just like that. Cryptopia mostly holds its investments safely as it should for now we cannot just make  Statements until its Confirmed. I
Hope it doesn't let all the Big time Investors Down.

[JollyGood]

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.

Exchanges are all targets for hacks. Better to avoid them and only use them to trade only.

[Jonking]

the time cryptopia re-opens their deposit after the hacking problem, i knew it that this would happen..

[Bavaria]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

Still they are not learning their lessons. Maybe, they are waiting to lose their entire portfolio before they realise that they need to keep their coins in their own wallet. Big and famous exchanges are not free from possible hacking incident, so you should always keep your coins safe and secure.

Maybe they are too lazy or don't understand fully how to properly store assets. Anyway, nothing good will come of staying without additional efforts.

[ukloon]

Surely a well established exchange like cryptopia will have have plenty of reserves in it's cold storage wallets. Those are impossible to hack unless it is an inside job. Those funds should be enough to keep it going and cover the losses from the ethereum hack

[Makkara]

Surely a well established exchange like cryptopia will have have plenty of reserves in it's cold storage wallets. Those are impossible to hack unless it is an inside job. Those funds should be enough to keep it going and cover the losses from the ethereum hack

In case you didn't know the exchange was declaring bankrupt and is already trying to liquidate what is left. Quite a shit situation.

[JollyGood]

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.

I agree with your views that when they re-opened and allowed deposits but blocked withdrawals it means something is not right and something was not right.

[LogitechMouse]

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.

I'm thinking that is a trap for the users of cryptopia but there is a fault on the part of the users too. They know already that the exchange is vulnerable to hacking. Why they didn't transfer their coins to other exchange or rather sell their tokens at a loss and take away all of their funds their. I have tried to trade on cryptopia once when I trade Centra token I remember. I don't like the exchange for some reasons.

[ashmodeus]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

i still do the same thing,because what?
i do it for quick trading if i see some big changes on market graph,
and of course i think twice or even more what exchange i choose for it.
and i never do that in exchange such a cryptopia,nova exchange,livecoin,coinexchange,
i am not saying that all exchange is same,but on this cases, they are have more more unfamiliar coins.
and i just think maybe not safe to saving our asset there.

[Bavaria]

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

i still do the same thing,because what?
i do it for quick trading if i see some big changes on market graph,
and of course i think twice or even more what exchange i choose for it.
and i never do that in exchange such a cryptopia,nova exchange,livecoin,coinexchange,
i am not saying that all exchange is same,but on this cases, they are have more more unfamiliar coins.
and i just think maybe not safe to saving our asset there.

Well, I guess i should be happy for you.
It wasn't about day trading or trading at all, but about storing assets on exchanges instead of using cold wallet.

[Oceat]

I feel bad of those investors and traders who left their coins on that exchanges, i guess cryptopia have to save their business because of that recent hack attack.

Lesson learned here:
Always take your coins in any exchanges and never make it as your online wallet.
Exchanges are the number one target of the hacker if they want your crypto.
There is no safe exchange that ever existed.

Link for info:
https://www.chepicap.com/en/news/9702/cryptopia-liquidation-everything-we-know-so-far-about-the-shutdown.html

[johanesrobin]

After the hack case, now one by one the exchanger looks bad. this is a big question for every user.
Will we believe in exchanges like that?

this will be a concern, and a warning for each user.