Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.
This is an "age-old question" only for people too lazy to trade or do basic risk analysis...
But the upside of expert crypto trading is orders of magniitude greater than the very limited counterparty risk.
https://www.coindesk.com/hacked-crypto-exchange-cryptopia-files-for-us-bankruptcy-protectionHere we go...
Didn't take long for Southern District of New York to be involved...
You start with a bankruptcy and run a concurrent criminal investigation on these Cryptopia asshats.
Oh look, Grant Thorton's initial report is out:
https://cointelegraph.com/news/liquidators-of-hacked-cryptopia-exchange-release-report-note-42m-owed-to-creditorshttps://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/first-liquidators-report-31-05-2019.pdf"At the date of liquidation, (Cryptopia) had over 2.2 million registered users worldwide and employed 37 staff"...
lol, nothing to see here this was just a "hobby"... but wild guess they had 200,000 US Customers... you can run, but you can't hide.
The $4.2 million "owed to creditors" is just business expenses...
*** The value of coins UNLAWFULLY SEIZED in January 2019 by Cryptopia management from Customers...
Cannot be addressed because you have to synch 100s of blockchains and sell a mountain of shitcoins ***...
The logistics of this means Customer payouts of any kind probably never happen...
But we will see US Grand Jury indictments... as "the wheels of justice turn slowly, but grind exceedingly fine".