Cryptopia declares bankruptcy, closes the exchange and appoints the liquidators

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Cryptopia is going to close the exchange. Trading on the new Zealand stock exchange was suspended, and was appointed the liquidators for “securing assets for the benefit of all stakeholders.”

On Tuesday, the website Cryptopia suddenly went out, citing the holding of a “service” that many of its users were prompted to think about a new break-in. Cryptopia now announced on his Twitter account on bankruptcy. David Rusko and Russell Sea from Grant Thornton were appointed liquidators of Cryptopia Limited.

According to the statement, Cryptopia hack in January 2019 “has had a major impact on the company.” Due to the fact that trading was disabled suddenly, without prior warning, users will not be able to withdraw their funds from the stock exchange now and it is not clear if I can get them soon.

Cryptopia Limited appoints Grant Thornton as Liquidators — https://t.co/A35rq1Jls3

— Cryptopia Exchange (@Cryptopia_NZ) May 15, 2019

Refunds will not be quick

These investigations are related to the bankruptcy of the exchange, can take months, which is confirmed and appointed liquidators.

“We understand that customers Cryptopia want to solve this problem as soon as possible. We will conduct a thorough investigation, working with several different stakeholders, including the management and shareholders to find a solution that best meets the interests of customers and stakeholders. Given all the difficulties, we expect that the investigation will take months, not weeks,” said David Rusko.

In a statement, Cryptopia says that the liquidators “are also working with independent experts and the relevant authorities in respect of the obligations of the company. Representatives of Grant Thornton are committed to contact all clients and creditors in the next few days.”

In the course of a burglary that occurred in January, from the exchange was stolen about $16 million in the cryptocurrency. Then Cryptopia was off work for a few months and reopened in mid-April. Now the company claims that “despite management’s efforts to reduce costs and restoring business profitability remains low and therefore, it was decided that the appointment of the liquidators will be in the interests of customers, staff and other stakeholders.”

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Tags: Cryptopia

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