Cryptopia Shutting Down - Liquidation
crypto·@mrshev·
0.000 HBDCryptopia Shutting Down - Liquidation
 It is sad to see the once popular New Zealand exchange - Cryptopia shutting its doors. Back in mid-January 2019, a security breach allowed hackers to access Cryptopia's holdings and most of clients' wallets were emptied. <div class="pull-right">  </div> The losses were small, relative to other hacks, coming in at just $16 million. Most of the stolen tokens were Ethereum $ETH and other ERC20 tokens. Cryptopia did not have the deep pockets of giants like [Binance, which were able to cover their recent $40 million loss with ease](https://techcrunch.com/2019/05/15/binance-resumes-trading-following-40m-bitcoin-hack/). With more exchanges sprouting up in late 2017/early 2018, offering greater variety of tokens and liquidity, Cryptopia slowly become a graveyard for obscure coins. However, they still added value to the cryptocurrency community. <div class="pull-left">  </div> Cryptopia's liquidation announcement comes at a time when the price of cryptos are heating up. What a waste! If only they could ride the tide for a little while more, then maybe they could survive. Their closing really resonates deep within me, because it was the 1st cryptocurrency exchange I used. And also the 1st one to earn me 3x on my initial investment of $2000 back in early November 2017. So long my friend. --- The ongoing tether debacle at Bitfinex, hacks at Binance & other exchanges, and closing down of Cryptopia just further enforce the point that no exchange is safe. **The only safe place?** Your very own cold wallet, where you own the private keys. Stay safe folks. --- Sources [1](https://www.cryptopia.co.nz/Exchange), [2](https://www.coindesk.com/hacked-cryptocurrency-exchange-cryptopia-goes-into-liquidation) Posted using [Partiko Android](https://partiko.app/referral/mrshev)
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