Crypto exchange Cryptopia liquidated!

Crypto exchange Cryptopia liquidated!

Cryptopia, a New Zealand cryptocurrency exchange that suffered serious hacking in January 2019, announced the suspension of its operations and decided to liquidate, according to a message posted on its official Twitter account and a statement on its official website.

The attack on the Cryptopia platform in early 2019 caused serious problems that appear to have not been cured.
The exchange had decided to resume operations at the end of March.
However, its clients and the community were not very receptive to the measure.

Thus, despite the efforts to reduce costs and reach profitability for the company, the most sensible decision made by its leaders was the suspension of their activities and the liquidation of the company.
According to the statement, the measure represents “the best for customers, staff and other interested parties”.

The administration of Cryptopia was assigned to New Zealand’s Grant Thornton law firm to begin the liquidation process, with David Ruscoe and Russell Moore in charge of the case.

This news has aroused the concern of customers who still have funds on the platform.
Thornton, however, said he would contact all customers and suppliers to arrange an appointment in the coming days.

In this regard, Ruscoe commented that:

“We know that Cryptopia customers will want this problem resolved as soon as possible.
We will conduct a thorough investigation in collaboration with various stakeholders, including management and shareholders, to find the most convenient solution for customers and stakeholders.”

As mentioned above, the liquidators will benefit from the collaboration of independent experts and the respective authorities to discuss issues relating to the obligations of the company.

However, Ruscoe stresses that it will not be a simple process and that it could take a long time:

“Given the complexity of the situation, we expect the survey to last months rather than weeks.”

For the moment, no further comments will be made in this regard, pending the release of a first report on the case, which will be published next week on the New Zealand Business Office website.

Apparently, customers may lose their cryptocurrencies that were on Cryptopia exchange, so it is better to avoid leaving cryptos on exchanges and especially exchanges that seem not serious or vulnerable.

Despite the hacking in January 2019, people came back to use this exchange in bad shape and therefore with a lot of financial risks.

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