Cryptopia has been in "maintenance" for the last 14 hours!

[JSRAW]

Okay, so surprisingly my holding still sitting in exchange. is it same for you guys as well?

[mr.relax]

The balance is from before hack.
It says nothing about the current status,
anyway cryptopia didnt publish yet how they will handle the losses.

Full Refund?
Distribute the losses to all users?
Leave only the users holding affected coins with the losses?
Create tradeable Dept-Tokens they will change slowly to coins?

[Raja_MBZ]

Okay, so surprisingly my holding still sitting in exchange. is it same for you guys as well?

Yes, the pre-hack balances are visible to everyone.

[figmentofmyass]

The balance is from before hack.
It says nothing about the current status,
anyway cryptopia didnt publish yet how they will handle the losses.

Full Refund?
Distribute the losses to all users?
Leave only the users holding affected coins with the losses?
Create tradeable Dept-Tokens they will change slowly to coins?

i doubt we're seeing a full refund. if that were possible, they would have announced it ASAP. i don't think cryptopia has nearly that much free capital, and the 9.4% losses might even be after they put in as much of their own money as they could.

i'm thinking they'll pro-rate the losses across all user accounts, convert the debts to a NZD-denominated token, and try to pay it back over time. if the losses are spread across lots of coins, that's the best way to do it.

[FlawlessDeal]

smells like exit scam

[figmentofmyass]

smells like exit scam

that sounds doubtful. i've lived through many exit scams and this doesn't smell like one. if they were exit scamming, they wouldn't have gone straight to the police and then brought the site up in read-only mode.

the problem now is their survival depends on peoples' faith in their viability. vircurex is an example of an exchange that got hacked and users left and never looked back.

in the case of cryptopia i have a bit more faith because 1. the losses weren't that great and 2. cryptopia users really don't have many other options for trading their low cap coins.

[Raja_MBZ]

A few updates posted on Cryptopia's official Twitter within the last few days:

Update: We are well aware of market volatility in Crypto, our next phase will be introducing cancel-only mode for users to cancel any positions accordingly before the trade engine is turned back on for trading. We aim to have this on the site in the next few days.

As we work towards full re-launch of the platform, we have now enabled the ability for users to cancel their standing orders. The API is still disabled, so you will need to cancel through the website.

If you want to cancel all orders in one go, this can be done from the account page under the Open Trades section: https://cryptopia.co.nz/Trades

[Raja_MBZ]

Cryptopia - my favorite exchange:

Despite our own issues, as a Christchurch company, our thoughts are with everyone affected by the recent shootings.

I'll surely be using them again once they get back; they're handling the whole situation in a very good manner!

[1Referee]

Cryptopia - my favorite exchange:

Despite our own issues, as a Christchurch company, our thoughts are with everyone affected by the recent shootings.

I'll surely be using them again once they get back; they're handling the whole situation in a very good manner!

I respect their Tweet to show support to the victims over there, but this doesn't make them a better exchange.

Even if Cryptopia has the best intentions in the world to get things working again, I'm doubtful about their general capabilities of runnnig an exchange. It's not out of the ordinary that something like this will happen again as hackers are targeting these exchanges more than other exchanges for a reason.

On the other hand, for the sake of people getting their funds back, I hope that this exchange ends up relaunching successfully.

[Raja_MBZ]

A number of trade pairs have been enabled; the full list can be found here:

https://support.cryptopia.co.nz/csm?id=kb_article&sys_id=3422c911db5c378032a664a14a96193c

[Raja_MBZ]

It seems like the damage is not limited to Ethereum and Ethereum tokens:



https://twitter.com/notsofast/status/1108553195175981056

[squatter]

It seems like the damage is not limited to Ethereum and Ethereum tokens:

https://twitter.com/notsofast/status/1108553195175981056

"We won't know the extent of the damage..."

That doesn't sound good at all. Maybe they were too quick to announce that only 9.4% of their total holdings were stolen.

