[2019-02-14]Cryptopia Hack: Police Allows Exchange to Resume Operations

BLAST2MARS

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Quote from: squatter on February 17, 2019, 04:45:08 AM

Quote from: Slow death on February 15, 2019, 01:26:16 PM

cryptopia is in a very bad situation, no one who does not want to lose money will risk using this exchange if they return with their services.

Quote from: BLAST2MARS on February 17, 2019, 01:56:48 AM

Their name and reputation is totally dead.

That's what people said about Bitfinex in 2016, but they only became bigger after the hack. After the 2017 shutdown of BTC-e, people said the same thing too, but after WEX launched and partially refunded users and opened withdrawals, lots of customers remained loyal.

You should know that things are now very different than previous years. There are not a lot of good exchanges back then and I remember that people only talk about Bitfinex, Bittrex and Poloniex. I could not blame them if they thought that they had no other choices.

figmentofmyass

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Quote from: eaLiTy on February 17, 2019, 04:56:31 AM

They have not responded to that query about the compensation to the users and there is still no clarity on how much each user lost from their account, it is really frustrating to wait this long to get those responses.

it would be a lot simpler if only one crypto had been stolen. since they had ETH and lots of ETH assets stolen, it becomes much more complicated.

we're talking about really illiquid markets, total shitcoins---are they going to compensate fiat value based on the spread when the markets were halted? that would be a dream come true for whales who could never dream of liquidating at those prices otherwise.

and if they can't compensate, they'll probably socialize the losses and haircut all users. that takes time to figure out too. i'd love to be a fly on the wall in their offices right now!

eaLiTy

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Quote from: carlfebz2 on February 15, 2019, 08:19:12 AM

Do cryptopia have the consideration on compensating on its users regarding on the loss? If not, then i don't see that there would be more users who would trust up this exchange once again.
They should resume when the issue had been completely clarified and what are the exact actions would be possible made by the exchange itself.

They have not responded to that query about the compensation to the users and there is still no clarity on how much each user lost from their account, it is really frustrating to wait this long to get those responses. The site is still offline and hopefully will be able to view the damage i personally had in that exchange. Either way it is a shitty experience and i really like to have the response from them regarding the loss and how they are going to compensate the users.

squatter

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STOP SNITCHIN'

Quote from: Slow death on February 15, 2019, 01:26:16 PM

cryptopia is in a very bad situation, no one who does not want to lose money will risk using this exchange if they return with their services.

Quote from: BLAST2MARS on February 17, 2019, 01:56:48 AM

Their name and reputation is totally dead.

That's what people said about Bitfinex in 2016, but they only became bigger after the hack. After the 2017 shutdown of BTC-e, people said the same thing too, but after WEX launched and partially refunded users and opened withdrawals, lots of customers remained loyal.

I never underestimate the gullibility of investors. People that don't appreciate Bitcoin's technology don't even understand the risks of exchanges. And that's especially true of Cryptopia's client base. They listed the worst of the worst coins -- we're talking about Dentacoin and 1,000 other ridiculous projects. I really think you guys are giving Cryptopia's customers too much credit.

BLAST2MARS

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Quote from: coolcoinz on February 15, 2019, 08:59:12 AM

Quote from: carlfebz2 on February 15, 2019, 08:19:12 AM

Do cryptopia have the consideration on compensating on its users regarding on the loss? If not, then i don't see that there would be more users who would trust up this exchange once again.
They should resume when the issue had been completely clarified and what are the exact actions would be possible made by the exchange itself.

The only operations they're going to resume is the one that leads to reimbursements. Like you've said, nobody is going to trust them and the business is inevitably going to file for bankruptcy. Once your name gets tarnished you're done for, like Mt Gox and some other exchanges have experienced. There's just too much competition for compromised exchanges to survive.

Their name and reputation is totally dead. I only see a future where they create a new exchange but not reopening again. Trust is a very fragile thing in the cryptocurrency space particularly in exchanges so let us now bury that exchange for good and now it's just another mistake and lesson for dumb traders and investors who does not listen to where they should put their assets.

Slow death

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Leading Crypto Sports Betting & Casino Platform

cryptopia is in a very bad situation, no one who does not want to lose money will risk using this exchange if they return with their services. with this fall of prices many exchanges are closing the doors, now imagine an exchange that was robbed a lot of money and lost the little reputation that had? This was the death of cryptopia.

Quote from: btyco on February 15, 2019, 11:50:40 AM

Cryptopia had better be prepared for a run at the exchanges. When something like that happens everyone will log in and quicly more their funds out

they are worried about how they will compensate their customers

btyco

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Cryptopia had better be prepared for a run at the exchanges. When something like that happens everyone will log in and quicly more their funds out

coolcoinz

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Quote from: carlfebz2 on February 15, 2019, 08:19:12 AM

Do cryptopia have the consideration on compensating on its users regarding on the loss? If not, then i don't see that there would be more users who would trust up this exchange once again.
They should resume when the issue had been completely clarified and what are the exact actions would be possible made by the exchange itself.

The only operations they're going to resume is the one that leads to reimbursements. Like you've said, nobody is going to trust them and the business is inevitably going to file for bankruptcy. Once your name gets tarnished you're done for, like Mt Gox and some other exchanges have experienced. There's just too much competition for compromised exchanges to survive.

carlfebz2

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DGbet.fun - Crypto Sportsbook

Do cryptopia have the consideration on compensating on its users regarding on the loss? If not, then i don't see that there would be more users who would trust up this exchange once again.
They should resume when the issue had been completely clarified and what are the exact actions would be possible made by the exchange itself.

Vladdirescu87

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After the hack that saw over $16.2 million illegally stolen from New Zealand’s hacked cryptocurrency exchange, police in New Zealand has given the go-ahead to Cryptopia, a crypto exchange that was recently hacked, to reopen and start operating at any time it's ready, according to a report on Wed February 13, 2019, by the New Zealand Herald, a local news outlet.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptopia-hack-police/

Topic: [2019-02-14]Cryptopia Hack: Police Allows Exchange to Resume Operations (Read 89 times)