Cryptopia has become humanity’s haven, the reboot of society the world needs to survive. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed. Blockchain currency is basically impossible to steal, tamper with, or hack—this makes it safer than most fiat currency. If you live in the US, CoinBase is the easiest way to sell Bitcoin for cash. CoinBase allows users to buy and sell Bitcoin online with a credit card or through their bank account.
The exchange also announced that they will not allow its customers to withdraw any currencies until the investigation process is complete. This message again scared its users, as it might be hacked again or the team is bailing-out on its customers due to its previous hack. Although the exchange suffered such a huge loss, they were regularly updating about the status of their company.
- Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies.
- Now we have regulatory overreach, chasing big profits but whining about counterparty risk/customer service, influencers, and Raccoons in suits.
- Try contacting cryptopia and pointing out that discrepancy in block heights, there must be some problem causing the discrepancy, possibly either a node out of sync, a fork.
- As a result of the tremendous increase in the need exchanging cryptocurrencies, Cryptocurrency exchanges are becoming an essential part of any trading activity.
- For all-out security, Cryptopia recommends two-factor authentication for all accounts and insists on it for level 3 verifications.
The next day he offered to return the remainder of the lifted funds, 6 BTC, in exchange for not being charged with theft or being accused of any wrongdoing. In the end, take this experience as a lesson and always make sure to opt for crypto exchanges that have proven records and security measures with current standards. You should also consider storing your cryptocurrency in hardware wallets, such as Trezor and Ledger. The platform suffered a security breach on January 14, 2019, causing significant losses to users from over 183 countries around the globe.
Coins will only be returned to those who complete all of the above processes. Police officers carefully went through his accounts with a “fine-tooth comb” and found that he had no connection to the hack. One of Glaser’s roles at the company was the management of a software interface that controlled the wallets held by Cryptopia. At some point during his employment, he made unauthorized copies of the wallets’ private keys, stored them on a personal USB device, and then uploaded the highly confidential data to his own computer. Former Cryptopia employee, Michael Glaser, was sentenced to nine months of home detention for stealing over US$150,000 worth of cryptocurrencies, as well as customer data. The crypto industry is unquestionably one of the best things that happened to the current finance and banking industry, which in fact, is rotten to the core due to several reasons.
How to Get a Refund From Cryptopia Exchange?
We will advise account holders via registered Cryptopia email and our official channels when we are ready to receive account holder claims. But the thing is, cryptocurrencies are digital assets without any type of physical presence, making them very vulnerable to hacks, breaches, and attacks from people who have done no good to this world. While at first very much a Chinese company looking at the home market, Huobi Pro has been forced to find a wider marketplace on the international scene. Indeed, even prior to the official cessation of altcoins and their trading, the company heard the rumblings in 2017 and took its cryptocurrency interests abroad. In case the funds are still on the exchange, the easiest way for Cryptopia would be to allow users to withdrawal their assets from the exchange. But then there are still the liquidators and other creditors/large stakeholders that need to be paid first, leaving not much for the traders.
As an Anthropologist with a strong background in computing and finance, Nuno saw in Bitcoin a real case study. He ran into Bitcoin in 2013 and after understanding the true nature of this new technology has been writing about the subject ever since. Nuno enjoys his spare time skating with his friends and has a passion for skydiving. Scored a big win in court, giving them priority over Cryptopia’s creditors when it comes to returning their lost crypto. And now they’re one step closer to getting hold of any remaining money. The recent court order gave Cryptopia account holders priority over creditors.
Stuff says $62,000 worth of the XSN cryptocurrency was removed from a wallet owned by US company Stakenet. At this stage, we are not able to confirm the underlying transactions or trade history that make up customer balances and therefore cannot communicate account balances to account holders at this time. Allocation of costs of returning account holders assets will be subject to further direction from the Court. Coinbase’s trade, Coinbase Pro, is likely one of the largest crypto exchanges in the United States.
A How To – Withdrawals from Cryptopia
Possibly due to their prior involvement in the fintech world, the platform got it right first time around and user numbers prove it. The company Huobi also owns another trading platform, BitYes, more focused on USD/BTC and USD/LTC pairs trading. Great customer service and minimal technical glitches have made it appear positively top-tier, again in comparison to less polished outfits. Huobi claims to have exceeded BTC 500,000 in daily trading approaching 2014.
