The Cryptopia fiasco - Only 77 of 459 projects secured

UserMatt1

jr. member

Activity: 51

Merit: 1

Quote from: StephenJH on March 27, 2019, 04:53:55 PM

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

The latest crash on the markets will be a big lesson for everyone to learn the basics of how exchanges protect our funds. Quadricagx case was the best tutor for me to not give the bitcoins to someone who holds the private keys.

I totally agree, ideally if you don't trade much, you should just hold your funds on a cold wallet or a ledger!!!

StephenJH

hero member

Activity: 1470

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No more Rekt and Bust

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

The latest crash on the markets will be a big lesson for everyone to learn the basics of how exchanges protect our funds. Quadricagx case was the best tutor for me to not give the bitcoins to someone who holds the private keys.

mrdeposit

hero member

Activity: 1358

Merit: 509

This kind of approach has caused hacking. Already after the hacking event, this news will cause not to be used. We must act by taking care that these events can happen any time.

beeelzebub

full member

Activity: 602

Merit: 101

Bcnex - The Ultimate Blockchain Trading Platform

I don't think there is a fiasco. Actually letting that scam happen was a fiasco yes but they are working to recover.

They seem to cover people's loss and Exchange is recovering. Way better hack incident compared to others.

Juse14

sr. member

Activity: 1064

Merit: 389

Duelbits

And i think the secure coin its just a shitcoin who not really worth it to hack that. with these significant lose, the crytopia already lose his reputation & their fund, i dont know will they can keep their service running or will shutting down.

frchowe214

member

Activity: 402

Merit: 10

Cryptopia is full of shitcoins so they can delist a whole load of them to ensure the future of the exchange is secure. It used to be a good exchange so i hope it returns to it's former glory again

Averim

member

Activity: 515

Merit: 12

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

Even with only 77 secured coins it is a success, considering the bubble that everybody is talking about.

panjay

sr. member

Activity: 1079

Merit: 352

well as long as they paid that reimburse for people losing money there it's fine for me, will use it another time. Because you know sometimes the token that I own only have an exchange on topia.

UserMatt1

jr. member

Activity: 51

Merit: 1

Quote from: ricardobs on March 24, 2019, 01:22:30 PM

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

Due to the security threat on the exchange, I think it's already losing trust from investors and also traders who had their funds on these exchanges and it might take a very long while before they might be able to gain back the trust they had before the hack experienced.

I can just advise them to keep pushing on and make sure they focus on the security of the exchange so that we don't experience such anymore because that would be the end.

The worrying thing is that they haven't even re-enabled withdrawals.... as soon as they do so, most funds will leave the exchange...

ricardobs

hero member

Activity: 1204

Merit: 505

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

Due to the security threat on the exchange, I think it's already losing trust from investors and also traders who had their funds on these exchanges and it might take a very long while before they might be able to gain back the trust they had before the hack experienced.

I can just advise them to keep pushing on and make sure they focus on the security of the exchange so that we don't experience such anymore because that would be the end.

SistaFista

sr. member

Activity: 1638

Merit: 251

Hexhash.xyz

Quote from: reZpaR on March 22, 2019, 10:52:28 AM

An article that takes a look on Cryptopias current state.
https://www.publish0x.com/hodl-on/the-cryptopia-fiasco-only-77-of-459-projects-secured-xqwgl?a=7N1aMP3eWm

It was unfortunate that exchange such cryptopia got hacked and the funds lost in big amount.
My coins were there when the exchange hacked, and now i cannot withdraw the coins in my account.
Next time i will withdraw my coins when im not trading in the exchange to avoid case like this.

evanescence

member

Activity: 238

Merit: 10

Quote from: BurgerCash on March 22, 2019, 11:44:33 AM

https://chainbulletin.com/cryptopia-sheds-light-on-the-amount-of-funds-stolen-by-hackers/

With the amount of funds stolen by hackers being no more than the exchange's income, I think we might see cryptopia live at one point. NZ Government is looking closely so I don't think there's a big chance that owners can run with the money - they'll cover the cost of the hack which is not small. But I do believe cryptopia will return as a solvent exchange, even if it loses all credibility and needs to close down eventually it will repay all user's funds.

