Cryptopia Update: When Will The Exchange Resume Operations?

The crisis-plagued crypto exchange, Cryptopia received a green-light from local police last week to resume operations.

However, the exchange is yet to show up and their website is still displaying a maintenance notice. This silence has led to questions from crypto enthusiasts on when Cryptopia will resume operations or whether the hacking incident will signal the end of the road for the exchange.

A possible Crytopia staff on their official Discord channel shared the reason why the exchange is yet to resume operations, despite the green-light by authorities. In a pinned post, the exchange notes,

“While the Police stated that they are no longer constraining our return to operations and trading, it would be extremely reckless for us to do this until we can fully identify the losses and ensure that the balance is absolutely secure.”

The notice goes further to confirm that local laws do not allow companies to offer trading services when there are notable risks to creditors assets.

So Cryptopia is not willing to risk another legal battle when it still faces an uphill in refunding customer funds lost to the January hack. There is still no clear date regarding when the exchange will regain control of its balances or resume operations.

At this point though, it still unclear how much Cryptopia has lost. While earlier unconfirmed reports suggest that around $16 million went missing, the hackers subsequently stole another $180,000, two weeks after the main incident and still had access to user wallets.

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