Topic: Reason Why Cryptopia Is SCAM (Read 618 times)

I think this is the internal work of Cryptopia, because I see a lot of controversy in this. In any case, I stopped using them, they lost confidence.

I certainly can't say any reason why should an insider be involved in the hack but it always seems to me that an insider is somewhat involved in the hacks. Maybe, not all employees are honest...

Normally an exchange always keeps most of the fund in cold wallets afaik, then how come a hacker gets the private keys and get access to the wallet? Or they don't know how to secure the private key, wallet?

If a hacker hacked a single wallet then it wouldn't be a pain to roll everything smoothly again imo unless it has a low volume, but if a hacker hacks all the wallets or most of the wallets then the exchange has really bad security issues.

Cryptopia lost 9.4% of its Holdings to Hackers - doesn't it sounds like every wallet got hacked?
However, I don't think Cryptopia will shut down their operation with just 9.4% of its holdings lost to hackers.
I just hope they return back to business soon and returns the traders with their assets along with mine.

Why should it be an insider job? That makes no sense for a big exchange like Cryptopia when they had the chance to become a very big exchange:

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I think it's just a hack. Speculations about not sufficient security standards are more appropriate. It's known that exchanges are target of hacker groups.

Something tells me it's an inside job or Cryptopia has one of the worst security in the crypto world, this is a step backward for us in a fight for a safe and secure exchange and I believe they cannot get their business back again it's game over for them.

Apart from the shitcoins been listed on the exchange there are still much flaws around the exchange. Keeping ones valuable coins on cryptopia is suicidal and fungicidal, so i rather keep my coins on my hardware wallet than looking to Binance and others to spy on my privacy. 

We do already know on how they do operate. Their popularity increased due to that factor where they arent strict when it comes to centralized compliance and now they
have shown on the system for them not to be traced by the government.For now they are still loyal to their customers but we cant be sure on how long they would retain
this kind of system because sooner or later if they wont be legalized then they would go to the same path on most exchangers do.

And this is exactly where this topic should be too. Or in investigation.

Cryptopia(exchange) holding Bytebal deposits. Take caution while depositing.

cryptopia scamming Money

Warning Cryptopia !!! No payout

Cryptopia delete mrai but do not inform me

Cryptopia is a scam

they have dozens of  Scam Accusations

Cryptopia is opening on coming Monday on read only mode. They also calculated the amount lost and their worst calculation shows upto 9.4% of the total holding.
All info is from their twitter handle https://twitter.com/Cryptopia_NZ, that look fairly active for past couple of days.

All I can say now is that it lists every sh*tcoin

Keeping funds in your account, even Binance, is a mistake. Many have problems with this. I use services without registration, it is much easier and safer.

I don't think Cryptopia would ruin their reputation by hacking themselves, the theory is very far fetched in my opinion. Crypto is still very new and after the bear market ended they would have had the chance of being a very big exchange especially for a large number of altcoins.

No exchange is safe from hackers, therefore don't store coins there. It's dangerous.

This could be an inside job it's probably the end for Cryptopia no traders are going to trust them anymore why should we,there is a big boom of new cryptocurrency, those who cannot deliver security and good features might as well close shop.

I believe Binance is a good exchange. From all appearances they have the technology, the funding, the support and the volume to be a good exchange.

Binance is not licensed anywhere, their offices and servers are in secret locations and the founder moves around all the time.

In many ways those are benefits. But it could also become an issue.


https://www.reddit.com/r/BinanceExchange/comments/87ztvs/be_careful_out_there_binance_can_exit_scam_at_any/

The advise remains the same. Keep minimal funds on exchanges.

Bittrex has a bad reputation, besides, I had a problem with them. They blocked my account without responding to my requests. Binance is truly one of the best.

Cryptopia is not a scam exchange.

Up until the "hack" they had a fully working and accountable system.

Of course they had/have a few unresolved tickets, but this is probably because their user base are people interested in low market small coins that comes with  blockchain issues.
If a dev team decide to fork/roll over as an exchange they have to disable deposit and withdrawls.
Same if on blockchain has a very low hasrate  (not very well secured) they have to make sure that deposited funds are not from a double spending hash attack (that happened to ETC last month). But of course people will claim that the exchange is at fault for not doing the deposit and withdrawal fast enough.

keep in mind that One di-satisfied customer will yelled that it is a scam, make a topic on this board saying that the exchange is stealing the funds meanwhile 10 happy customers won't post anything.

Also, keep in mind that the NZ time zone is quite far from other time zone.
I am in NZ and i know for a fact that when i ask support in US or Europe i always have to wait overnight for someone to read my messages.


The above is true for most exchange,
On twitter, FB, you have heaps of people calling Binance/bittrex/poloniex  a Scam because their deposit of BCH to a BTC didn't how up or because their shitty ERC20 un-supported by binance doesn't show as a balance ....

Cryptopia wasn't recognize as scam exchange until they prove it to their customers and to the world at large. According to some speculations Cryptopia exchange is the most scammed exchange as of now.

Bittrex also is not a reliable exchange and for your information they have proven not reliable which poss many questions unanswered regarding the exchange.   

Right probably cryptopia people hasn't chewed everything yet and might take some time to resume its operation (assuming they want to get back to business).

Now it's time to wait for the police report to go public and what cyptopia next action will be. I couldn't imagine people keep huge funds in an exchange and then one day, it's all gone!!! Ouch.

It makes me think about how many of these exchanges are owned by the same entity. It can't be coincidence that they all know that the most important thing to do is generate heaps of artificial volume to attract users.

The first thing honest exchanges do is slowly build up a user base, and while the volumes are low initially, they will grow as time goes by if the demand is there. No exchange instantly attracts large enough traders to justify these mad volumes.

Another aspect of these exchanges is that if you happen to register and deposit, that you'll be having a hard time contacting support to solve your problems. Most likely outcome in that case is that you'll lose your funds.

I tried Bisq, which is a decent DEX, but the volumes are pretty low and the spreads are too significant for daily use. I'm certain that it will continue to grow, but the rate of growth is very slow. It has a 24H volume of just over $100,000 where BTC/XMR accounts for almost 90% of that volume.

It's very easy to point at exchanges as Yobit or Hitbtc, but as long as they are solvent, and make enough profits, they will continue to operate. If they don't gamble with people's funds and lose them in the process, an exchange of Yobit's shitty level can last for many more years.

I'm more inclined to say that one of the weird Asian exchanges that popped up out of nothing and immediately generate hundreds of millions in volume are the first to exit this space.