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

Priya

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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.

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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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