Cryptopia Shutting Down - Liquidation
It is sad to see the once popular New Zealand exchange - Cryptopia shutting its doors. Back in mid-January 2019, a security breach allowed hackers to access Cryptopia's holdings and most of clients' wallets were emptied.
The losses were small, relative to other hacks, coming in at just $16 million. Most of the stolen tokens were Ethereum $ETH and other ERC20 tokens. Cryptopia did not have the deep pockets of giants like Binance, which were able to cover their recent $40 million loss with ease.
With more exchanges sprouting up in late 2017/early 2018, offering greater variety of tokens and liquidity, Cryptopia slowly become a graveyard for obscure coins. However, they still added value to the cryptocurrency community.
Cryptopia's liquidation announcement comes at a time when the price of cryptos are heating up. What a waste! If only they could ride the tide for a little while more, then maybe they could survive.
Their closing really resonates deep within me, because it was the 1st cryptocurrency exchange I used. And also the 1st one to earn me 3x on my initial investment of $2000 back in early November 2017.
So long my friend.
The ongoing tether debacle at Bitfinex, hacks at Binance & other exchanges, and closing down of Cryptopia just further enforce the point that no exchange is safe. The only safe place? Your very own cold wallet, where you own the private keys. Stay safe folks.
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