Demise Of Cryptopia, An Exchange that Underpinned Many Shitcoins

1
Crypto World At Your Finger Tips!
www.cryptoknowmics.com
2
Demise Of Cryptopia, An Exchange that Underpinned
Many Shitcoin
www.cryptoknowmics.com
3
Cryptocurrency has now become a prominent
financial field in the economic zone. People from
all over the world have been showing immense
interest in buying and selling of
cryptocurrencies. Besides this, they are actively
taking interest to know about the crypto coin
market and many other important topics that are
related to cryptocurrency.
4

• Besides knowing about digital currencies, you
  must be knowing about well-known crypto exchanges
  like Binance, Bitfinex, Gemini, Kraken, KuCoin,
  and many others. But today, we are not going to
  emphasize any of these crypto exchanges. Rather,
  we will let you know about the demise of
  Cryptopia, a crypto exchange of New Zealand.
• The confirmation about the failure of this crypto
  exchange came after a message. The cause of this
  crippling exchange happened when in January
  attackers get away with cryptocurrency worth of
  16 million from its wallets. According to the
  message that came from this exchange, it revealed
  about the management efforts in minimizing the
  cost and to make the business profitable by
  returns.

www.cryptoknowmics.com
5

• Before the demise of Cryptopia, the trade was
  restarted in March, but very few crypto assets
  around 40, were secured to be underpinned. Before
  Cryptopia became a target of the attack, it was
  holding around a number of crypto assets
  approximately around 500.
• The fall of this crypto exchange is also counted
  for the process of liquidation that seems to be
  slow-moving. And this, of course, made Cryptopia
  users frustrated. In January, a security breach
  resulted in losses prompting Cryptopia exchange
  to go offline.

www.cryptoknowmics.com
6
Demise Of Cryptopia

• Before falling down, Cryptopia had been a
  prosperous firm that made its debut in the year
  2014. Adam Clark and Rob Dawson were two of the
  pair founders behind this crypto exchange launch.
  After not getting desired success with other
  exchanges, these pair came up with the idea of
  Cryptopia as a pastime.
• Both these duo founders left their job to focus
  on the operation of their firm fully, at the same
  time during in 2017, when the value of Bitcoin
  skyrocketed. In 2018, Cryptopia experienced a
  successful business surge with the maximum number
  of staff and worldwide million users.

www.cryptoknowmics.com
7
Understanding Cryptocurrency And Cryptocurrency
Exchange

• Before we carry on our discussion on the demise
  of Cryptopia, let us re-introduce the concept of
  cryptocurrency and cryptocurrency exchange,
  especially for those who are new to the crypto
  world. Starting with cryptocurrency, it is a
  virtual or digital asset like Bitcoin, Ripple,
  Monero, Ethereum, Neo, and many more.
• Two of its prime objective is to provide security
  and anonymity for the transactions. The
  technology used behind it is cryptography. While
  discussing cryptocurrency, it is hard to ignore
  blockchain technology, where most of the
  cryptocurrencies operate on it.

www.cryptoknowmics.com
8

• It all indicates no intervention from the central
  power. Also, there is no need for any
  intermediary medium like a bank for the P2P
  transactions. The performance of these digital
  assets can be analyzed through the cryptocurrency
  market ranking chart.
• Now coming to cryptocurrency exchanges like
  Coinbase, Binance, Kraken, Bittrex, and
  Cryptopia, then these can be explained as online
  platforms where trading of cryptocurrencies are
  done via trading pair. These exchanges take the
  onus of keeping funds of the users for trading by
  keeping them into custody. But these currencies
  do face the risk of hacking. The demise of
  Cryptopia can be quoted as an example in this
  regard.

www.cryptoknowmics.com
9
Hacking That Became The Cause For Cryptopia
Downfall

• The demise of Cryptopia came due to hacking that
  happened in January. There was a social media
  announcement by Cryptopia sharing the experience
  of a major breach of security indicating a heavy
  loss. The hacking led to the suspension of
  trading services.
• This crypto exchange faced criticism for
  unscheduled maintenance which led to its shut
  down. According to sources, the hacking was
  active from January 14 to 17. However, there was
  again no respite from hacking that again returned
  after many days.

www.cryptoknowmics.com
10
Conclusion Cryptocurrency is no doubt a new
financial technology that has gained much
appreciation among people from all across the
world. Besides digital currencies, people came to
know about many crypto exchanges like Coinbase,
Kraken, Bittrex, and Binance which became medium
for storing cryptocurrencies as custody for
trading. No matter how much buzz it created among
many crypto enthusiasts, the demise of Cryptopia
raised the question mark on the existence of
these exchanges. Sources https//www.cryptoknowmic
s.com/news
www.cryptoknowmics.com
11
Crypto news and articles
Exchange wallet listing
Market price analysis
Crypto discussion forum
ICO listing and rating
Crypto jobs marketplace
Features
Tokens and coin listing
Airdrop and event listing
DApp listing review
ICO Launchpad
Crypto gaming platform
Blockchain tutorials and courses
www.cryptoknowmics.com
12
For any further queries or clarifications please
contact at
- listing_at_cryptoknowmics.com - info_at_cryptoknowmics
.com
- www.cryptoknowmics.com - www.cryptoknowmics.io
www.cryptoknowmics.com