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Author Topic: cryptopia thinking scamming people is a cool job and gonna try again ?  (Read 150 times)
polypusx
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May 23, 2019, 04:32:55 PM
Merited by LeGaulois (1)
 #1

because success at 1st time then the cryptopia founder make it again for 2nd time
https://cryptonomist.ch/en/2019/05/22/cryptopia-founder-exchange-assetylene/
https://assetylene.com/
https://www.coindesk.com/collapsed-cryptopia-exchange-founder-wants-you-to-put-funds-in-his-new-project
https://decryptmedia.com/7132/cryptopia-hack-liquidation-new-exchange

Because there are, apparently, second acts in crypto, the creator of the defunct Cryptopia exchange is trying again with a new exchange product called Assetylene.

The exchange, which touts itself as “New Zealands most advanced crypto trading platform,” is run by Adam Clark, the former founder and programmer for Cryptopia.

Cryptopia went into liquidation on May 15 after a major hack that drained an estimate $16 million-worth of crypto last year. Most recently the stolen funds are currently moving out of the hacker’s wallets and onto various exchanges. One would assume, then, that the founder of a hacked, shuttered exchange, wouldn’t try again so quickly.

One would be wrong.

Arguably, Clark hasn’t worked on Cryptopia since February 2018, according to LinkedIn, and has been building Assetylene for at least nine months.


The new exchange is clearly just a shell – the About Us page is empty and there is no trading data. As Decrypt notes, the site is running the popular TradeSatoshi exchange software, a turnkey solution that lets you spin up an exchange in a few minutes.


Is Assetylene a real exchange? Will it suffer the same fate as Cryptopia? In finance, past performance is not indicative of future results but in mental health repeating the same thing over and over and expecting a different result is insanity. Perhaps Assetylene falls between the two?
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chrysophylax
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May 24, 2019, 07:00:46 AM
 #2

Really? ...

I'm one of his neighbours, and so is my company that Cryptopia holds funds in.

Sounds like he has no issues currently, and if this is all true, then one's lesson should be another's fact.

I wonder?

#crysx

Exchange - https://www.zapple.com/exchange/ . CWI-Thread - https://bitcointalk.org/index.php?topic=1563601 . EMail - crysx@gnxs.com . CWI-Pyroxene (theMine) - http://pyroxene.chainworksindustries.com/ . GRN - Gfz2cXMkhMZYWSFvLEMnM8bXk7X5Mtq2J2
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May 24, 2019, 01:08:47 PM
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Is Assetylene a real exchange?

real exchange that has this:

https://assetylene.com/Home/About ( empty )

https://twitter.com/Assetylene_NZ ( no relevant and up-to-date information )

it looks like they've created an exchange to steal people's money.





polypusx
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May 24, 2019, 05:52:39 PM
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Is Assetylene a real exchange?

real exchange that has this:

https://assetylene.com/Home/About ( empty )

https://twitter.com/Assetylene_NZ ( no relevant and up-to-date information )

it looks like they've created an exchange to steal people's money.






yes he use the money for new exchange project.
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May 24, 2019, 07:48:11 PM
 #5

If everything is a work in progress, why would they decide to get everything live in the clearnet? This definitely has some shade of scam lingering within the said platform and another take at people's money. If anyone is gullible enough to put funds in the platform, then Adam Clark would just be motivated to further what he already started with Cryptopia, and could come up with even more ways to scam people off of their precious money.

Or perhaps he has changed and wabts to make things right.. or not.


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Potato Chips
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May 24, 2019, 10:58:29 PM
 #6

I registered and was able to log in but nahhh you can't generate any address. I tried it again and again with diff coins, they all showed the same error.



In any case, I don't see any reason to risk your money there if ever it did go live with complete functionality. There are better options, new exchanges whose performance aren't tested with time are no good, left or not he was still a part of it.

timerland
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May 26, 2019, 10:09:30 PM
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Quote
Is Assetylene a real exchange? Will it suffer the same fate as Cryptopia? In finance, past performance is not indicative of future results but in mental health repeating the same thing over and over and expecting a different result is insanity. Perhaps Assetylene falls between the two?

Does it even matter what the intentions of the founder are this time round with the new exchange?

There is enough risk I think to say that using them simply makes absolutely no sense, as potato chips mentioned. There are plenty of other alternative exchanges that one can use that doesn't have the track record of hacks, losing customer funds, and just general shadiness like Cryptopia has. Why not use them? Why choose an exchange that has the inferior history and reputation?

Furthermore, the fact that the founder was so quick to dissociate with Cryptopia and move onto a new project speaks volumes about his legitimacy, imo. Instead of working on righting the wrongs, they're just starting a new exchange. While it makes sense from a business perspective, it isn't a good look at all.

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May 27, 2019, 09:14:49 AM
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Does it even matter what the intentions of the founder are this time round with the new exchange?

If you had money in his previous exchanger, then yes.

There is enough risk I think to say that using them simply makes absolutely no sense, as potato chips mentioned. There are plenty of other alternative exchanges that one can use that doesn't have the track record of hacks, losing customer funds, and just general shadiness like Cryptopia has. Why not use them? Why choose an exchange that has the inferior history and reputation?

Indeed that's the best way to act, to stop using their new effords regarding exchangers or anything else and spread the word about their incopetence in gneral.
You know though that exchangers don't have all the coins listed. Not to mention the new ones that want to be listed and their teams don't care where it will be.

Furthermore, the fact that the founder was so quick to dissociate with Cryptopia and move onto a new project speaks volumes about his legitimacy, imo. Instead of working on righting the wrongs, they're just starting a new exchange. While it makes sense from a business perspective, it isn't a good look at all.

I agree with you that this behavior tell/show us a lot about him but i have an objection about the "business perspective", unless if you are talking from his "business perspective" side and not in general.
Eg. If you are an investor/big fund/whale or a simple small trader, why to invest/cooperate with a guy like him, with all of this shady history that come along?
Because he will need funds from others in order to do anything new. Maybe to create an exchanger to be easy and with 0 cost for him but an exchanger also needs volume thus others funds. Without volume is a dead thing. So who fund him to do this again? Hiself (and our money) or some new "angel investor"?
magneto
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May 28, 2019, 05:14:01 AM
 #9

I highly doubt that Assetylene is going to get much success with the apparent rebranding, or at least that I hope.

People most likely aren't going to be ignorant enough to be entrusting them with high amounts, after what has happened with Cryptopia and all the mess that was left behind due to security and management issues.

They may try to target a niche market, but probably not going to attract high volumes whatsoever. Anyone rational who does their research should find the connection with Cryptopia pretty easily and most likely avoid them. I'm actually surprised at the fact that the founder didn't even bother to cover this connection up by having a new CEO in place.
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