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Cryptopia enters liquidation phase as it appoints Grant Thornton; investigation to take months

Priya

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Cryptopia enters liquidation phase as it appoints Grant Thornton; investigation to take months
Source: Unsplash

Cryptopia, the New Zealand-based cryptocurrency exchange, announced the appointment of Grant Thornton as its liquidators. This announcement was made hours after its customers raised concerns over a long unscheduled maintenance, resulting in some speculating another hack.

Notably, the firm chose to take the step of liquidation because of the hack that occurred earlier this year. In mid-January 2019, the exchange announced a security breach, leading to a massive loss of funds. The majority of the stolen funds belonged to its Ethereum wallets, with reports suggesting that the breach cost the exchange a whopping $16 million in ETH and ERC20 tokens.

However, the exchange soon fell victim to a second attack, which took place days after the first one. The second attack reportedly drained 17K wallets, resulting in the loss of $180K in Ethereum. This was soon followed by the exchange releasing a statement on the loss incurred due to the security breach, where the worst-case scenario was considered to be the loss of 9.4 percent of its total holdings. Following this, the exchange gradually re-opened its services in March 2019.

The latest announcement stated that two officials from Grant Thornton, David Ruscoe and Russell Moore, would be carrying out the liquidation process of the exchange.



David Ruscoe stated that the investigation process could take months instead of weeks, citing the “complexity” of the case. He further added,

“We realise Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders”

@Donarito, a Twitter user, stated,

“So they give a partly possibility to withdraw funds, almost reopen exchange to show police that they are ok and them just start liquidation. I am far from NZ, but I will fight for my funds”





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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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Bitcoin SV drops by a massive 24% in an hour after Bitcoin whitepaper patent backlash

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Bitcoin SV drops by a massive 24% in an hour after Bitcoin whitepaper patent backlash
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Bitcoin SV’s sudden surge from $65 to $195 was caused mainly due to FOMO after the news about Craig Wright’s patent on Bitcoin Whitepaper broke out. The coin did breach the top-10 list when it pumped; however, it settled down to its original position of 12. At press time, it overtook Tron, and is the 11th largest cryptocurrency according to CoinMarketCap.

The crypto, at press time, was priced at $112 and had a market cap of $1.98 billion, just below Cardano. BSV, in a 24-hour timeframe, was still up by a massive 77%; however, the price dipped by 24% in an hour, from $148 to $112.

Source: TradingView

The Bitcoin Whitepaper patent caused most of the prominent people in the community to lash out against Craig Wright. Monero’s Fluffypony, tweeted:

Peter McCormack, the host of What Bitcoin Did, podcast tweeted:

Although the copyright for the patent doesn’t fully mean that Wright is Satoshi, crypto Twitter started doing what it does best- troll. Alistair Milne tweeted:



BREAKING: world’s biggest dating app Tinder believes Craig Wright is Satoshi Nakamoto, having allowed him to register the username/handle “iamsatoshi” Alternative aliases he has also been successfully granted include: “iamricherthanyourcountry”
and “billionairemode1970”

Jake Chervinsky, a lawyer, tweeted:

Ironically, Bitcoin SV got delisted after its pump followed by a dump. Float SV tweeted:

“Based on a lack of trading volume, Float SV will be delisting BTC/USDT, BTC/USDC, and BTC/TUSD on Friday at 5pm CST. Details to come. Deposits and withdraws for associated assets will remain supported.”





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