Cryptopia got hacked and lost like 8% of their assets.
They give haircuts to everyone.
I noticed something unusual. Instead of taking coins that are stolen they charge bitcoins and LTC from everyone.
Then there is another thing that's also unusual. They use the January price instead of the time they do the haircut.
At that time bitcoin and litecoin price have gone up twice.
I think cryptopia want to do it again.
They "Liquidate".
And then they will give back NZD.
When bitcoin prices go up they will just select any crypto with huge valuation and pay NZD
They basically gamble with customers' money.
If bitcoin drops they can just return bitcoins or nothing.
If bitcoins go up they return NZD and keep the price different.
Is this even legal?
Anyone familiar with bankcruptcy laws in New Zealand?
This is just another reason why the laws cannot protect us. I was stupid not to take money away from them.
