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Cryptopia answers users’ queries on status of exchange; concedes that it could take months to return funds

Priya

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Cryptopia answers users queries on status of exchange, affirms that it could take months to return funds
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Earlier today, Cryptopia released a new statement pertaining to its liquidation where the firm answered all the questions asked by the customers. Notably, the exchange had made it explicitly clear that they will not allow customers to withdraw their funds until the investigation is completed, emphasizing that it could take months for this process. The main purpose of the investigation would be to check the amounts “owing and available to return to customers”.

To add on, the platform also stated that they cannot “confirm whether individual customers will get all of their crypto-assets” back. Currently, Cryptopia has suspended all its trading services including deposits.

The exchange stated,

“We are now undertaking an extensive process to confirm amounts owing and available to return to customers. This is a complex process and will likely require direction from the New Zealand Courts. Until the investigation has concluded we cannot return any crypto-assets to customers.”

More so, the exchange stated that they disabled the trading services as their first priority was to secure its customers’ cryptocurrency funds.

“Next, we need to confirm the amounts owing and available to return to customers. This is a complex process and we expect that we will need some direction from the New Zealand Courts to make sure a fair and legal solution is found.”

Further, the exchange has also made it clear that customers would not be able to take even take screenshots of their crypto-balance until the completion of the investigation. Additionally, clarification as to whether the refund would be made in fiat or crypto was also not provided, as the exchange stated that “at this stage, we cannot confirm”.

idad, a Twitter user said,

“Why did you allow deposits until the last minute? You had meetings, you knew what was coming, you let people lose money on purpose, you deserve jail time on that one issue alone. Enjoy the prison showers cutie.”

Michael Gehrke, another Twitter user said,

“‘DON’T PANIC’….. You are some special kind of sick individuals. I’ll be sure to add some BTC to your prison books….Oh wait…. Nevermind.. My BTC will still be in Shitopia’s”liquidation.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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