New Zealand Cryptocurrency Exchange Cryptopia Enters Bankruptcy Proceedings

Cryptopia, the New Zealand cryptocurrency exchange, announced in January that it had been hacked and had assets stolen. The market is estimated to be worth $16 million in Ethereum. Cryptopia announced yesterday that it had appointed the accountant Grant Thornton as a liquidator and entered bankruptcy proceedings.

Cryptopia has stopped all trading activities. According to its website, although the management has reduced costs and hopes to regain profits, it has decided to appoint a liquidator to seek the best interests of customers, employees, and other shareholders. At the same time, it is expected that it will take several months to complete the entire investigation process as the liquidator will investigate the accounts and other matters. Grant Thornton also announced on the website that it has been appointed, saying that the customers of the exchange want to complete the relevant procedures as soon as possible.

Cryptographic exchanges are often the target of hackers. Earlier, Binance was also hacked, losing over 7,000 bitcoins and the service was halted until early in the morning .