Cryptopia, a cryptocurrency exchange in New Zealand, has actually stopped trading and also introduced that it is currently in liquidation.
In January, the exchange experienced a security breach in which numerous dollars were lost. Regardless of the loss, the management thought that it can lower costs and also return the business’ to profitability.
Before the news, the exchange was down for hours where the website posted a notice, “Don’t Panic! We are currently in maintenance. Thank you for your patience, and we apologize for the inconvenience.”
Liquidators, David Ruscoe, and Russell Moore from Grant Thornton New Zealand, are now in the process of securing the assets for stakeholders.
According to the press release, customers and suppliers would be contacted soon within the next couple of days. However, it might be a while up until there is much clearness.
“Given the complexities involved we expect the investigation to take months rather than weeks.”