Exchange

Cryptocurrency exchange Cryptopia halts trading and announces it is in the process of liquidation

May 15, 2019, 12:30AM EDT

Cryptopia, a cryptocurrency exchange headquartered in New Zealand, has halted trading and announced that it is now in liquidation.

In January, the exchange suffered a security breach in which millions of dollars were stolen. Despite the loss, management believed it could reduce costs and return the business to profitability.

Before the announcement, the exchange was down for hours where the site posted a notice, “Don’t Panic! We are currently in maintenance. Thank you for your patience, and we apologize for the inconvenience.”

Appointed liquidators, David Ruscoe, and Russell Moore from Grant Thornton New Zealand, are now in the process of securing the assets for stakeholders.

The press release noted that customers and suppliers would be contacted shortly within the next few days. However, it may be a while until there is much clarity.

“Given the complexities involved we expect the investigation to take months rather than weeks.”

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