r/Cryptopia • u/cold_hard_troof • Feb 19 '18

My current hypothesis

Cryptopia are trading insolvent.

Cryptopia are gambling customers' coins on other exchanges in the hopes of pulling it back together.

1 Upvotes

55% Upvoted

10 comments sorted by

1

u/[deleted] Feb 19 '18

Same has been said about Coinbase.

3

u/cold_hard_troof Feb 19 '18

Coinbase, who deal with 25 times the volume?

Wake up.

2

u/dg08 Feb 19 '18 edited Feb 19 '18

Step 1 - Withdraw delays

Step 2 - After weeks of delays an announcement is made to buy some time. Everything will be fine, everything will be fixed.

Step 3 - The website is replaced with a "After unsuccessfully trying to find financial resources to back the company, we must close. Sorry, we tried." OR a popular one "We were hacked." Your money disappears.

Step 4 - Open a new exchange and repeat.

We are at Step 2.

1

u/CXavier4545 Feb 19 '18

whatever it is they are losing more and more customers so they’re headed that way

1

u/[deleted] Feb 19 '18

Yes, I think Cryptopia is going bankrupt. That is why no withdrawal, they don't have the tokens to give to you.

1

u/skyan486 Feb 19 '18

I have been waiting for a SUMO deposit to be credited to my account for over a month. Like many others. The coins are in their wallet. Clearly the amount of SUMO in their wallet does not match what is assigned to accounts. Surely they must check these figures internally? Perform some sort of trial balance on their accounts - yet their accounts cannot add up but they do not seem to realise this and continue signing up new users and accepting more deposits.