Cryptocurrency Exchange Cryptopia Files for Bankruptcy
Leading cryptocurrency exchange Cryptopia has filed for bankruptcy protection in the US following a severe hacking attack
Arslan Butt•Tuesday, May 28, 2019•1 min read
Leading cryptocurrency exchange Cryptopia has filed for bankruptcy protection in the US following a severe hacking attack in January 2019. A bankruptcy court in New Yoek has granted Cryptopia an emergency motion for provisional relief till June 7.
Cryptopia had suffered significant losses in the January hack and experienced banking issues following the hack. Although, the exchange had resumed trading services shortly thereafter.
However, in early May, the company went into liquidation and suspended trading operations. According to estimates, nearly $16 million was lost in the hack.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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