Cryptopia Exchange

[btcholder]

Cryptopia was one of the top level exchange when i started trade in crypto world. For security reason they temporary shut down their services (If i'm not wrong). Month ago they announce some news but is there any hope they will come back again..? If they'll not then what will happen to those fund that many people reserve in the exchange..? (I have also some altcoin in cryptopia exchange   )

here is the last announcement from them: https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-25-October-2019/

[ReiMomo]

So, what you are expecting if they will come back? They will send a refund to their previous costumers that have been lost funds due to their weak security? There are a lot of reputable exchanges as of now and I prefer to used them because of the high volume in trading. Before hacking incidents in cryptopia they already have minors issues that can't be solved and later on, they will hack and until now it is the unsolved case. For me, I won't.

[youdacapt]

I still have a balance there after following the last snapshot process, at least I can still hope for a refund.
the last e-mail wrote that their hopes were very small because they were in a difficult legal process. I do not even want to linger with this hope, because their system is very weak and indeed damaged from the inside.

If they finally return, their reputation will be difficult to improve.

[Goodvalony]

the exchange is gone and it is gone forever. there was an announcement about a company that will be incharge of fund liquidation and the rest. they clearly announce finally that they are shutting down.  a lesson we need to learn from such events is not to store our tokens on exchanges because anything can happen.

[Mahanton]

Cryptopia was one of the top level exchange when i started trade in crypto world. For security reason they temporary shut down their services (If i'm not wrong). Month ago they announce some news but is there any hope they will come back again..? If they'll not then what will happen to those fund that many people reserve in the exchange..? (I have also some altcoin in cryptopia exchange   )

here is the last announcement from them: https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-25-October-2019/

Who knows?
No one would able to know if they would decide to have some compensation or do give out those users funds.So its better not to hope too much yet it would stress you out more as long you do expect.Consider those coins lost forever and don't mind for those on getting it back.
I do read up this forums thread in regards with Cryptopia updates: https://bitcointalk.org/index.php?topic=5097916.0

[panganib999]

I still have a balance there after following the last snapshot process, at least I can still hope for a refund.
the last e-mail wrote that their hopes were very small because they were in a difficult legal process. I do not even want to linger with this hope, because their system is very weak and indeed damaged from the inside.

If they finally return, their reputation will be difficult to improve.

Don't expect a refund from the exchanges that have already shut downed. I don't really know how Cryptopia shut downed, but they should've warned clients about them shutting down, so you leaving balance inside the wallet proves to be your own fault and not theirs anymore. A refund only gets issued when it is their system is at fault after all. Plus, if they even get back, why would they refund someone instead of using that to improve their current system and advertise over forums?

[LeGaulois]

I received the newsletter too but didn't bother to read it as I'm not concerned. It could take like 3-4 years before they start to refund people IF by any chance they do. And if you're lucky you'll receive probably some peanuts compared to what you had in your wallets.

And nope. Be assured they won't come back, no matter if everything is 100% resolved. Who would use it again? Who will join a site known as 'weak'? Cryptopia reputation is already in a graveyard dude.

[adroitful_one]

Cryptopia was one of the top level exchange when i started trade in crypto world. For security reason they temporary shut down their services (If i'm not wrong). Month ago they announce some news but is there any hope they will come back again..? If they'll not then what will happen to those fund that many people reserve in the exchange..? (I have also some altcoin in cryptopia exchange   )

here is the last announcement from them: https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-25-October-2019/

I don't think they'll be coming back. After getting hacked and having to go through that whole process, I would assume that they're probably done messing with the exchange business. They have a firm somewhere that is handling payouts to people who held funds there when the hack happened. It's really too bad. I enjoyed Cryptopia while it was around. There was a few coins on there that you couldn't really trade anywhere else and their fees were reasonable.

[sunsilk]

If we'll be basing on the current situation of cryptopia, it's hard to believe that they will be back soon. How much you're expecting for their refund? much better if you will relax a bit and let the days pass because refunding will be a long process for all affected traders.

If they'll not then what will happen to those fund that many people reserve in the exchange..? (I have also some altcoin in cryptopia exchange  )

Let the court decide and it's already on the process. The latest update they have on their website was from October 25, 2019.

[iamaruf]

They scammed traders.99% guaranteed they are not going to come back.better to forget your money.Also lost my money in cryptopia.But Now I have no hope. 

[The Sceptical Chymist]

I don't know, this statement at least gives a little hope to their customers:

We are working to reconcile the accounts of over 900,000 customers, many holding multiple crypto-assets, millions of transactions and over 400 different crypto-assets.

Then again, it could mean nothing--and if they really are working on this reconciliation it sounds like it's going to take quite a while.

And now we have Upbit with their alleged hack, and who knows how much money their customers lost with that.  One of the first thing people should learn when they get involved in cryptocurrency is not to keep coins on an exchange for any length of time.  Those words of advice have been repeated endlessly around here, but I'm not sure everyone is aware of the risks.

