The world’s crypto exchanges are falling down periodically. Few with unreliable Governments and some are exposed to irrecoverable security breaches.
One of the exchanges which had a major hack in mid-January this year is finally giving up.
New Zealand’s Crypto Exchange Cryptopia Appoints Liquidators, All set to Shut Down
Cryptopia, a major crypto exchange from New Zealand which has some hundreds of thousands of investors and followers is now in the process of liquidation. Since the hack from January, the exchange is trying its best to retrieve confidence from its stakeholders by gaining profits through cutting down costs. But it’s unable to survive longer by that model and finally waves the white flag.
Apparently, on behalf of its stakeholder’s interest, the exchange has appointed Grant Thornton, an accounting company to handle its liquidation process. David Ruscoe and Russell Moore from the Grant Thornton will be leading the process throughout.
Upon assessing the condition, David said, “We realize Cryptopia’s customers 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 customers and stakeholders. Given the complexities involved, we expect the investigation to take months rather than weeks.”
While these investigation process is happening, the trading and other functions of the exchange are halted until further notice. The exchange, through its Twitter handle, has said it’s customers, it would be going on regular maintenance.
But on 15th May, it tweeted about the appointment of Grant Thornton as liquidators and further winding up. It has asked customers not to send any deposits to their exchange wallets and the amount left in hot wallets of users is in an unknown state. The exchange has put up a press release notice on the home page and not letting anyone to log in and withdraw funds even.