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Cryptopia assures users of its commitment to reopening exchange; provides update on lost funds

Priya

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Cryptopia assures users of its commitment to reopening exchange; provides update on lost funds
Source: Unsplash


Earlier today, Cryptopia, the New Zealand-based cryptocurrency exchange that fell prey to two security breaches in January, sent a mail to all their customers, detailing the current situation. The introduction of the mail reassured customers that the organization was “100% committed” to re-open their platform for business. This remark was made considering the recent speculation of the hack being an “exit scam”.

Source: Cryptopia

Source: Cryptopia

This was followed by the exchange advising users not to deposit funds to the old Cryptopia address as the exchange has new wallets. Furthermore, the mail also stated that they would refund all the customers who lost their funds during the security breach.

It also stated that the exchange was “working through the logistics” of the situation in order to ensure that they are regulatory compliant.

Apart from this, the support team of the exchange is currently focusing on tickets pertaining to 2FA and password reset, allowing customers to be ready for trading when the platform goes live.

The mail read:

“If you held balances in coins that were lost in the event you will start to see Withdraws on your account for those coins. The TXID for the withdraw will not exist on the network but will detail how the coin was impacted in the event.”

It further stated:

“For each withdraw you will also see a subsequent deposit of Cryptopia Loss Marker [CLM], the TXID for this will also not exist on a network but will detail the coin it represents a loss for. CLM is not a coin, it can’t be traded as yet, it is just a number in the database that represents the loss for each coin for each user in $NZD at the time of the event.”

Recently, the exchange had updated their website, which displayed the haircuts that customers would receive on their top cryptocurrency holdings and also the coins that were secured. Based on that, Ethereum [ETH] holders will be getting a 100% haircut, with 0% coins secured. However, Bitcoin and Litecoin holders will receive a haircut of 14% and 43%, respectively.





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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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