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Crypto exchange Cryptopia reopens

Maya Mandz | Mar. 20, 2019
Crypto exchange Cryptopia reopens

March 20, 2019, | AtoZ Markets - Cryptocurrency exchange Cryptopia has resumed trading. Crypto exchange Cryptopia reopens just three months after it endured a multi-million dollars theft

Crypto Exchange Cryptopia reopens for 40 trading pairs

The New Zealand-based company has announced on its Twitter account that it is starting to list 40 trade pairs, which it “quantifies as safe”.

The cryptocurrency exchange also confirmed that it will periodically place more coins after evaluating each of them for potential abuse. At the moment, according to the details available on the official website of Cryptopia, such cryptos as bitcoins, doge and litecoin are among the major digital assets listed on the exchange.

Exchange reopens after a serious security breach

The latest Cryptopia statement followed the extreme hack accident that occurred in mid-January of this year. As a result of hack attack more than $ 16 million worth of Ethereum and other ERC20 tokens were stolen from the platform. As a result of the attack, the New Zealand exchange stated that he had lost 43.19% of his Litecoin and 14% of his bitcoin assets in the hands of hackers. Nevertheless, the attackers managed to erase all the stocks of Ethereum Cryptope, leaving the stock exchange without essential coins.

However, after Cryptopia announced a hack, Binance CEO Changpeng Zhao in his twitter announced that the global cryptocurrency exchange halted certain funds which were stolen from the New Zealand crypto exchange. It suggests that loses could be bigger.

Cryptopia exchange users spotted 14-15% bitcoin cut

Among the victims of the attack were individuals who reportedly lost their savings as a result of the aforementioned hacking. After the Cryptopia reopened, some of the crypto exchange users complained about the loss of a certain percentage of their cryptocurrencies. For example, one of the Reddit users noticed that he had 15 percent fewer bitcoins than before hacking. Excerpts from his statement: “I logged in my account and got a 15% haircut for BTC. Heard eth has a haircut of 100%.”

Cryptopia exchange promises lost funds reimbursements

However, a recent e-mail issued by the Cryptopia office indicated that it would place the Cryptopia Loss Marker (CLM) in place of the missing funds. The exchange will use CLM as a means to assess the loss of an individual in the New Zealand dollar (NZD) after hacking. Earlier, Cryptopia has confirmed that it will start giving way to its customers through fair logistics. The exchange had said:

“CLM is not a coin, it can’t be traded as yet, it is just a number in the database that represents the loss for each coin for each user in $NZD at the time of the event. There are still steps to take to ensure we are taking a legal path toward reimbursement.”

BitFinex crypto-exchange resorted to the same move, after losing $ 71 million due to hackers. After the theft in August 2016, the company distributed so-called BFX tokens to victims. In exchange, these customers had to wear a 36 percent bitcoin cut. By April 2017, BitFinex bought out all the BFX tokens.

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