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Liquidators Appointed as Embattled Cryptopia Exchange Suspends Trading

Liquidators Appointed as Embattled Cryptopia Exchange Suspends Trading

Cryptocurrency

Liquidators Appointed as Embattled Cryptopia Exchange Suspends Trading

  • Customers called creditors to sue Cryptopia
  • The investigation could take months rather than weeks, says the liquidators
  • Binance updated its customers about trading resumption

Cryptocurrency exchanges in the space have been facing one challenging moment to another due to hacking and other financial crisis. Cryptopia has recently announced the appointment of liquidators in the quest to handle its crisis properly.

The New Zealand-based cryptocurrency exchange has been struggling to overcome hackers’ attack it encountered in January this year, where it lost a whooping sum of money. Although, the exchange tried making this right with hard work so as to get the business going again, but the damage has left the exchange in a bad shape.

After a lot of deliberations, it was finally decided to appoint liquidators, putting customers, staffs, and stakeholders of the exchange into consideration.

Also Read: What to Expect if United States Successfully Ban Cryptocurrency Trading

The liquidators appointed are Russell Moore and David Ruscoe from Grant Thornton (7th largest professional services network of independent accounting in the world) New Zealand.

Trading on Cryptopia exchange has gone into a scheduled suspension to give the liquidators free will to secure the company’s assets for the benefit of customers and stakeholders.

The liquidation also attracts the services of third party experts and concerned authorities in line with the stance of the cryptocurrency exchange company.

The anticipating customers of the embattled exchange have been voicing their discontentment after the announcement was made on the company’s twitter, threatening to mobilise and sue the exchange due to their inability to cash out their funds since the hack was perpetrated in January.

Telegram

David Ruscoe responded to their frustration, saying he’s aware of customers’ curious in sorting out complex financial crisis. He then assured that the issue will soon be laid to rest with the effort employed in the interest of all those concerned.

Read Ruscoe’s statement below:

“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,”

Read Also: Bitcoin (BTC) Rally Driven By Bitfinex Tether Issuance Hints Lawyer And Roubini

Ruscoe added that the complexity of the issue faced by Cryptopia exchange could make the investigation take months rather than weeks.

Binance Exchange Updates Customers About Trading Resumption

Binance was as well in the news a couple of days ago after a breach in the security system of the cryptocurrency exchange. Trading on Binance has since been suspended to allow proper investigation.

The loss was summed up to 7000 BTC which is $55,807430 at the time of filing this report.

Binance recently got back to its teeming customers and investors about system upgrade the exchange is presently undergoing.

I am a creative writer and a cryptocurrency enthusiast. Learning and writing about Bitcoin (BTC), Ripple's XRP, and TRON (TRX) are my hobbies.

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