• The exchange was first hacked in mid-January.
  • It will take “months rather than weeks” to complete the complicated process. 

Cryptopia, a New Zealand-based digital asset exchange, has terminated its trading services and has entered into the liquidation process. A press report released on May 15 reveals that the exchange has appointed two consultants – David Ruscoe and Russell Moore. They belong to a consultancy and audit firm Grant Thornton New Zealand, the local wing of Grant Thornton International.

The crypto exchange was hacked in mid-January from where all the trouble began.  Although Cryptopia vaguely claimed that they had suffered “significant losses,” a third-party blockchain analytics company revealed that the exchange had lost $16 million during the attack.

The exchange said: 

“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. 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.”

You can read more here.

Reactions from Twitter

DU₿ATS: 

"Big difference between how @cz_binance handled the @binance hack and how @Cryptopia_NZ handled its hack..."

Crypto_Life:

"You should open up wallets then so those of us who did not have our coins stolen can remove our stuff from your Exchange."

Jimmy McShill:

"Hello @cz_binance! Wouldn't it be a neat idea to invest some bucks to buy up the @Cryptopia_NZ insolvency estate? Take the market shares of them and rename it to "Binance NZ" or something like that?"

Electra Foundation:

"Update on the recent news from @Cryptopia_NZ. 

We are discussing with @agilelegalau to take the right legal actions to maximize the chance of having all stored $eca returned to the @ElectracoinECA community."

CRYPTO BITLORD:

"What do you mean? I’m confused here. Nobody sells my altcoins but me!"

Needacoin:

"Cryptopia joins the sad list of dead exchanges. In 5 years I've watched over 10 exchanges shutdown yet you still leave funds on their sites? Heres a small list: Cryptsy, mtgox, cryptorush, mintpal, cavirtex, vaultofsatoshi, quadriga, coinedup, vircurex, coinedup, cryptopia."

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