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

[Raja_MBZ]

Looks like someone really wants to be the next Cryptopia:

Alert!  If listed with Cryptopia, list for free with Nova Exchange before June 1st. Read more on Nova News page: https://novaexchange.com/news/  #Cryptopia #novaexchangev

[figmentofmyass]

Looks like someone really wants to be the next Cryptopia:

Alert!  If listed with Cryptopia, list for free with Nova Exchange before June 1st. Read more on Nova News page: https://novaexchange.com/news/  #Cryptopia #novaexchangev

haha, sounds about right. nova exchange was once a contender in the super low cap coin market, up until their sloppy transfer of ownership where they shut down for several months. i guess cryptopia has left a big vacuum in this market. this is nova's chance to reclaim some market share.

[mr.relax]

Novaexchange has  hidden hosting as whois shows.
I also cannot find an imprint on the website.
Who is the company behind?
Its shady as its totally anonymous but asks users to do KYC.
I prefer KYE(KnowYourExchange) before I sent a satoshi there...

[The Sceptical Chymist]

Now I can say that they are scammers.

Yep, I just took a look at their home page and it definitely looks like shit an exit-scamming exchange would write.  I never used Cryptopia, but I do feel bad for everyone who had coins there.  Unbelievable.  It's stuff like this that makes me really nervous about depositing even small amounts of crypto on an exchange.  This last thing with Binance had me paranoid for about a week while they had deposits and withdrawals suspended.  Binance customers got lucky, I guess.  Cryptopia customers got screwed.

And they are already off the hook and free to do anything even launch a new exchange if they want to.

Are they?  This just happened, so isn't the outcome at this point at least a little uncertain?  I would assume that there are a lot of pissed off people who had coins on Cryptopia who might want to take some action, much like the Cryptsy situation (but I'm not even sure what the final outcome was of that one). 

[pinoycash]

Novaexchange has  hidden hosting as whois shows.
I also cannot find an imprint on the website.
Who is the company behind?
Its shady as its totally anonymous but asks users to do KYC.
I prefer KYE(KnowYourExchange) before I sent a satoshi there...

There was no information about the new owners. They are aggressive and getting more coins onboard in their project but due to their stiff exchange listing fees not many projects are getting listed on their platform due to non-existent volume.

Looks like someone really wants to be the next Cryptopia:

Alert!  If listed with Cryptopia, list for free with Nova Exchange before June 1st. Read more on Nova News page: https://novaexchange.com/news/  #Cryptopia #novaexchangev

You mean the next exchange that will get hacked

[Raja_MBZ]

The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted

 

[figmentofmyass]

Yep, I just took a look at their home page and it definitely looks like shit an exit-scamming exchange would write.  I never used Cryptopia, but I do feel bad for everyone who had coins there.  Unbelievable.  It's stuff like this that makes me really nervous about depositing even small amounts of crypto on an exchange.  This last thing with Binance had me paranoid for about a week while they had deposits and withdrawals suspended.  Binance customers got lucky, I guess.  Cryptopia customers got screwed.

it's not just a matter of luck. this space has always been awash with shady, fly-by-night, and incompetent exchanges. doing some due diligence on where you deposit funds is paramount.

binance and cryptopia are worlds apart in front-end coding, back-end coding, wallet maintenance, support. the list goes on. before cryptopia got hacked, they were a step above yobit---not somewhere i would be depositing funds.

And they are already off the hook and free to do anything even launch a new exchange if they want to.

Are they?  This just happened, so isn't the outcome at this point at least a little uncertain?  I would assume that there are a lot of pissed off people who had coins on Cryptopia who might want to take some action, much like the Cryptsy situation (but I'm not even sure what the final outcome was of that one). 

i doubt they'll be held criminally liable for being hacked. people might try civil actions but they'll probably get stonewalled by the liquidation process. plus, it'll be like trying to get blood from a stone.

looks like the founder really is trying to launch another exchange: https://www.coindesk.com/collapsed-cryptopia-exchange-founder-wants-you-to-put-funds-in-his-new-project

[bradock]

lol read this guy post about this
https://asktom.cf/index.php?topic=5146541.0
https://cryptonomist.ch/en/2019/05/22/cryptopia-founder-exchange-assetylene/

[Raja_MBZ]

FORMER CRYPTOPIA DEVELOPER SAYS HACK WAS ‘INSIDE JOB’

https://bitcoinist.com/former-cryptopia-developer-says-hack-was-an-inside-job/

 

[gentlemand]

FORMER CRYPTOPIA DEVELOPER SAYS HACK WAS ‘INSIDE JOB’

https://bitcoinist.com/former-cryptopia-developer-says-hack-was-an-inside-job/

 

Article gone.

