Home>EXCHANGES>Cryptopia Officially Resumes Trading and Introduces its own “IOU Token”
EXCHANGES

Cryptopia Officially Resumes Trading and Introduces its own “IOU Token”



Throughout the year 2019, there hasn’t been too much positive momentum in the cryptocurrency industry. While Bitcoin reclaimed the $4,000 price level not that long ago, there are plenty of other developments to keep an eye on a swell. In a new update, the Cryptopia team confirms their exchange is back up and running, albeit in somewhat limited fashion.

Cryptopia Trading Resumes All of a Sudden

A lot of cryptocurrency enthusiasts were dismayed when Cryptopia announced their trading platform got hacked several months ago. While crypto exchange hacks are nothing new in this particular industry, Cryptopia has been at the center of attention ever since. Despite claims of an exit scam or a fake hack, the company has seemingly done everything they can to resolve this situation as quickly as possible.

Even though the official investigation is still underway at this time, it seems the company has received the green light to resume operations. All clients who suffered from the recent hack received an email to warn them about the trading being resumed in the near future. After launching the site in read-only mode about a month ago, things have now returned to normal. Although there is still a lot of work to be done, things appear to be progressing in the right direction.

One aspect of the recently issued message states:

“If you held balances in coins that were lost in the event you will start to see Withdraws on your account for those coins. The TXID for the withdraw will not exist on the network but will detail how the coin was impacted in the event. For each withdraw you will also see a subsequent deposit of Cryptopia Loss Marker(CLM), the TXID for this will also not exist on a network but will detail the coin it represents a loss for. CLM is not a coin, it can’t be traded as yet, it is just a number in the database that represents the loss for each coin for each user in $NZD at the time of the event. There are still steps to take to ensure we are taking a legal path toward reimbursement.”

The introduction of this CLM token is not entirely surprising either. It was expected Cryptopia would try to recover the losses and refund affected customers in some way or another. It is also good to see the company confirm it cannot be traded on the platform – yet – as that would cause a lot of friction first and foremost. This also seems to be a good way to keep customers up-to-date regarding the progress associated with recovering the stolen funds.  How they will handle things from a legal perspective, is a different matter altogether.

For the time being, Cryptopia users will able to trade 40 different cryptocurrencies through their respective trading pairs in Bitcoin, Dogecoin, and Litecoin. Although the platform supports more coins than just this list, those markets will be reopened at a later undisclosed date. It is an important first step in the right direction to keep users happy and engaged. However, exchange enthusiasts also have to keep in mind the company is still in the process of clearing up a lot of loose ends, thus no miracles should be expected.

A lot of cryptocurrency traders will be happy to see Cryptopia is coming back. Other companies suffering from exchange hacks have not been as fortunate to resume their services in the end. As the platform starts to generate revenue again, they should be able to start repaying affected users as well. All things considered, it seems things are coming together for the company. One can only hope their platform is now more secure than ever before, as another hack could be catastrophic for this exchange.

Image(s): Shutterstock.com

 

source: https://themerkle.com/cryptopia-officially-resumes-trading-and-introduces-its-own-iou-token/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Post source: Cryptopia Officially Resumes Trading and Introduces its own “IOU Token”

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary