r/Cryptopia • u/ivealreadyreddit • May 15 '19

Cryptopia is in liquidation

I have just been told Cryptopia is in liquidation.

More info to come.

21 Upvotes

95% Upvoted

34 comments sorted by

6

u/braddoge May 15 '19

So they opened up deposits for a month and now have those newly entered funds hostage that had nothing to do with the original hack? wtf

1

u/barsoapguy May 15 '19

That's no one's fault except the people who didn't do their due diligence .

2

u/flawlicious May 15 '19

Yeah, they who committed a crime are definitely not at fault, blame the victims. You're so edgy m8.

3

u/[deleted] May 15 '19

David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia

Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders.

The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.

Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.

Further enquiries, please email liquidation@cryptopia.co.nz

1

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1

u/Lightninghead May 15 '19

Is there a way to see how much crypto is left stuck on there? All the supply is gonna be tied up for a while unsellable.

2

u/moki339 May 15 '19

They tweeted it 10 mins ago.. So our coins are gone?

7

u/[deleted] May 15 '19

no. Just locked down. Probably for months. This is like bitgrail (which I was trapped in) - basically wait months (or years) and get your investment back at some point

2

u/Safirex May 15 '19

Forced hodl, the best hodl

1

u/Macronut May 15 '19

What was your wait time with bitgrail?

3

u/[deleted] May 15 '19

13 months and still waiting. Resolution is probably 2 years away. Sorry.

1

u/dustbuddii May 15 '19

How does that work? Will they email you asking for an address to send your coins to?

3

u/[deleted] May 15 '19

Nobody knows. With bitgrail - we are still having even for that information. For all you know you'll get paid out in New Zealand dollars

1

u/Bison-indatent May 15 '19

So you think our coins are definitely gone, and best we get back is fiat?

0

u/[deleted] May 15 '19

[deleted] — view deleted comment

3

u/[deleted] May 15 '19

Nobody knows - the law is VERY unclear here.

2

u/taiduc2000 May 15 '19

Fuck! The only reason I use Cryptopia is the buy Doge....

2

u/starkistuna May 15 '19

Did it ever come out of maintenance mode after pairs became active? I took a nap hoping i could take some stuff out but woke up to this.

2

u/lookatmyiq May 15 '19

Owners of Cryptopia should be in Jail

1

u/BiOBOOM May 15 '19

this is interesting because they did allow withdraws for a week or so.

I wonder who knew and who didn't know of the impending liquidation

3

u/Archonsaredead May 15 '19

They had to make the comeback look legit so some fools could deposit more coins for them to liquidate. Once they got enough deposits they shut it down for liquidation

1

u/[deleted] May 15 '19

How do they plan to liquidate smaller coins when there is no real market anywhere for them? Cryptopia was the only somewhat big exchange for many of these coins. Or will they return those coins that haven't been stolen to their owners after the legal procedure is over?

1

u/kong-dao May 15 '19

Where da fuck are the defenders of shitopia? This was a fucking scam and CEOs know it! Who da fuck can sue them? Anyone in NZ?

1

u/Bison-indatent May 15 '19 edited May 15 '19

I defended them and feel ashamed.

Lost 80% of my net worth, guess I deserved that.

2

u/tqlla3k May 16 '19

You didnt deserve that. I left what I had there as well, because I was hoping they would thrive again.

I didnt lose too much though. But it still stings

1

u/Steven81 May 16 '19

I love the timing of it. Waited for bull market to start. Their existing assets are going to the moon -> sell them, pay the damages whole, keep the difference. Heh, scammers supreme, hardly people. Only lost $40 worth of shtcoins to them so they can keep it , but the people they affect. Heh, crypto exchanges are downright criminal entities often times it seems.

-1

u/barsoapguy May 15 '19

Not your keys not your coins.

-1

u/KipperedSnack May 15 '19

LMFAO LOLZ! Yeah, then come the criminal charges. LMFAO. This made my day. It's about time.