I always withdraw whatever coins I'm trading right after I make the trade--but then again, I'm not a very active trader at all and so I never have a reason to keep anything on an exchange.  I feel bad for those folks who lost money in crap like Cryptopia and Upbit and the rest of these exchanges that either went bust or got hacked or whatever.

[rosezionjohn]

Their reputation was already ruined and it would not make any sense if they ever plan to comeback. The liquidation process is long enough and there is no assurance yet that they can even pay all creditors and exchange users. Good thing I only have a small amount of tokens there that I was trying to sell before it got hacked.

[Palider]

Don't expect them to recover your lost funds because of their negligence, and I'm sure they'll make new announcements over and over again until people lose their patience. Until people will forget their money lost in cryptopia.

Hopefully this will serve as a lesson to us that investing in centralize exchanges is not safe and we have a great chance of losing our hard earned money here as like happened on the Upbit Exchange.

[condoras]

I don't know, this statement at least gives a little hope to their customers:

We are working to reconcile the accounts of over 900,000 customers, many holding multiple crypto-assets, millions of transactions and over 400 different crypto-assets.

Then again, it could mean nothing--and if they really are working on this reconciliation it sounds like it's going to take quite a while.

And now we have Upbit with their alleged hack, and who knows how much money their customers lost with that.  One of the first thing people should learn when they get involved in cryptocurrency is not to keep coins on an exchange for any length of time.  Those words of advice have been repeated endlessly around here, but I'm not sure everyone is aware of the risks.

I always withdraw whatever coins I'm trading right after I make the trade--but then again, I'm not a very active trader at all and so I never have a reason to keep anything on an exchange.  I feel bad for those folks who lost money in crap like Cryptopia and Upbit and the rest of these exchanges that either went bust or got hacked or whatever.

As you said you are not an active daytrader, so you can't see this from that angle. If someone trades a lot he can't move funds in every trade that he makes.
Plus that is not so possible to have all your orders filled in a day and you want them to be filled. So until they filled your funds are locked. The "only" amount that you can withdraw is your profit, if any. The risks though will always be there, since noone can guarantee anything...

It's true that a lot of exchanges are either crap/ bubble/ unsustainable or have very low security measures. At least Cryptopia make something about it when others just disappear. Time will tell if the hack and etc are true or not and when (by any chance) we get something back from our funds there.
Until that time comes we can only watch and follow any news and threads about this, like the one that Mahanton post earlier.

P.S: I believe that nobody cares if they reopen, the only thing that matters is to repay every single one of their customers. From whales to...smelts!

[nydiacaskey01]

Even if they refund the tokens or coins to their customers, I dont think those customers will continue using their platform so that means its not a good move for Cryptopia to refund if their business will continue and fail unless their goal is to have a graceful exit in the cryptocurreny exchange business. People behind it might set up a new exchange with a new name to start over again. Keeping the same name is again not a good idea.

[goinmerry]

The process of their supposed refund will take years.

I'm not expecting good to this exchange anymore. If they will become true to their words then good.

Good thing is, this case is filed legally at the court so at least investors have a slight chance for recovery.

[Bttzed03]

Even if they refund the tokens or coins to their customers, I dont think those customers will continue using their platform so that means its not a good move for Cryptopia to refund if their business will continue and fail unless their goal is to have a graceful exit in the cryptocurreny exchange business.

Other exchanges like Binance were also hacked but many customers still uses them. The big difference here is the way Cryptopia handled it and how they were unprepared for such event.

People behind it might set up a new exchange with a new name to start over again. Keeping the same name is again not a good idea.

I don't think there's a law that prohibits them from setting up another exchange after the liquidation process but doing so might only tarnish their reputation even more.

[Rodeo02]

Cryptopia was one of the top level exchange when i started trade in crypto world. For security reason they temporary shut down their services (If i'm not wrong). Month ago they announce some news but is there any hope they will come back again..? If they'll not then what will happen to those fund that many people reserve in the exchange..? (I have also some altcoin in cryptopia exchange   )

here is the last announcement from them: https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-25-October-2019/

If they will not given it back to users of course all the remaining balance will go to the exchange owner ,since he is the one who has full control of the funds traded there.
For me dont trust too much of the promises given by that exchange , for me its obvious an exit scam by cryptopia.

[btcholder]

In my opinion may be there is still some hope that people could refund there asset in near future. Cause yesterday i saw they gave some update about their working progress to audience in their website (actually they announce it 12 December, 2019 but i discovered yesterday ). I think they are still trying to improve their platform and try to give us a better exchange than previous. Here the news they announced.

[coupable]

In my opinion may be there is still some hope that people could refund there asset in near future. Cause yesterday i saw they gave some update about their working progress to audience in their website (actually they announce it 12 December, 2019 but i discovered yesterday ). I think they are still trying to improve their platform and try to give us a better exchange than previous. Here [link] the news they announced.

The link is about a pdf document dated by last December.
An announcement cannot be made in a pdf analyse.
Their way to exit was so shady.