Cryptopia answers users’ queries on status of exchange; concedes that it could take months to return funds

Earlier today, Cryptopia released a new statement pertaining to its liquidation where the firm answered all the questions asked by the customers. Notably, the exchange had made it explicitly clear that they will not allow customers to withdraw their funds until the investigation is completed, emphasizing that it could take months for this process. The main purpose of the investigation would be to check the amounts “owing and available to return to customers”.

To add on, the platform also stated that they cannot “confirm whether individual customers will get all of their crypto-assets” back. Currently, Cryptopia has suspended all its trading services including deposits.

The exchange stated,

“We are now undertaking an extensive process to confirm amounts owing and available to return to customers. This is a complex process and will likely require direction from the New Zealand Courts. Until the investigation has concluded we cannot return any crypto-assets to customers.”

More so, the exchange stated that they disabled the trading services as their first priority was to secure its customers’ cryptocurrency funds.

“Next, we need to confirm the amounts owing and available to return to customers. This is a complex process and we expect that we will need some direction from the New Zealand Courts to make sure a fair and legal solution is found.”

Further, the exchange has also made it clear that customers would not be able to take even take screenshots of their crypto-balance until the completion of the investigation. Additionally, clarification as to whether the refund would be made in fiat or crypto was also not provided, as the exchange stated that “at this stage, we cannot confirm”.

idad, a Twitter user said,

“Why did you allow deposits until the last minute? You had meetings, you knew what was coming, you let people lose money on purpose, you deserve jail time on that one issue alone. Enjoy the prison showers cutie.”

Michael Gehrke, another Twitter user said,

“‘DON’T PANIC’….. You are some special kind of sick individuals. I’ll be sure to add some BTC to your prison books….Oh wait…. Nevermind.. My BTC will still be in Shitopia’s”liquidation.”

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