On the 28th of March 2022, Grant Thornton, the liquidators of failed cryptocurrency exchange Cryptopia, released an update to stakeholders and claimants. The accounting and financial services firm reports that stage 2 of the claims process is still ongoing after being executed around 6 months ago in October 2021. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Deposits After 24 hours Not Recovered
According to the reports, the hackers transferred over $882,632 out of the $16 million, and the majority of the tokens were still in two different wallets. “Last time we said that thousands of cryptocurrency exchange wallets could be vulnerable, and unfortunately we were right. Today, the attackers continued to withdraw funds from thousands of wallets of users of the exchange,” said analysts Elementus. If you are one of the victims, we offer our condolences and advise you to keep yourself posted on the latest updates regarding the liquidation of the platform. They also have to verify their identities in order to prove they owned the accounts and the funds.
A victim of China’s clampdown on digital currencies, the company might be registered in the Seychelles, but was originally founded in Beijing. As testament to the broad appeal of the platform, after the Chinese regime effectively banned all things crypto at the beginning of 2018, trading volumes have only grown. David Ruscoe and Russell Moore, were the two officials from Grant Thornton who carried the liquidation process.
Is there a chance to get your money back from Cryptopia?
Selling Bitcoin as a Business While it is not illegal to buy and sell Bitcoin per se, four people have been arrested for exchanging the cryptocurrency for fiat. Yes, your Bitcoin, Ethereum, and other cryptocurrencies are taxable. The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.
It’s highly likely that if you still have funds on the exchange, you will not be able to trade those on Cryptopia anymore. On Tuesday, Cryptopia’s website went offline because of 'maintenance’, but as some users already expected, the exchange wasn’t going to reopen again. On Wednesday, a statement of Cryptopia said that David Ruscoe and Russell More from Grant Thornton have been appointed as liquidators of Cryptopia and that trading is suspended.
If there is a problem with the system they need to use their communication channels to warn you what is happening. In social networks there are several reports of users who are waiting for more than 15 days without having service. I will update this topic with all the problems that are occurring mainly regarding deposits of some currencies that simply are not credited to the users account. Just after a week when the exchange went into liquidation, over 30,000 ETH stolen from Cryptopia in January was transferred to an unknown wallet. According to Coinfirm, most of the stolen coins landed on top exchanges.
Although only in its fifth year, that’s a long time in cryptocurrency. Although frequently accused of embellishing trading volumes, these allegations have never been proven. In comparison to other digital exchanges that have suffered persistent user complaints and even been shut down due to criminal activity, Huobi Pro shines. The company charges no fees to deposit funds, but there are withdrawal fees.
The liquidator of now-defunct exchange Cryptopia expects to start the claim registration process by the end of 2020. The liquidator of New Zealand crypto exchange Cryptopia plans to open a portal for the victims of the hack by the end of the year. After an initial failure to file, the IRS will notify any taxpayer who hasn’t completed their annual return or reports. If, after 90 days, you still haven’t included your crypto gains on Form 8938, you could face a fine of up to $50,000.
I think I still have like 5,000 doge in cryptopia lmao that’s the only reason I went through the hassle of confirming my account. Hoping this lawsuit gets figured out one day and I wake up to a nice present. Rest assured, Cryptopia is committed to ensuring our users remain the top priority and have access to their funds at all times. We will continue to send withdrawals up until the 9th of February if you wish to withdraw your NZDT balance. We will also place a significant sell wall on the BTC/NZDT market at a very competitive market rate to enable any users currently holding NZDT to be able to convert this to BTC at the best rates available in NZ.
Despite the good news Cryptopia victims received in 2020 on their ownership over the virtual assets, the company still hasn’t refunded the entirety of the loss that occurred due to the alleged hack. Cryptopia held an estimated $100 million worth of digital assets at the time of its liquidation. The liquidators will reach out to the 960,000 account holders via official channels, and will verify identities and account information of claimants. We are focused on securing lasting and open relationships with bank providers so that this will not happen again in future. Whilst some exchanges choose to operate by opening bank accounts without being transparent , we believe this exposes us and our customers to greater risk and uncertainty.
Issues stem from the difficult nature of some of the questions used in the withdraw from cryptopia process. For example, some users have been asked to provide a date that they performed a specific action on the exchange, or a blockchain transaction ID for a trade or withdrawal. The Liquidator has a duty to all beneficiaries of these trusts and so repatriation cannot begin until the reconciliation process is complete and the Liquidators are ready for claims from all beneficiaries. He also believed he could get away with it as he thought no one would ever check the old deposit wallets. Identity verification- Verifies account holder withdraw from cryptopia identities to the necessary verification standard. Read our step-by-step directions on the way to buy, promote and commerce Electroneum in the US.