The comment about BTC and LTC seems to confirm word from their Discord that BTC, LTC and ETH balances would all suffer a haircut. Can anyone confirm this info:

BTC = 14% Haircut
LTC = 43% Haircut
ETH = 100% Haircut

[Raja_MBZ]

"Another step towards restoring full service":

Today we have re-enabled the API in another step towards restoring full service.

...and glad to see Cryptopia's Twitter responding to queries of the users:

[Raja_MBZ]

This is bad - they've not published any single update within the last 20 days!

[mr.relax]

They are bankrupt.
All Coins that are left in our balance are lost.
Dont expect anything to get back.

14-20% of funds stolen by hackers.
80% stolen by Cryptopia.

LIARS and SCAMMERS

[Raja_MBZ]

This is bad - they've not published any single update within the last 20 days!

OMG, they just released a new update on their Twitter handle and it's definitely NOT a good one:

Cryptopia Limited appoints Grant Thornton as Liquidators - https://www.grantthornton.co.nz/press/press-releases-2019/cryptopia-limited-appoints-grant-thornton-as-liquidators/

From the press release:

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

[examplens]

This is bad - they've not published any single update within the last 20 days!

OMG, they just released a new update on their Twitter handle and it's definitely NOT a good one:

Cryptopia Limited appoints Grant Thornton as Liquidators - https://www.grantthornton.co.nz/press/press-releases-2019/cryptopia-limited-appoints-grant-thornton-as-liquidators/

From the press release:

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,” says David Ruscoe.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

After 20 days without any word from there, now they proclaiming bankruptcy. I'm not sure that there is no deliberate intention. Now closed all withdrawals and all coins remain in their pockets.

[mr.relax]

In the last days it looked as if the btc withdraws were long delayed, so maybe they were running out of coins.
That means, they would maybe not have hold the amount they should hold.
Well after got hacked with 9-20% lost, they did the haircut, so the loss was already socialized.
Most coins were trade disabled, even after they "secured" the wallets.
There was no intention to give more than a few selected coins back,
but they enabled deposit of BTC until the very moment they closed.
Kind of scammy eh?
All users that held coins today will probably see nothing any more, or only a fraction, and that after maybe years.
So why did they file bancrupcy?
After spreading lies about their progress and disinformation about the hack, what shall we believe?
Isnt that extreme unfair to the users? What dead corpses are hidden under cryptopias carpets?

Yesterdays maintenance screen showed: DONT PANIC

Thats pure sarcasm, they even laugh about us stupid users loosing all funds...

[erikalui]

Now I can say that they are scammers. They are not even giving us our own money. Fortunately I withdrew my BTC and I lost 0.03 BTC in altcoins now since they shut down. I feel more bad for users who lost more.

[pinoycash]

In the last days it looked as if the btc withdraws were long delayed, so maybe they were running out of coins.
That means, they would maybe not have hold the amount they should hold.
Well after got hacked with 9-20% lost, they did the haircut, so the loss was already socialized.
Most coins were trade disabled, even after they "secured" the wallets.
There was no intention to give more than a few selected coins back,
but they enabled deposit of BTC until the very moment they closed.
Kind of scammy eh?
All users that held coins today will probably see nothing any more, or only a fraction, and that after maybe years.
So why did they file bancrupcy?
After spreading lies about their progress and disinformation about the hack, what shall we believe?
Isnt that extreme unfair to the users? What dead corpses are hidden under cryptopias carpets?

Yesterdays maintenance screen showed: DONT PANIC

Thats pure sarcasm, they even laugh about us stupid users loosing all funds...

Yes, Most probably there are no more bitcoins left and instead of saving a sinking ship they decided to let it sink. BTC suffers 14% haircut then what happens to others 86% bitcoins? Not everyone withdraw their coins in the hope that they will get back on track and resume normal operation.

But everyone is caught off guard and now its all in the hands of the liquidators. All cryptopia founders already have a secure future with their customers money. And they are already off the hook and free to do anything even launch a new exchange if they want to.