CRYPTOPIA SHUTTING DOWN: Investor losses - page 4.

Bavaria

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Quote from: ashmodeus on June 02, 2019, 05:01:15 PM

Quote from: Bavaria on May 31, 2019, 06:00:54 PM

Quote from: Lakai01 on May 31, 2019, 12:34:09 AM

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

i still do the same thing,because what?
i do it for quick trading if i see some big changes on market graph,
and of course i think twice or even more what exchange i choose for it.
and i never do that in exchange such a cryptopia,nova exchange,livecoin,coinexchange,
i am not saying that all exchange is same,but on this cases, they are have more more unfamiliar coins.
and i just think maybe not safe to saving our asset there.

Well, I guess i should be happy for you.
It wasn't about day trading or trading at all, but about storing assets on exchanges instead of using cold wallet.

ashmodeus

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Quote from: Bavaria on May 31, 2019, 06:00:54 PM

Quote from: Lakai01 on May 31, 2019, 12:34:09 AM

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

i still do the same thing,because what?
i do it for quick trading if i see some big changes on market graph,
and of course i think twice or even more what exchange i choose for it.
and i never do that in exchange such a cryptopia,nova exchange,livecoin,coinexchange,
i am not saying that all exchange is same,but on this cases, they are have more more unfamiliar coins.
and i just think maybe not safe to saving our asset there.

LogitechMouse

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Quote from: serjent05 on May 28, 2019, 04:08:10 PM

Cryptopia should have not opened and allow deposit after the hack in the first place, I think it is just a trap for the users. I think they are finding way to give back what their investors had lost on that hack by liquidating the depositors token and funds. They can just say they are closing and give time frame to enable users to withdraw their coins and tokens. But instead they just announced that they are closing and suspended withdrawals in a sudden. That is a broad daylight robbery in my opinion. I just hope that depositors can get their funds back.

I'm thinking that is a trap for the users of cryptopia but there is a fault on the part of the users too. They know already that the exchange is vulnerable to hacking. Why they didn't transfer their coins to other exchange or rather sell their tokens at a loss and take away all of their funds their. I have tried to trade on cryptopia once when I trade Centra token I remember. I don't like the exchange for some reasons.

JollyGood

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Quote from: South Park on May 30, 2019, 10:49:51 PM

It is obvious to me they tried to run their exchange as if nothing had happened and were expecting the community was dumb enough to believe in them again, but that did not happen so they changed their plan, while I really hope they do not scam the users that believed in them at the same time I do not know what they were thinking, why deposit your money in an exchange that was recently hacked and that is not allowing withdrawals? At some point they need to use their common sense and stop trusting in centralized exchanges.

I agree with your views that when they re-opened and allowed deposits but blocked withdrawals it means something is not right and something was not right.

Makkara

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Quote from: ukloon on June 02, 2019, 05:58:41 AM

Surely a well established exchange like cryptopia will have have plenty of reserves in it's cold storage wallets. Those are impossible to hack unless it is an inside job. Those funds should be enough to keep it going and cover the losses from the ethereum hack

In case you didn't know the exchange was declaring bankrupt and is already trying to liquidate what is left. Quite a shit situation.

ukloon

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Surely a well established exchange like cryptopia will have have plenty of reserves in it's cold storage wallets. Those are impossible to hack unless it is an inside job. Those funds should be enough to keep it going and cover the losses from the ethereum hack

Bavaria

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Quote from: tippytoes on May 31, 2019, 06:25:34 PM

Quote from: Bavaria on May 31, 2019, 06:00:54 PM

Quote from: Lakai01 on May 31, 2019, 12:34:09 AM

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

Still they are not learning their lessons. Maybe, they are waiting to lose their entire portfolio before they realise that they need to keep their coins in their own wallet. Big and famous exchanges are not free from possible hacking incident, so you should always keep your coins safe and secure.

Maybe they are too lazy or don't understand fully how to properly store assets. Anyway, nothing good will come of staying without additional efforts.

Jonking

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the time cryptopia re-opens their deposit after the hacking problem, i knew it that this would happen..

JollyGood

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Quote from: zgrdyg on May 30, 2019, 03:58:35 PM

Quote from: timmmers on May 30, 2019, 02:58:25 PM

Guys, who are using small centralized exchanges? And if you use it, why don´t you immediately send funds to your wallet?
Small exchanges are not regulated, they do not have insurance or enough funds to cover all loses.

Cryptopia wasn't that small. Also they were on the market for a long time.

Still, this hack seems to me like an exit scam to me from day one. We learned again, never trust an exchange.

Exchanges are all targets for hacks. Better to avoid them and only use them to trade only.

