Cryptopia Says To Stop Deposits, Faces Liquidation

The hacked New Zealand-based cryptocurrency exchange Cryptopia has urged its users to stop depositing funds to the exchange, as they are shutting down for good and going into liquidation.

As previously reported by IIB, Cryptopia has been appointed the consultancy and audit firm network Grant Thornton New Zealand as liquidators.

Now the exchange joins the likes of Mt. Gox, QuadrigaCX, and countless other hacked and liquidated crypto exchanges.

The $16 million Cryptopia hack in January of this year should be remembered as an example of what can happen to centralized crypto exchanges that hold their users’ cryptocurrency. Crypto exchange hacks happen all the time. Just last week, Binance, the world’s largest crypto exchange, was hacked for $40 million.

It can never be said too often: it’s of the utmost importance to hold the majority of your crypto holdings offline in a safe and secure hardware or paper wallet. These types of wallets cannot be easily hacked, if at all, and are highly recommended to any crypto user.

Do you store cryptocurrencies on an exchange? What crypto wallets do you use? Let us know in the comment section below.

1 Comment

  • Northern-woman
    Posted May 17, 2019 4:52 am 2Likes

    All well and good advice, Jeremy Wall, but not practical for those who trade on a daily basis. Far better is a scenario where exchanges have both insurance and beyond excellent security to guard against loss of the funds entrusted to them. That goal should be a business responsibility of the highest priority.

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