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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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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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