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Hacked Crypto Exchange Cryptopia Halts Trading; In Liquidation


New Zealand's cryptocurrency exchange Cryptopia, which lost millions of dollars in hack, suspended its trading. The company announced that investigations are going on, and that it is in the process of liquidation.

In a blog post, the exchange said David Ruscoe and Russell Moore from Grant Thornton New Zealand were appointed as its liquidators, who are securing the assets for all stakeholders.

The company said it decided to appoint liquidators for its customers and shareholders, despite its efforts to reduce cost and return the business to profitability following the hack.

"Given the complexities involved we expect the investigation to take months rather than weeks," the company noted.

It was in January that the exchange suffered a security breach, losing 9.4 percent of its total holdings. This led to the shutdown. The exchange then had not disclosed the value of its losses, the tokens, and currencies affected or any measures to refund users.

In late March, trading was resumed, but customers were advised not to make withdrawals or deposits as it is risky.

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