RIP: Bitcoin Exchange Cryptopia Begins Liquidation After $15 Million Hacking

By CCN: It may not have sounded the death knell immediately but the January hacking of New Zealand-based cryptocurrency exchange Cryptopia changed everything forever.

Now the crypto exchange which lost NZD$ 23 million (approximately $15 million) in the security breach five months ago has appointed liquidators.

In a statement, Cryptopia admitted that the hacking had a ‘severe impact on the company’s trade’. The exchange also disclosed that appointing liquidators came after efforts to cut costs and return to profitability proved unsuccessful.

BEWARE: CRYPTOPIA’S LIQUIDATION PROCESS WILL TEST YOUR PATIENCE

The process is expected to be drawn out. The appointed liquidators, David Ruscoe and Russell Moore, have stated that it will take ‘months rather than weeks’. Users of the exchange will be contacted in a couple of days, according to Ruscoe:

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