I don't think they lost only 16m $. Cryptopia wasn't a very small exchange they had decent volume and user base and they lost all eth and probably eth tokens so their loss should be higher than 16m $. Also, i can't be sure if any hack news is real or not. It always felt like a "hack". Even binance hack seems fishy so i have my suspects about cryptopia too.
Still, if 16m $ was their lost i can't believe they can't cover it. They were charging 8 btc for listing and they were having lots of trading fees.
Yes, given the situation with Bitfinex and raising funds to the amount of almost 1 billion dollars, The situation with cryptopia does not seem very clear. On the other hand I do not see any problems at the moment because they have declared bankruptcy by legal means, it remains to wait for a formal solution of this problem.