Yepp. From Twitter:

[2019-02-27] Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.
[2019-02-28] Update: We have transitioned 24% of all wallets to our new secure servers. Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.

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I think you all are aware of the Canadian exchange "Quadriga" incident. Around $190 million lost according to Kraken exchange.
Absolutely insane if one man were in charge of other people assets, without any backups to pay back if something where to happen (in this case) the only person in authority over the funds.

There are more sketchy details about this Quadriga exchange, but time will tell what really happened.