Business

Neil Mathew

Cryptopia outlines eventual return as exchange resumes trading

For those who are familiar with cryptocurrency trading and investing, they might know of a cryptocurrency exchange by the name of Cryptopia, based in Christchurch, New Zealand. Founded in 2014, the exchange built a reputation as an exchange where coins could build liquidity and potentially head to other exchanges, and Cryptopia became known as a volatile exchange where there was plenty of money to be made if you were able to place the right bet on underrated cryptocurrencies. However, that all changed earlier this year when the exchange suffered a security breach. The exchange appears to have finally addressed investor concerns.

Cryptopia truly gained traction in 2017, where it grew from 30,000 to 1,000,000 registered users within the span of several months. However, the security breach took place in January 2019, where many cryptocurrency traders and enthusiasts began to suggest that the exchange pulled an “exit scam.” For those that are unaware, exit scams are when cryptocurrency teams or projects essentially disappear after gathering money from investors.

The exchange admitted to the hack on Twitter, and declared that the company was in “unscheduled maintenance” mode. New Zealand police and the High Tech Crimes unit began investigating, as well.

A statement titled “Dear Cryptopia Customer” has now been published, where Rob Dawson, a co-founder of the exchange, addresses several concerns. He first categorically denies that an exit scam took place, and points out that Cryptopia actually plans on reopening. He did not offer a timetable for when this will occur.

Dawson claimed that access was only recently given back to the company in mid-February 2019. He then elaborated that there will be rebates provided to those cryptocurrency investors and traders who had lost funds, and that the exchange would be actively updating about its progress on Twitter. Orders can still be cancelled through the website, as well.

The exchange will also apparently keep customers updated through e-mail, as well. The exchange has also apparently resumed trading on 40 various cryptocurrency trading pairs, as well.

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