CRYPTOPIA SHUTTING DOWN: Investor losses

[kolonel_x]

I read the news published on May 31 and I don't know that I almost didn't believe it would happen. Is there no other way to reduce the loss of traders and holders who still keep their coins in cryptopia. Is this the same as time consuming mtgox long enough to solve these problems

[JollyGood]

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.

Yes I agree with you.

Exchanges should be used for trading otherwise there should be no coins left on exchanges.

[suzanne5223]

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.

Yes I agree with you.

Exchanges should be used for trading otherwise there should be no coins left on exchanges.

Peoples have been warn on several occasions not to keep huge funds or coins they cant afford to loose on an exchange site but I guess if we keep on saying this till next year some people still wont listen.
Aside that, I believe the exchange in subject team are not competent cause this will be the second time this year which the exchange was shut down while users loose their fund.

[IvugeoEvolutionCoin]

This is where I believe that SEC or some regulatory body should come in play to prevent and protect this sort of ugly incidence which will put investors in heart ache. Even if an exchange wants to fold up, then someone should fall with it as well as insurance fees

[JollyGood]

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.

That is very sad to read.

Even after all the times exchanges have scammed investors or have been hacked but the owners have not given funds back to investors, so many people still keep their funds on exchanges?

That is basically a disaster waiting to happen.

[JollyGood]

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.

It will never re-open. We just want to read the details if/how/when any scam took place.

[ILScoin]

Such an occurrence from cryptopia is a perfect example of not to keep your coin on an exchange,  because of a susceptible hacking,  I hope they will be able to refund investors if not all but at least they should make a provision for that

[JollyGood]

Such an occurrence from cryptopia is a perfect example of not to keep your coin on an exchange,  because of a susceptible hacking,  I hope they will be able to refund investors if not all but at least they should make a provision for that

That is a valid point. As it was mentioned by another user here, the only time your coins should be on an exchange are when you want to trade. At any other time they should be on your personal wallets.

[8rch7]

I think if the exchange is shutting down several times, this will result in losing customer trust. because some customers must have felt a loss, because the assets are restrained, can not get a profit. if it is reopened, I think it is likely that there will be a transfer of assets to another exchange.

[Mux@]

Such an occurrence from cryptopia is a perfect example of not to keep your coin on an exchange,  because of a susceptible hacking,  I hope they will be able to refund investors if not all but at least they should make a provision for that

That is a valid point. As it was mentioned by another user here, the only time your coins should be on an exchange are when you want to trade. At any other time they should be on your personal wallets.

You will not be safe even if you keep your funds in your wallet, because sooner or later you will still have to transfer your tokens to the cryptocurrency exchange. It is possible that at this moment there will be problems with this exchange. Of course, if you keep the funds on your personal wallet most of the time, then you are less likely to lose them.

[JollyGood]

I think if the exchange is shutting down several times, this will result in losing customer trust. because some customers must have felt a loss, because the assets are restrained, can not get a profit. if it is reopened, I think it is likely that there will be a transfer of assets to another exchange.

I agree but the question the Cryptopia team did not answer was "why" did they re-open after the hack only for customers to start depositing crypto again and only for Cryptopia to close down permanently this time.

[JollyGood]

You will not be safe even if you keep your funds in your wallet, because sooner or later you will still have to transfer your tokens to the cryptocurrency exchange. It is possible that at this moment there will be problems with this exchange. Of course, if you keep the funds on your personal wallet most of the time, then you are less likely to lose them.

That was what I was saying. If an exchange is hacked or the exchange decide to scam at the very short time your funds are deposited then there is not much you can do about it.

[nanaimogold]

How the cryptocurrency community has not found a way to insure itself against these kind of exchanges with tendency to cause harm and loss baffles me but then it goes a long way to show that this market is still very tender and hopefully, ills will be corrected in the future

[Dreamchaser21]

This is where I believe that SEC or some regulatory body should come in play to prevent and protect this sort of ugly incidence which will put investors in heart ache. Even if an exchange wants to fold up, then someone should fall with it as well as insurance fees

They must return all the coins of the users, there must be a clear liquidation even if there’s no regulations because for sure Cryptopia is just closing their exchange and make a new one since they know the opportunuties in the market. I doubt that they will totally leave the market easily, we should watch out for this.

[barlo357]

I think you should not place your funds in the exchange for a long-time. Because exchanges are still more vulnerable to this kind of thing and also vulnerable to hackers. Better place them somewhere safer like a wallet instead of exchange sites.

[NathanJB]

I think you should not place your funds in the exchange for a long-time. Because exchanges are still more vulnerable to this kind of thing and also vulnerable to hackers. Better place them somewhere safer like a wallet instead of exchange sites.

It is never advisable to store crypto holdings in exchanges for a long time. However, it cannot simply be avoided for a good deal of crypto holdings to stay in exchange wallets because it is being actively traded there. It is a huge waste of fees if funds are going inside and out of the exchange every time a nice trade call is made. That is not practical. That is the reason why I have funds left in cryptopia. I just hope they will expedite the entire settlement process.

[JollyGood]

How the cryptocurrency community has not found a way to insure itself against these kind of exchanges with tendency to cause harm and loss baffles me but then it goes a long way to show that this market is still very tender and hopefully, ills will be corrected in the future

If it was a simple thing to do I am sure it would have been addressed by now but it is an almost impossible task. I cannot see how it can happen unless exchanges voluntarily give their profits to an independent fund which will pay and cover for some or all of the losses if the exchange crashed.

[metalglowd]

I read the news published on May 31 and I don't know that I almost didn't believe it would happen. Is there no other way to reduce the loss of traders and holders who still keep their coins in cryptopia. Is this the same as time consuming mtgox long enough to solve these problems

Well, actually traders don't have many choices, lots of coins which in my opinion are quite good and convincing in Cryptopia, unfortunately at the same time pump & dump activities in the exchange still seem to be allowed, maybe the reason is that traders keep away and the rest have to lose because their assets are still there.

[JollyGood]

This is where I believe that SEC or some regulatory body should come in play to prevent and protect this sort of ugly incidence which will put investors in heart ache. Even if an exchange wants to fold up, then someone should fall with it as well as insurance fees

They must return all the coins of the users, there must be a clear liquidation even if there’s no regulations because for sure Cryptopia is just closing their exchange and make a new one since they know the opportunuties in the market. I doubt that they will totally leave the market easily, we should watch out for this.

If there is not enough funds to go around they will be unable to return all the funds to all investors. Unfortunately some investors will never get back all of their funds.

I am still waiting for official news about why Cryptopia failed and what the owners tried to do to save it.

[Cherylstar86]

This is where I believe that SEC or some regulatory body should come in play to prevent and protect this sort of ugly incidence which will put investors in heart ache. Even if an exchange wants to fold up, then someone should fall with it as well as insurance fees

They must return all the coins of the users, there must be a clear liquidation even if there’s no regulations because for sure Cryptopia is just closing their exchange and make a new one since they know the opportunuties in the market. I doubt that they will totally leave the market easily, we should watch out for this.

If there is not enough funds to go around they will be unable to return all the funds to all investors. Unfortunately some investors will never get back all of their funds.

I am still waiting for official news about why Cryptopia failed and what the owners tried to do to save it.

 This is very disappointing news on cryptopia, no one ever expected this to happen since this exchange site gained reputations for their good track record on trading crypto. However, the incident took hard time to be resolved yet their investors find it frustrating seeking hope to recover their funds specially those promising tokens and coins they hold for so long.

I do hope admins of cryptopia will fix this serious issues behind them, and people will get back their asset.