Another one here - https://steemit.com/palnet/@vcdragon/version-of-the-story-of-cryptopia-from-developer-him-self-how-it-start-and-end

The allegation is that a company named Intranel, who one of the original Cryptopia owners worked for, eased their way into running the exchange and they're the ones who did an inside job with the hack just as they were forced out.

Nothing to confirm who the writer is though.

[Raja_MBZ]

FORMER CRYPTOPIA DEVELOPER SAYS HACK WAS ‘INSIDE JOB’

https://bitcoinist.com/former-cryptopia-developer-says-hack-was-an-inside-job/

 

Article gone.

Yup:

[Raja_MBZ]

The link to a fresh update has just been posted by Cryptopia's official Twitter handle:

Update for Cryptopia account holders 20 August 2019

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-20-august-2019/

[Raja_MBZ]

After months of waiting, we now have another (sort-of-lame) update:

Update for Cryptopia account holders 25 October 2019

https://www.grantthornton.co.nz/update-for-cryptopia-account-holders-25-October-2019/

[Raja_MBZ]

We finally have an update after months of waiting:

A "win" for customers?

Website: https://www.stuff.co.nz/business/120913953/cryptopia-account-holders-win-battle-over-assets-worth-140m
Title: Cryptopia account holders win battle over assets worth $140m
Byline and Date: Martin van Beynen and Sam Sherwood - 18:33, Apr 08 2020
Archive link: https://archive.vn/IpDZh

(1/2) Today, 8 April 2020, Justice Gendall delivered his judgement finding firstly, cryptocurrencies are “property” within the definition outlined in s2 of the Companies Act 1993 and secondly, that account holders' cryptocurrency were held on multiple trusts, separated by ...

(2/2) ... individual crypto-asset type. This means that the cryptocurrencies are beneficially owned by the account holders and are not assets of the company. Read the full judgement here: https://bit.ly/3c1tbMx

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

[gentlemand]

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

A true definition of shitcoin.

Does this judgement definitively mean people will get a decent portion of what they had there back or is it just the first step?

Are there any threads on here about exchange ruination resolution? I saw a thing about a Cryptsy payout today, an insulting one, I can't think off the top of my head about any dead exchanges that had a happy ending.

[figmentofmyass]

is there a full accounting of the crypto funds posted somewhere? all the numbers i've seen are old and converted to USD. i'm wondering because the hack occurred in january 2019 when BTC was only worth half its current value.

Does this judgement definitively mean people will get a decent portion of what they had there back or is it just the first step?

it sounds definitive, but who knows?

supposedly account holders were slated to get back 1/2 their holdings in a bankruptcy like mt gox. now they will get considerably more: https://www.stuff.co.nz/business/120913953/cryptopia-account-holders-win-battle-over-assets-worth-140m

[Raja_MBZ]

However, the blockchains of the coins that I had at Cryptopia have already forked to get rid of Cryptopia's holdings/dump...

A true definition of shitcoin.

True, most of such coins revolve around the decisions of just two or three developers. They can do anything they want with their chains.

Are there any threads on here about exchange ruination resolution? I saw a thing about a Cryptsy payout today, an insulting one, I can't think off the top of my head about any dead exchanges that had a happy ending.

It's not just you; I can't think of one good ending either.

is there a full accounting of the crypto funds posted somewhere? all the numbers i've seen are old and converted to USD. i'm wondering because the hack occurred in january 2019 when BTC was only worth half its current value.

That's a good point. I googled quite a lot and didn't really find the number of coins. It's frustrating that Cointelegraph or Coindesk didn't bother to at least filter such stats out from the Cryptopia's addresses.

[figmentofmyass]

it seems to be. i'm pleasantly surprised! i would have thought they'd have gone the way of standard bankruptcy proceedings (like mt gox) where account holders are ranked behind other creditors.

under that scheme, account holders would only recover ~1/2 of their funds. they will probably recover closer to 80% or more this way.

Most likely because they "understand" that most of the cryptopia creditors are its holders...

the same applied to mt gox.

the difference here is that mt gox held funds in an omnibus account, with no segregation of user accounts. in this case, the court found that since customer funds were segregated properly, they were held "in trust" and therefore are not company funds. therefore those funds cannot be used to pay cryptopia's creditors.

for those who have been fuming at rob dawson and adam clark for their incompetence (or maybe an inside job): at least they properly segregated user funds. now you're gonna get a lot more money back!

[Raja_MBZ]

Liquidators’ Third Report on the State of Affairs of Cryptopia Limited (in Liquidation) Company number: 2392901 (12 June 2020)

https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/third-liquidators-report_cryptopia-12-06-2020.pdf

[freedomno1]

Liquidators’ Fourth Report on the State of Affairs of Cryptopia Limited (in Liquidation) (Dec 11 2020)
https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/fourth-liquidators-report_cryptopia.pdf