Cryptopia Exchange Users React as it Announces Halt in Deposits

Cryptopia

Cryptopia Exchange Users React as it Announces Halt in Deposits

New Zealand-based crypto exchange Cryptopia has announced on Twitter that no user should make any deposit. This came to 6 May, a few days after the exchange shutdown activities citing maintenance as the reason. The announcement, however, did not go down well with Cryptopia followers on Twitter who are likely users of the exchange.

Users react

Since the announcement to stop making deposits, users have been reacting with different comments which indicate they are not happy with the exchange. They are mainly asking to be allowed to withdraw their balances and hardly any of them has indicated interest in making any deposits at all. some of the comments are as follows:

“We won’t. We just want to withdraw our that’s all…” –  

“Unbelievable there people still sending deposits there…” –  

“PLEASE LET US WITHDRAW OUR CRYPTO FROM CRYPTOPIA.” –  

These tweets are the dominant response that Cryptopia is getting on its post.

The Cryptopia story

Cryptopia was first hacked in January 2019 as the first crypto exchange hack to happen in the year. The hack led to the loss of different digital assets to the tune of $16 million. The hackers returned after 15 days and stole more funds from the exchange and this led to the physical appearance of users at the exchange’s office to demand a refund of their money. As this did not go well, Cryptopia shut down all trading activities to reopen in late March and trading activities resumed in mid-April.

Recently, however, the exchange shut down its website again, saying it was on maintenance and users had no reason to panic. Yesterday 15 May, the exchange announced on its website that it has appointed liquidators and investigation is on to secure users’ assets. This will, however, take longer than expected.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

Users became more outraged as the exchange announced again today that no deposits be made. As the announcement says, Cryptopia may take longer to fix this issue than necessary and no matter how much the exchange tries to convince users that everything will be fine, some have concluded that all hope is lost.

“I suspect that no one will ever get their coins, they will most likely be sold as company assets to pay outstanding tax, debts and staff wages. If anything is left, you may get a few percents of what remains, if anything does,” One of the followers said.

Summary
Cryptopia Exchange Users React as it Announces Halt in Deposits
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Cryptopia Exchange Users React as it Announces Halt in Deposits
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Embattled cryptocurrency exchange Cryptopia has received serious backlash from its users on Twitter after saying no deposits should be made. Most of the users say they just want their funds back and are not ready to deposit. The exchange is currently being liquidated and it's uncertain how long it will take to resume normal activities.
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Author: Ponvang Bulus

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu

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Ponvang Bulus 62 Articles

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu