Re: Cryptopia Cryptocurrency Platform Services and Development
I don't want to spread FUD and sadness, but I was thinking...
Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?
Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?
When Cryptopia announced they were going to "allow" people to withdraw a portion of their holdings after they suffered 100+ 51% attacks and froze the accounts for multiple months I suggested on my Twitter Account that people withdraw all their funds on Cryptopia as they (Cryptopia) were effectively trading while insolvent.
With multiple class actions being flagged against Cryptopia it stands to reason a liquidator would be called in to ensure creditors were paid out first followed by depositors a distant last place.
Anyone who predicts Cryptopia will somehow reopen in February 2019 doesn't understand the magnitude of what is going on. (feel free to remind me in just 22 days time)
@xtraelv Your screen shot again implies I said those things. I did not. Please quote your source.
unfortunately I did not read your twitter post so I did not reduce my cryptopia exposition.
if cryptopia will bankrupt, no money for us. AND, your words make me think the hack as an excuse more probable. Remember, bear market is killing exchanges. Or better: they simply don't have so much convenience in continuing business besides doing an exit scam. Probably I am mad in continuing to have 100% of my funds on different exchanges.
Even if they go bankrupt they will have to return the coins that where not stolen to the people they belong to .. It depends on how much of an asshole they want to be if they can reopen to let us withdrawl what is OURS and then go bankrupt some of us would be ok and get our coins back.
If it just goes into bankruptcy without doing that then we will have to wait forever to get even the funds that where not stolen back I hope it doesn't come to that.