The first hacked exchange in 2019 which was making the headlines on our DC Forecasts crypto news site, Cryptopia, has re-launched its operations in read-only mode on Tuesday, leaving many crypto fans worried about the future of the platform. Among the fans were people who apparently lost their Bitcoin and altcoin savings and cannot access them anymore.
New-Zealand based Cryptopia did not provide any further details about when it might go live again after the hack in January which cost its users more than $23 million US dollars. As the exchange noted:
“The holding balance from the 14th Jan is pre hack and we will be using these holdings as a baseline for calculating rebates moving forwards.”
Cryptopia also mentioned that users should use the site to reset their passwords and 2FA credentials. However, some users are still confused and are asking questions such as the ones below.
well how do we know if we have lost our coins if it's pre hack?
— TronDogs (@TRXTronDogs) March 5, 2019
What is this "rebate"? Do we get our whole balance back?
Great job guys.. these few weeks must have been stressful to your teams. You are appreciated.
— Mohamad El Hout 🛡 (@mohamadelhout) March 5, 2019
My funds have 2 coin 0.5 BTC & 300,000 ETN before hack at 14 Jan. But in read only now, My balance have 300,000 ETN and BTC = 0
What happend with my BTC?
— TRAN VAN HUY (@TRANVAN45118502) March 5, 2019
According to statistics, Cryptopia has more than 1.4 million users, while the exchange claims that it has more than 2 million users.
Prior to closing, the 24-hour trading volume on the exchange reached almost $1 million USD, according to coinmarketcap.com and its data.
However, everyone hopes for Cryptopia to re-launch with its trading operations, be more transparent to its users and provide clear feedback about their (lost) funds.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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