Cryptopia, the exchange hit by a major hack in mid-January, has gone into liquidation and suspended operations.
The was Wednesday by Cryptopia’s assigned liquidator, professional services firm Grant Thornton New Zealand. Cryptopia the on Twitter, as well as on its .
Possibly signaling changes afoot, Cryptopia website went under maintenance yesterday without any message to the public on its social media platforms. It was first by a Redditor who asked whether the exchange had been hacked again.
Back in January, Cryptopia went offline for a couple of days before mid-month that it had “suffered a security breach which resulted in significant losses.” A data analytics firm after the attack that as much as $16 million in ether and ERC-20 could have lost. Later, in March, the exchange services, but still had banking issues.
Grant Thornton said the hack had a “severe” impact on the company’s trade, and despite the management’s efforts to reduce cost and return the business to profitability, it was decided that liquidation was the best path forward for all stakeholders.
David Ruscoe and Russell Moore from Grant Thornton will help Cryptopia secure its assets “for the benefit of all stakeholders,” according to today’s announcement.
“While this process and investigations take place, on the exchange is suspended,” Grant Thornton said, adding that the complex investigation will take “months rather than weeks.”
Commenting on Cryptopia’s Twitter announcement, numerous have expressed frustration that they were not allowed to withdraw funds since the hack, with some also calling for creditors to organize and take legal action against the exchange.
Ruscoe said:
“We realise Cryptopia’s will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of and stakeholders.”
Grant Thornton is expected to file an initial report on the case next week on the New Zealand Companies Office website.
image via Shutterstock
Published at Wed, 15 May 2019 08:19:43 +0000
