Hacked Cryptocurrency Exchange Cryptopia Goes Into Liquidation
Released at Wed, 15 May 2019 07:50:42 +0000
According to the Twitter statement of Cryptopia customers have expressed frustration with a few calling to organize and take legal actions against the trade that they were not allowed to withdraw funds because the hack.
David Ruscoe and Russell Moore from Grant Thornton will help Cryptopia secure its resources”for the sake of stakeholders,” based on the current statement.
Cryptopia image via Shutterstock
“We realise Cryptopia’s customers will wish to have this issue solved as soon as possible. We’ll conduct a comprehensive analysis, working with a number of different stakeholders including management and shareholders, to find the solution that’s in the best interests of customers and stakeholders”
Back in January, Cryptopia went offline for a few days before saying mid-month that it had”suffered a security breach that led to significant losses.” Even a blockchain data analytics firm estimated that as much as $16 million in ether and ERC-20 exemptions might have dropped. Nevertheless, although later, in March, the trade declared trading services had banking issues.
Maybe indicating changes , Cryptopia website went under maintenance with no message to the public on its social networking platforms. It had been first noticed by a Redditor who inquired if the trade was hacked .
“While this process and investigations take place, trading in the market is suspended,” Grant Thornton said, adding that the complex analysis will take”weeks rather than weeks”
The news was announced Wednesday from Cryptopia’s assigned liquidator, professional services firm Grant Thornton New Zealand. Cryptopia supported the news on Twitter, in addition to on its website.
Grant Thornton is expected to submit a first report on the situation next week.
Grant Thornton said the hack had a”severe” impact on the company’s commerce, despite the management’s efforts to reduce price and return the business to profitability, it had been determined that Hernandez had been the best path forward for many stakeholders.