CRYPTOPIA SHUTTING DOWN: Investor losses

[Anonylz]

Well i would say not too surprise to see this happening to be honest, never like that exchange the few times i had to use it because of some alts i need to dispose the experience was far from okey, the exchange freezes and hangs at will, not to mention it was serve as a home for pumps and dumps, i feel for those who will suffer as a result of this mess, another lesson to be learnt especially for those who still keep their coins on exchanges.

[omonuyak]

Well i would say not too surprise to see this happening to be honest, never like that exchange the few times i had to use it because of some alts i need to dispose the experience was far from okey, the exchange freezes and hangs at will, not to mention it was serve as a home for pumps and dumps, i feel for those who will suffer as a result of this mess, another lesson to be learnt especially for those who still keep their coins on exchanges.

Cryptopia was not really doing too bad and the problems started after the hacked of the exchange platform. I have trade with them several time and i think i have never have any issues with the exchange. It attract a lot of people and it is one of the volatile exchange in 2017. The exchange was sut down with some of my tokens in it. I really feel for the investors especially those with huge funds at cryptopia.

[JollyGood]

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.

This exchange is dead. Others will no doubt go the same route too.

Wallets are always better than exchanges so only send funds to exchanges when you want to trade, other than that your crypto should remain on your wallets.

[D3m1r4wanti]

Very disappointing, cryptopia will not provide compensation for capital holders.
it seems that the funds will be a loss to investors and traders.

[unusualfacts30]

this kind of sucks and they had reopen for a bit but then they decided to go this route. not sure if it will ever reopen but I hope it will for the sake of investors. not really sure what's going on their bank side but it won't hurt if they keep people updated rather than leaving them hanging.

[Leo]

Very disappointing, cryptopia will not provide compensation for capital holders.
it seems that the funds will be a loss to investors and traders.

it seems there is a provision to make a plan to refund investors but, but ain't sure if they gonna be able to pay all investors their money,  because the sum is huge

[JollyGood]

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.

I agree, crypto should only be on exchanges when ready to trade otherwise they should be on desktop wallets.

[ikicha]

I agree, crypto should only be on exchanges when ready to trade otherwise they should be on desktop wallets.

Yeah, we know this basic holding.

But, went i sell my shitcoin/altcoin i need to make an order pending, and makes me to store my fund into an exchange because an order pending. If i sell at right now, its mean i will make a instan order. Sometimes the price have a short jump, and went we make a order pending the pump hit thats order.

[lobo13hf]

Up to this moment, cryptopia is still not functioning. I hope it will still be reopened and will still run because I really believed in what happened to them so I hope when they reopened they are now more secure.

that sucks i have some shitcoins in my cryptopia and it's worth a few hundred dollars, but as per the latest announcement and i think that willnever be re-opened again. shitty scam exchange site.
they will never re-opened their service again.
I hope the regulator will take this shit scam exchange site to the court.

[binhvo1505]

I have read some articles saying that Cryptopia is borrowing money from banks of more than $ 2 million to pay debt to investors who have deposited a lot of money there.
Investors have been safe and crytopia has filed and declared bankruptcy.

[JollyGood]

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.

Any exchange at any time can go bust and take your coins/tokens with them.

Golden rule: only keep coins/tokens on exchange when you want to trade or keep those on exchanges that you can cover losses for if they steal from you

[SquallLeonhart]

Very disappointing, cryptopia will not provide compensation for capital holders.
it seems that the funds will be a loss to investors and traders.

It is already loss to majority of them because ever since they had liquidated, there has never been any investor that got paid back their money, and I see this as a scam because irrespective of thee amount that was lost to the scammer, it is still not everything that the scammers stole, so what happened to the money left, at least they would have compensated the remaining investors with it, but rather they chose to join scammer in calving away with the remaining funds in the market.

Prior to when the exchange was short down, I don’t know if investors still had the chance of transferring their coins to another wallet which I expected them to ought to have done rather than waiting and thinking they would be able to resolve the issue like Binance did.

[Lanatsa]

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.

Any exchange at any time can go bust and take your coins/tokens with them.

Golden rule: only keep coins/tokens on exchange when you want to trade or keep those on exchanges that you can cover losses for if they steal from you

Yeah its the Golden rule but most people do fail to follow this up.They would only realize when its too late or they do already lost up their precious coins.

This is why I don't really deposit all in with all of my coins when tending up to trade or I do actively pulling it out nothing matter if I do would pay up network fee anytime but at least I do know that my coins would be safe.

[Smokey23]

The process of going through claims and credits for Cryptopia is expected to take months... I am waiting patiently in line..

[JollyGood]

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.

Seems highly unlikely all Cryptopia users will ever get all their funds back.

The exchange should never have re-opened after their initial "hack". I was very sceptical when they re-opened with all that fanfare and restrictions on withdrawals.

At the time it seemed to me they were only "re-opening" in order to win the trust of their users so they deposited more funds at Cryptopia but it seemed they only had the intention to do so because they were going to close and therefore more funds would be lost for the end user that sent them.

So far, it seems I was correct because all that I thought would happen is actually happening. The final word will be with the administrators when they announce which assets they managed to seize both in crypto and from the owners if they committed any fraud.

[Smokey23]

well they have appointed one of the top 10 firms to take charge of bankruptcy and liquidation proceedings, so hopefully there is some due process followed.

[Ucy]

I have read some articles saying that Cryptopia is borrowing money from banks of more than $ 2 million to pay debt to investors who have deposited a lot of money there.
Investors have been safe and crytopia has filed and declared bankruptcy.

Do you have any link to the site where it is mentioned they're borrowing 2million to pay their customers?
The exchange certainly filed for bankruptcy but it looks like it will take a long time to refund their customers

[JollyGood]

Well i would say not too surprise to see this happening to be honest, never like that exchange the few times i had to use it because of some alts i need to dispose the experience was far from okey, the exchange freezes and hangs at will, not to mention it was serve as a home for pumps and dumps, i feel for those who will suffer as a result of this mess, another lesson to be learnt especially for those who still keep their coins on exchanges.

Users will not learn their lesson as you put it because any exchange can start the process of scamming at any point.

It is all about a matter of sending your crypto to exchanges for trading only, then for them to be withdrawn immediately. It is essential never to leave crypto on exchanges.

[senyorito123]

Well i would say not too surprise to see this happening to be honest, never like that exchange the few times i had to use it because of some alts i need to dispose the experience was far from okey, the exchange freezes and hangs at will, not to mention it was serve as a home for pumps and dumps, i feel for those who will suffer as a result of this mess, another lesson to be learnt especially for those who still keep their coins on exchanges.

Users will not learn their lesson as you put it because any exchange can start the process of scamming at any point.

It is all about a matter of sending your crypto to exchanges for trading only, then for them to be withdrawn immediately. It is essential never to leave crypto on exchanges.

Good thing I decided pulling out my funds from cryptopia last year before the incident happened. Luckily, after a month when my funds was withdrawn sudden hacking was badly occuring on that exchange site. It's been always advice by many expert that entrusting our crypto on exchanges isn't a safe idea, so why bother putting our asset despite of unsafe conditions.

[JollyGood]

It is not really safe to put deposit our coins in a certain exchanges and stay at them for long.  What happen to cryptopia is somewhat a king if scam exit. They gain trust before and build a good market trend, that is why people never expecting this to happen with them.  But all the sudden it goes like this, it is really a big dumb.

The evidence does suggest they gained trust by re-opening after the hack in order for users to send crypto to their exchange in the knowledge that they would fail at a later date.

Not a good idea to do that and have users out of pocket.