Cryptocurrency News: Cryptopia Goes for Liquidation

By
Wilson Lingham
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Cryptopia, a hacked crypto exchange appointed liquidators as executives discuss the investigation that would last for months, on the other hand, Binance is going through a major upgrade.

Cryptocurrency News – Cryptopia users gets prepared for long haul

Grant Thornton (an accounting firm), has confirmed that it was managing liquidation procedures at the New Zealand exchange which lost $23 million to hackers in January according to a report on May 14.

The management has decided to appoint liquidators for the best interests of staff, customers and other stakeholders according to the press release.

Cryptopia lost below 10 percent of its asset holdings in the attack according to its estimates.  The event triggered police investigation with local authorities seeking assistance on how to track the stolen funds. The hackers started dumping the tokens, after selling more than $3.2 million in the first week of Februray.

According to an executive of Grant Thornton, David Ruscoe, a thorough investigation will be conducted whereby various stakeholders, as well as shareholders and management, will seek for the solution that will be in the best interests of stakeholders and customers. The investigation will take months to be conducted as regards the complexities involved.

Binance gets ready for relaunch

Hackers have been stealing from somewhere else since January, obviously from Binance which initially helped block the Cryptopia takings.

After the hack, the platform got all deposits and withdrawals frozen and it is going through a maintenance period of about 8 hours.

There will be a scheduled system upgrade on Binance, starting at Wednesday 15th May 2019 3:00 am (UTC). It was confirmed that the upgrade will take about 8 hours. Immediately the upgrade is done, users will be provided with a 30-minute window to call off any open orders before trading starts. After the upgrade is complete, withdrawals, deposits and other accounts will be available.

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