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Cryptopia asks users to stop depositing funds; customers in distress as withdrawal service halted




Cryptopia asks users to stop sending funds to Cryptopia accounts; customers in distress as withdrawal service halted
Source: Unsplash

Cryptopia, a New Zealand-based cryptocurrency exchange platform, recently announced that the firm would be liquidated and this process would be carried out by officials from Grant Thornton. Now, the exchange has asked users to stop depositing their cryptocurrency funds to Cryptopia addresses, via its official Twitter handle.

The exchange tweeted,

The platform entered the liquidation process following the hack that targeted it in January 2019. This news however, was unexpected by the platform’s customers, since the exchange platform had shut down its trading services citing maintenance. Notably, the exchange went under maintenance without giving its customers any notice in advance, pertaining to the update. Further, the exchange’s website was also down for over eight hours before news of the liquidation was made public.

These turn of events has resulted in several customers losing access to their funds, all of which was stored on the exchange. Further, the latest announcement indicated that there were still customers unaware about the liquidation process, which is why many of them were still depositing their funds in the exchange.

The public notice served by Grant Thornton stated that its investigation of the exchange platform could take months, rather than days. This resulted in a lot of distress among several customers, with many taking to Twitter to air their grievances.

Justice Omoruyi, a Twitter user, said,

“Hmmmmm! Why? Cryptopia. Why treat us like this.? This funds are ours. Give it to us”

Bobby C, another user, commented,

@Cryptopia_NZ knew they were exit scamming, opened deposits and withdraws of $BTC $LTC $Doge but nothing else so unless you sold at a loss you weren’t moving funds off their exchange. People deposited funds to buy new coins and lost those funds as well. @nzpolice”

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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.


Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities





Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,

“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”

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