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RIP: Bitcoin Exchange Cryptopia Begins Liquidation After $15 Million Hacking
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RIP: Bitcoin Exchange Cryptopia Begins Liquidation After $15 Million Hacking

 It may not have sounded the death knell immediately but the January hacking of New Zealand-based cryptocurrency exchange Cryptopia changed everything forever.

Now the crypto exchange which lost NZD$ 23 million (approximately $15 million) in the security breach five months ago has appointed liquidators.

In a statement, Cryptopia admitted that the hacking had a ‘severe impact on the company’s trade’. The exchange also disclosed that appointing liquidators came after efforts to cut costs and return to profitability proved unsuccessful.

Beware: Cryptopia’s Liquidation Process Will Test Your Patience

The process is expected to be drawn out. The appointed liquidators, David Ruscoe and Russell Moore, have stated that it will take ‘months rather than weeks’. Users of the exchange will be contacted in a couple of days, according to Ruscoe:

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.

The appointment of liquidators is a big blow for ‘bag hodlers’ as it had an extensive portfolio of altcoins. Prior to the hacking Cryptopia boasted of 457 coins listed for trading. In December 2016, Cryptopia had about 30,000 users but this had risen to 1.4 million by January 2018, per Stuff.

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