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A Warning To Cryptopia Users

We recently learned that the the exchange Cryptopia was having problems with withdrawals and horrible customer support. We decided to investigate the issue and what we found was not pretty at all. This exchange has been scamming people left and right, there is no doubt in my mind this exchange will implode soon.

 

We found that Cryptopia has not been processing customers deposits, or allowing them to make withdrawals. Essentially, the customers are unable to access or use their funds. They have also delisted coins and have not let users withdrawn them before the delist day.

For some users it’s been as many as 55 days without appropriate resolution. And considering the volatility of cryptocurrencies, that could add up to a lot of lost profit. Some customers have made official complaints with authorities such as the FMA (Financial Markets Authority), but have yet to make much progress.

Class Action Lawsuit

There is even a class action lawsuit against the exchange in the works…

We think what’s going on is unfair, at best. So we’re looking at the best way to get Cryptopia customers what they’re owed.

Because the amounts may not be huge in individual cases, we’re investigating the prospects for appropriate remedies such as a class action suit. That’s where a group of people affected by a wrongdoing come together to file proceedings collectively.

But before we go further, it’s really important we know how many people are affected, and to what extent.

We’re calling for any Cryptopia customer who feels concerned about the company’s actions or inaction to get in touch.

Getting in touch with us won’t:

  • put any obligation on you to take part in any action
  • cost you anything
  • affect any claims you might have against Cryptopia
  • reveal your identity to anyone else, unless you give us specific permission.

It’s just to help us understand how widespread a problem it is, so we know the best way to tackle it.

Assuming there is a legal wrong, a class action lawsuit could be a very good way to address it.

  • You don’t have to carry the burden of pursuing an action on your own.
  • There’s strength in numbers: a sizable class action suit gets more attention than one person.
  • The process is a lot more streamlined, and you’re more likely to see a positive result.
  • You know you’ll be getting a fair deal in relation to other people who’ve been affected.

We’re really interested in cryptocurrency and blockchain. We think it has a lot of potential, and we want to see it succeed.

And we want to see New Zealand-based companies operating in areas like Cryptopia succeed, too. But the only way for that to happen is if they’re encouraged to live up to their obligations. Otherwise, cryptocurrencies will develop a bad reputation. And so does New Zealand as a presence in the global cryptocurrency trade.

Let’s not let that happen. If you’ve had any issues with Cryptopia, please fill out the form below. Please include:

  • the specifics of your concerns
  • the approximate amount you have invested with Cryptopia.

It’s really important we hear from as many people as we can as soon as possible.

Even if you have a complaint in progress, please let us know. And if you know of anyone else with these kind of problems, please share this with them.

If you are using Cryptopia and want to join the class action lawsuit you can do so by visiting this page.

Many users are reporting the same problems on twitter about the exchange.

All this problems and the exchange just keeps adding new coins. We highly recommend that any users holding their coins in Cryptopia withdraw their funds as soon as possible.

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Raiden Jones

CryptoLeak lead writer.

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6 Comments

  1. Their database is for sure leaked too, or they sold the emails, I’m constanty getting failed login attempts

  2. (s)hitbtc.com is another exchange that should be investigated. On 10/24/2017, I inadvertently sent BTC to hitbtc.com BCC/BCH wallet. I sent them numerous emails and tweets as they responded with auto messages. On 3/14/2018 blockchair.com showed my BTC was “spent”. On 3/19/2018, I got an email from Margurite T at hitbtc.com saying they are going to close my ticket number 41399 due to lack of response from me. Last week, a hitbtc.com CS asked me to submit another ticket and when I advised I already had 4 tickets in for my issue, CS asked for my ticket number and I submitted the info requested. Today is 3/29/2018 and I still have not heard from them. According to blockchair.com, someone with private keys stole or “spent” my BTC and hitbtc.com is the only one with the key.

  3. Started Blockpool withdrawal: 14/02/18
    Withdrawal Marked Complete: 18/02/18
    Not in wallet or pending, opened ticket: 20/02/18
    Reply to ticket (non human) 19/03/18
    Reply to ticket (human!!!): 28/03/18
    “The transaction needs to be rebroadcast, I have passed this along”
    Since then: Crickets.

  4. I think your account application at Bittrex will be approved as many others have been getting approved recently, including mine. Their security features and trading volume are light years better than Cryptopia. They are also planning to trade USD by this summer. I think when all the other exchanges crash, the only ones left standing will be those authorized to trade USD because they are the only ones in compliance with US banking regulations, which keeps the Wall Street bankers happy. For now, that”s a short list that includes only GDAX/Coinbase, Gemini, and soon Bittrex. When prices go up, like RDD going up to $5.00, I would not want to try to liquidate on Cryptopia where there is almost zero volume compared to Bittrex. The price would likely drop before the order filled. I have not used Shapeshift, so maybe someone else can help answer your question.

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