The assets that you have full control over without a third-party or governmental organization interfering with them. But the thing is, cryptocurrencies are digital assets without any type of physical presence, making them very vulnerable to hacks, breaches, and attacks from people who have done no good to this world. Currently, the process is still in the claim registration stage, as the liquidator company says they need to collect more claims to proceed forward. So, if you are one of the victims of the Cryptopia hack, we strongly recommend you join the claim registration process. Taken over by the accounting and advisory organization Grant Thornton LLP, Cryptopia’s liquidation process has been going on for a couple of years now. Despite the good news Cryptopia victims received in 2020 on their ownership over the virtual assets, the company still hasn’t refunded the entirety of the loss that occurred due to the alleged hack.
- This created a dispute in terms of the ownership of the assets after the hack.
- Unless you plan to trade coins with tiny marketcaps, and then you could utilize Doge.
- If you are not, we hope that you take a valuable lesson from this story on the risks that come with storing your assets on exchange platforms.
Some people make a profit by purchasing a coin on one exchange, and then withdraw from cryptopia selling it on another for a higher price, and this tool is meant to help facilitate that. It’s not just an exchange, but it’s also a community, and they do have a few more interesting tools which you might care to utilize. The above screenshot shows the main trading page for this coin utilizing the Bitcoin pair.
The current plan by Grant Thorton is to return assets to account holders by the end of 2024. You need to sign up to the claims portal below if you haven’t already and you’ll receive email updates from their team. If you are new to cryptocurrency then take care to be sure you are sending to a compatible wallet! If you were to send Bitcoin to an Ethereum wallet for example, then your coins are gone forever. Always copy and paste the address, never type it out by hand to avoid errors, and be sure to double check that it is entered correctly before sending.
The hack attack on Cryptopia in 2019
It’s best to avoid anything that requires your API information, this is a good way to get your account compromised. You can choose to use a pin number, e-mail authentication, Google authenticator app, or the Cryptopia hardware device. These settings mostly function the same way, and it’s up to you which to use.
- We want to emphasize that this should not be considered legal advice and that you should always consult a tax professional if you don’t know how to report taxes for closed exchanges.
- If it has then you should be able to go to your balances section, and see that it is available for you to use.
- However, especially at the early stages of the crypto hype, the pitfalls of blockchain technology weren’t discovered yet, and measures against cybercrime weren’t regularly implemented.
Learn to use the Coin info page!
Once you click on it you’ll be taken to the main exchange where you can trade your coins. The available pairs as of now are Bitcoin, Litecoin, Dodge, USDT, and Cryptopia’s own New Zealand dollar cryptocurrency. Bitcoin is typically the best option here, because it carries the most volume.
Unless you plan to trade coins with tiny marketcaps, and then you could utilize Doge. While you can make trades for Litecoin, it’s often more expensive to do so, and is not worth it in most cases. Make sure BTC is highlighted on the left, and then search for the coin that you want to sell.
RBC Cryptocurrency Policy
A small victory was won in February 2020, when the high court of Christchurch ruled that Cryptopia users are entitled to the funds that the exchange was keeping custody of. Currently, the exchange’s official web domain, cryptopia.co.nz, redirects you to Grant Thornton’s web page, where you can keep yourself updated on the latest developments. ⦁ Utilize a two factor authentication option.⦁ Use the address book to protect your withdrawals⦁ Avoid using APIs, these can be unsafe. Is there anyone out there who has successfully withdrawn XMR from Cryptopia? James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency. Since then, the investors have been in a state of limbo and the assets have remained frozen for a couple of years.
If you decide not to do so, we recommend that you always make a note of this in your tax return, explaining that you have entered the information to the best of your knowledge. If any of these transactions are a withdrawal to the closed exchange, you can tag it as Lost so that Coinpanda will not realize the gains on the transaction. The amount sent will instead be included in your Expense summary in the tax report, and you might be allowed to report this as a loss in your tax return. ⦁ Use Coin info to check that the wallets you need are functioning properly.⦁ Utilize this feature to sort coins by algorithm and network type. Coin info does offer some other interesting information if you’re on the hunt for new investments.
LEGAL
Those funds were compromised, and the users were left with nothing in the end. So the question here is if you are one of the victims of Cryptopia’s hack, is there any way to get your funds back? After a court ruling in 2020, Cryptopia’s users were declared entitled to their funds, with reimbursement in cryptocurrency rather than fiat currency. The liquidation process is ongoing, with Grant Thornton currently in the claim registration stage, urging affected users to file their claims to recover their assets.
The chart will show you the pattern that this coin has been following based on a time you specify such as 24 hour, 1 week, 1 month, ect. You can use this to decide whether or not it’s a good time to cash out your coins. Once you’ve clicked done you can then go to your balances page and wait for confirmation.
This is a list of all of the current buy and sell orders for this specified asset. If you want to sell quickly then you’ll need to match your asking price to that of a buyer with an open offer. If you don’t mind waiting a bit to get a better price then you could raise your asking price closer to that of the sell book to hope for a better offer. Since cryptocurrency often trades on varying ups and downs throughout the day it’s likely you could milk a little more profit from your trade if you’re patient. If it has then you should be able to go to your balances section, and see that it is available for you to use. Once you’ve confirmed that you have a balance you can use for buying or selling it’s time to go to the Exchange!
If your funds are on a mobile wallet you can scan the QR code instead to make your deposit. Okay, now that we’ve secured our account and we’ve checked the coin info page to avoid any wallet mishaps, it’s time to make our first deposit! The process is pretty straightforward, and if you’ve made any other cryptocurrency transactions it should not be too difficult.
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In the end, take this experience as a lesson and always make sure to opt for crypto exchanges that have proven records and security measures with current standards. You should also consider storing your cryptocurrency in hardware wallets, such as Trezor and Ledger. Plus, the holders will be paid in the cryptocurrency they had in their accounts, rather than in fiat currency. The platform suffered a security breach on January 14, 2019, causing significant losses to users from over 183 countries around the globe. The Cryptopia team immediately informed the legal authorities, suspended trading activity on the platform, and took Cryptopia into maintenance mode. However, it was later found out that the hacks were still going on even after the police had been involved.
After that, what is left for you to do is keep checking Grant Thornton’s update page regarding Cryptopia, as they are the ones liquidating the company. Users will most probably get their funds back once the whole process is done. But as of now, the registration process is still going on, where users have to file applications and report their claims.
This process is being completed alongside the claims and KYC process mentioned above. The process of applying to get your funds back from Cryptopia is relatively simple; the time period is the thing that can be frustrating for many people out there. The first thing that you will have to do is make a proper claim of your funds by getting in touch with the Cryptopia support team through the dedicated portal they had created on Zendesk. Currently, the liquidation process is in its second stage of claim acceptance, and the liquidator company is working on collecting enough data from the holders. On the contrary, the technology has been rock solid in keeping an immutable ledger by recording every single transaction ever made.