Not all trading pairs will be functional from the start though. I do appreciate the transparency and honest effort to react the best possible way, but I think they're relaunching the exchange before they have their stuff together.

prasad87

jr. member

Activity: 242

Merit: 7

Quote from: BurgerCash on March 22, 2019, 11:44:33 AM

https://chainbulletin.com/cryptopia-sheds-light-on-the-amount-of-funds-stolen-by-hackers/

With the amount of funds stolen by hackers being no more than the exchange's income, I think we might see cryptopia live at one point. NZ Government is looking closely so I don't think there's a big chance that owners can run with the money - they'll cover the cost of the hack which is not small. But I do believe cryptopia will return as a solvent exchange, even if it loses all credibility and needs to close down eventually it will repay all user's funds.

I like how this thread is titled "The Cryptopia Fiasco" and the second article in your link is "A refreshing example of good crisis management Grin

.

https://chainbulletin.com/cryptopia-a-refreshing-example-of-good-crisis-management/

Clearly there's room for debate on the subject, very polar opinions.

Little Mouse

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Cryptopia had announced after coming back that they had lost only 10% of their total asset which doesn't seem to be a big amount because they had made a lot. I think they have enough to cover/refund everyone because most of the exchanges should have a fund for back up this kind of problem which cryptopia must have too.

DeepChipolino

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Merit: 11

Quote from: eternalgloom on March 22, 2019, 12:15:23 PM

Hmm, i don't know if I agree with the conclusion of the article's author.
He's basically saying that Cryptopia now has better security because they've been hacked and have implemented new security measures.

While also stating that other exchanges might have unknown vulnerabilities, because they have not been hacked.

I personally think that there are at least a couple of exchanges that have never been hacked, just because they have good security from the get-go.
Anything can be hacked, let that be clear, but the amount of damage that can be done can greatly be limited if proper cold storage is set-up.

Since they said they intend to continue working, this is a good sign. If they improve the security measures based on their experience, it will be better than the exchanges, which initially have a good security system and have not been hacked.
My funds have survived, and I will stay with them and will support them. This is a good way to support the fight against hackers and other undesirable elements in crypto.

rosezionjohn

sr. member

Activity: 882

Merit: 301

Quote from: donass1 on March 22, 2019, 12:44:03 PM

Cryptopia is fighting hard to restore its system but the hack has done a huge damage I think will be hard to recover from.

The hacked has caused a lot of inconvenience not only to the users but also to the developers whose coins where stolen. Some devs are considering conducting a swap to protect their project. The only thing I see that will keep Cryptopia from floating are those coins that are exclusively listed in their platform.

donass1

copper member

Activity: 226

Merit: 1

Cryptopia is fighting hard to restore its system but the hack has done a huge damage I think will be hard to recover from. The incident begs the question, what are exchanges such as Binance, Huobi and co doing to protect investors from a potential hack

tsaroz

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Activity: 2982

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Vave.com - Crypto Casino

Cryptopia was always a place for lesser know and used coins. Most of them stopped working just because the dev abandoned the project or no miners to relay the transactions. Even now they are just a dump place for useless tokens and a easy pay to get listed exchange.
Don't have a data about their security issues but the ownership had changed a few times.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Hmm, i don't know if I agree with the conclusion of the article's author.
He's basically saying that Cryptopia now has better security because they've been hacked and have implemented new security measures.

While also stating that other exchanges might have unknown vulnerabilities, because they have not been hacked.

I personally think that there are at least a couple of exchanges that have never been hacked, just because they have good security from the get-go.
Anything can be hacked, let that be clear, but the amount of damage that can be done can greatly be limited if proper cold storage is set-up.

reZpaR

newbie

Activity: 79

Merit: 0

i would be surprised if they had to shut down their operations completely. The eventual run off by users, would have taken place back in January, if they had the chance. I believe the longer they need, to get back to their state before the hack, the more people will care less and still keep their accounts to use Cryptopia sooner or later.

Topic: The Cryptopia fiasco - Only 77 of 459 projects secured (Read 249 times)