Cryptopia, the cryptocurrency exchange hit by a major hack in mid-January, has gone into liquidation and suspended trading operations.
The news was announced Wednesday by Cryptopia’s assigned liquidator, professional services firm Grant Thornton New Zealand. Cryptopia confirmed the news on Twitter, as well as on its website.
Possibly signaling changes afoot, Cryptopia website went under maintenance yesterday without any message to the public on its social media platforms. It was first noticed by a Redditor who asked whether the exchange had been hacked again.
Back in January, Cryptopia went offline for a couple of days before stating mid-month that it had “suffered a security breach which resulted in significant losses.” A blockchain data analytics firm estimated after the attack that as much as $16 million in ether and ERC-20 tokens could have lost. Later, in March, the exchange restarted trading services, but still had banking issues.
Grant Thornton said the hack had a “severe” impact on the company’s trade, and despite the management’s efforts to reduce cost and return the business to profitability, it was decided that liquidation was the best path forward for all stakeholders.
Cryptopia was founded in 2014 by Rob Dawson and Adam Clark. They quit their jobs in 2017 in order to work on the exchange full time.
In May 2017 Cryptopia launched the New Zealand Dollar Token (NZDT), a cryptocurrency whose value is supposed to be pegged to the New Zealand Dollar.