HudiBaba@06

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It totally Doesn't Feel like Cryptopia is losing it's all investments. I hope they will be Prepared with their Backup Plan. As I personally felt Cryptopia just doesn't go into Vain just like that. Cryptopia mostly holds its investments safely as it should for now we cannot just make Statements until its Confirmed. I
Hope it doesn't let all the Big time Investors Down. Undecided

JollyGood

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Quote from: arpon11 on May 30, 2019, 02:35:08 PM

That is why keeping your trading or investments fund in an exchange is a very risky thing to do and we should be very careful whenever you hear about an exchange's platform been hack as it is few of them that do come out very strong again. Deposits funds may not all be withdraw before the shutdown of cryptopia exchange and it is painful if one deposit money after the hacked and their are on able to withdraw before the shutdown.

Agreed. As another user posted in another thread, exchanges should only be used to trade. When the trade is complete the coins should be withdrawn.

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Quote from: JollyGood on May 23, 2019, 08:27:50 AM

If Cryptopia had not re-opened after the theft of the coins, what would investors have lost?

After Cryptopia re-opened and allowed investors to deposit and withdraw funds, what will investors lose?

Of course, the investor will lose their money because I think many investors still have their coin in that exchange, and they are not yet to withdraw their coin and send it into another exchange. So they could only hope that cryptopia can re-opened and allow investors to withdraw the funds. But if they don't re-opened, then the investor will regret that because they lose their coins without having a chance to withdraw.

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They actually claimed that Cryptopia was bankrupt and would not open it again. they are delaying and calling for more than $ 2 million to be able to pay investors.
This is really a very unfortunate incident and also an experience for traders. we should not send money to a small exchange and do not have a reputation in the crypto market.

JollyGood

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Quote from: Gozie51 on May 30, 2019, 01:37:24 PM

Quote from: neatworld on May 30, 2019, 11:13:38 AM

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

This news is unfortunate, I just realize I opened the exchange but don't know how many coins I bought there yet. I have to make a check on that. I just hope I don't have much coin there, that is if I can still be allowed in.

I hope your losses will be minimal. Any exchange sinking and taking customer funds with it is unacceptable.

If the Cryptopia owners did anything wrong we will hear about it when the news is released in the coming days and weeks.

tippytoes

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Quote from: Bavaria on May 31, 2019, 06:00:54 PM

Quote from: Lakai01 on May 31, 2019, 12:34:09 AM

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

Still they are not learning their lessons. Maybe, they are waiting to lose their entire portfolio before they realise that they need to keep their coins in their own wallet. Big and famous exchanges are not free from possible hacking incident, so you should always keep your coins safe and secure.

moynul2050

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if indeed Cryptopia is re-opened, and the trade returns to good work, investors may not experience a loss, but if the Exchanger's condition does not recover, investors will lose a lot of assets.

Bavaria

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Quote from: Lakai01 on May 31, 2019, 12:34:09 AM

The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

Some people are just unteachable. A few weeks ago i saw a poll in one of the telegram chat: " where do you store your coins?". And what do you think? Almost half of those who have voted keep their assets on exchanges.

Lakai01

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The lesson learned is that you should only have that much coins stored on an exchange you need for trades and IMMEDIATLY withdraw them as soon as you finished your trades. Exchanges may shut down from one day to another, happened to a lot of exchanges in the crypto space already.

South Park

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Quote from: neatworld on May 30, 2019, 11:13:38 AM

I've been vocal on these boards about what a poorly run exchange I've found Cryptopia to be. I'm grateful I never left more on that exchange beyond a few coins that were on sell orders. However, it still sucks to have money unaccounted for, and I'll be following this debacle closely for sure. I agree with Jolly Good that it's just shameful that they reopened for deposits but not withdrawals. Stinks of an exit scam to me

It is obvious to me they tried to run their exchange as if nothing had happened and were expecting the community was dumb enough to believe in them again, but that did not happen so they changed their plan, while I really hope they do not scam the users that believed in them at the same time I do not know what they were thinking, why deposit your money in an exchange that was recently hacked and that is not allowing withdrawals? At some point they need to use their common sense and stop trusting in centralized exchanges.

zgrdyg

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Quote from: timmmers on May 30, 2019, 02:58:25 PM

Guys, who are using small centralized exchanges? And if you use it, why don´t you immediately send funds to your wallet?
Small exchanges are not regulated, they do not have insurance or enough funds to cover all loses.

Cryptopia wasn't that small. Also they were on the market for a long time.

Still, this hack seems to me like an exit scam to me from day one. We learned again, never trust an exchange.

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