Hacked Cryptopia Exchange Closes Shop
It appears all efforts to re-open the business of hacked crypto exchange, Cryptopia has failed. Earlier in March, the company tweeted that they hoped to re-open the exchange in a read-only mode in March 2019. However, a recent press release from the exchange dated May 15 reveals that the company has appointed David Ruscoe and Russell Moore as liquidators.
Cryptopia used to be a very popular exchange for masternode projects despite its relative high listing fee in the range of $50.000 - $200.000 during last years bull market.
The management noted that the move to place the business in liquidation is in the best interest of customers, staff and stakeholders.
Cryptopia lost about $16 million worth of digital assets in January after a security breach. Despite the loss, management of the exchange had hoped they could reduce cost and return the business back to profitability. An earlier tweet hinted that all was well with the exchange when they said that less than 10% of their funds were stolen.
We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings were stolen.
Sadly, investigations have lingered on for so long and as expected, investors are becoming frustrated by the lack of information.
Ruscoe in a statement said:
We realize 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. Given the complexities involved, we expect the investigation to take months rather than weeks.