Cryptopia warns users to ‘not send any deposits’ to exchange

Cryptocurrency exchange Cryptopia has warned users against depositing funds to the exchange in light of January's hack

New Zealand-based cryptocurrency exchange Cryptopia has pleaded with users to “not send any deposits” to the site just one day after Grant Thornton was appointed as its liquidator.

Cryptopia has been plagued with bad luck since the turn of the year following a malicious hack that saw $11 million stolen by cyber-criminals.

After months of criminal investigations and maintenance work, the exchange reopened deposits in April.

However, the relaunch of the exchange turned out to be short-lived, as on Wednesday it was confirmed that Grant Thornton was being brought in as its liquidator.

“We realise 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,” said David Ruscoe of Grant Thornton New Zealand.

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

The official press release stated that trading on the exchange will be suspended while the process takes place, which may be why Cryptopia issued a warning about depositing to the site.

There has also been unconfirmed reports stating that some users have experienced difficulty in withdrawing cryptocurrency from the exchange.

Cryptopia’s hack was another in a long line of malicious attacks on exchanges, the most recent being directed at Binance, which had $41 million in Bitcoin stolen from hot wallets last week.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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