Cryptopia liquidation: projects and traders respond to 'critical situation'

15 May, 2019
Analysis
Cryptopia liquidation: projects and traders respond to 'critical situation'

Following the latest announcement that recently hacked cryptocurrency exchange Cryptopia has gone into liquidation, the community has weighed in with their opinions. 

The New Zealand based cryptocurrency exchange which had recently reopened for business following the $20 million hack earlier this year, has had a hard time getting back on its feet and has now gone into liquidation.

The announcement on the websites front page states that "Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders."

Cryptopia was well known among cryptocurrency veterans for being the exchange that offered the widest array of obscure altcoins on the market, everything from Theresa May Coin to Lambo Coin could be found on the exchange. 

The news comes as a surprise to many who had thought the exchange was making a comeback. 

Users paid their respects to the exchange which had become a staple in cryptocurency trading during the 2017 bull run. 

Crypto projects such as Bismuth which had relied on Cryptopia as an exchange to trade the token, also reached out to their community regarding the liquidation.

Customers also showed their discontent at not being able to withdraw their funds before the company announced that they will be liquidating.

 At this point it does not look like any users will be getting their funds back from the hacked exchange, and will need to wait months to see what the final conclusion to the situation is. 

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