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Cryptopia Exchange Announces Its Liquidation

dcebrief

1yr ago

New Zealand-based cryptocurrency exchange Cryptopia announced Wednesday that the company is being liquidated. In a press release on its website, the exchange confirmed the appointment of liquidators from accounting firm Grant Thornton New Zealand to secure assets and resolve the company’s outstanding obligations.

Cryptopia, which had suffered millions of dollars in losses due to a January hacking attack, had been offline for hours prior to the announcement. As of today, cryptocurrency trading on the exchange is officially suspended:

While this process and investigations take place, trading on the exchange is suspended.

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

Previous reports have indicated that Cryptopia’s management was focused on reducing costs to recover from the January hack and restore profitability. Today’s announcement suggests that those efforts have come to an end with the company ultimately deciding that “the appointment of liquidators was, in the best interests of customers, staff and other stakeholders.”

According to the release, the liquidators are expected to contact Cryptopia’s suppliers and customers to notify them of the appointment “in the next few days.”

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