Exchanges Cryptopia

# New Zealand-Rooted Crypto Exchange Cryptopia is Still Down and Users are Worried of Hack

Cryptopia, a New Zealand based crypto exchange has had a rough year so far. There were a series of hacks in January and February that really damaged the company's reputation.

Ethereum and ERC20 tokens that were most affected by the hack, accounting to a roughly $20 million worth has not been opened for deposits and withdrawals yet. Additionally, most of the ERC20 tokens also remain inactive on the exchange. The exchange has already lost$16 million worth of Ethereum and ERC20 tokens. Some of these tokens were Centrality, Lisk ML, Dentacoin, Oyster Pearl, Daps, Golem, and OmiseGo, among others.

The bad reputation of the exchange can be seen now as users already started to panic as the company’s website seems to be down for over 8 hours. The company

Redditor Fallenkeith2018 says:

“Cryptopia has been down for 8 hours, did it get hacked again? I woke up this morning to check Cryptopia to see if there was any updates on the website about new trading pairs. When I went to Cryptopia mainsite, it says: Don’t Panic! We are currently in maintenance. Thank you for your patience and we apologise for the inconvenience.”

Apart from that message, there seems to be no other communication with the company’s team. The last tweet that they had sent out was:

“Please note, that we will be putting the site into maintenance from 8.30am NZST on Monday for 1 hour, we will keep you updated on our progress.”

This was on April 26th. The most important questions that people are asking now is that why are people on the exchange anyway.

The exchange clearly doesn't have a good security team, and now even their PR team looks completely inept.

Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.