Cryptopia Resumes Crypto Trading Amid Banking Problems

The crypto exchange Cryptopia became a victim of a major hack that occurred back in mid-January. Apparently, the company is looking to resume all of its trading services despite the existence of banking issues.

Resuming Operations

According to the official report, the New Zealand-based firm announced the plan via its official Twitter page. In its tweet, it confirmed that around 40 trade pairs have resumed and quantified as secure. Also, the exchange is expected to expand the current list as it tries to clear more coins in the process.

The crypto exchange is reportedly providing a full list of available pairs on its support pages, which can be found on their official site. This is definitely an interesting step from the company.

Back on January 16, Cryptopia decided to go offline revealing that the decision to do so was due to a security breach. Unfortunately, the latter resulted in a massive loss. Since the exploit, the company has been largely quiet about it, especially since its decision to seek help from the local authorities in an attempt to try and find the people responsible for the missing funds.

On February 27, the digital currency exchange revealed the scale of the likely losses from the hack. In an announcement, the company said that it would still continue working on the assessment of the impact incurred following the security breach it experienced back in January. During that time, the firm said that the worst-case scenario could result in roughly 9.4 percent of their overall holdings. This percentage basically refers to the amount they lost following the hack.

History of the Hack

However, the crypto exchange firm did not place an official dollar equivalent on the loss. It did not even indicate which digital currencies were really affected after the exploit. In a report from a blockchain data analytics firm, the breach could have resulted in the loss of at least $16 million in Ether and ERC-20 tokens, though the exchange did not necessarily confirm it.

Since March 4, Cryptopia has enabled users to access its site, but it was only possible in read-only mode. Basically, the site can be used but it was limited in function, such as standing order cancellations and trade. Moreover, the company revealed via a letter that it would soon reimburse all of its users who lost funds in the security breach come March 17.

Furthermore, the exchange revealed that both the deposits and withdrawals of the New Zealand dollar are being suspended simply because of issues pertaining to banking service provision for the said dollar.