Demise Of Cryptopia, An Exchange that Underpinned Many Shitcoins
                     Crypto World At Your Finger Tips!
www.cryptoknowmics.c
om
Demise Of Cryptopia, An Exchange that 
Underpinned Many Shitcoin
www.cryptoknowmics.com
Cryptocurrency has now 2
become a prominent 
financial field in the 
economic zone. People 
from all over the world 
have been showing 
immense interest in 
buying and selling of 
cryptocurrencies. Besides 
this, they are actively 
taking interest to know 
about the 
crypto coin market and 
many other important 
topics that are related to 
cryptocurrency.
www.cryptoknowmics.com
3
●  Besides knowing about digital currencies, you must be knowing about well-
known crypto exchanges like Binance, Bitfinex, Gemini, Kraken, KuCoin, and 
many others. But today, we are not going to emphasize any of these crypto 
exchanges. Rather, we will let you know about the demise of Cryptopia, a 
crypto exchange of New Zealand.
● The confirmation about the failure of this crypto exchange came after a 
message. The cause of this crippling exchange happened when in January 
attackers get away with cryptocurrency worth of $16 million from its wallets. 
According to the message that came from this exchange, it revealed about 
the management efforts in minimizing the cost and to make the business 
profitable by returns.
www.cryptoknowmics.c
om
4
● Before the demise of Cryptopia, the trade was restarted in March, but very 
few crypto assets around 40, were secured to be underpinned. Before 
Cryptopia became a target of the attack, it was holding around a number of 
crypto assets approximately around 500. 
● The fall of this crypto exchange is also counted for the process of liquidation 
that seems to be slow-moving. And this, of course, made Cryptopia users 
frustrated. In January, a security breach resulted in losses prompting 
Cryptopia exchange to go offline.
www.cryptoknowmics.c
om
4
Demise Of Cryptopia
● Before falling down, Cryptopia had been a prosperous firm that made its 
debut in the year 2014. Adam Clark and Rob Dawson were two of the pair 
founders behind this crypto exchange launch. After not getting desired 
success with other exchanges, these pair came up with the idea of Cryptopia 
as a pastime. 
● Both these duo founders left their job to focus on the operation of their firm 
fully, at the same time during in 2017, when the value of Bitcoin skyrocketed. 
In 2018, Cryptopia experienced a successful business surge with the 
maximum number of staff and worldwide million users. 
www.cryptoknowmics.c
om
4
Understanding Cryptocurrency And Cryptocurrency 
Exchange
● Before we carry on our discussion on the demise of Cryptopia, let us re-
introduce the concept of cryptocurrency and cryptocurrency exchange, 
especially for those who are new to the crypto world. Starting with 
cryptocurrency, it is a virtual or digital asset like Bitcoin, Ripple, Monero, 
Ethereum, Neo, and many more. 
● Two of its prime objective is to provide security and anonymity for the 
transactions. The technology used behind it is cryptography. While discussing 
cryptocurrency, it is hard to ignore blockchain technology, where most of the 
cryptocurrencies operate on it.
www.cryptoknowmics.c
om
4
● It all indicates no intervention from the central power. Also, there is no need 
for any intermediary medium like a bank for the P2P transactions. The 
performance of these digital assets can be analyzed through the 
cryptocurrency market ranking chart.
● Now coming to cryptocurrency exchanges like Coinbase, Binance, Kraken, 
Bittrex, and Cryptopia, then these can be explained as online platforms 
where trading of cryptocurrencies are done via trading pair. These exchanges 
take the onus of keeping funds of the users for trading by keeping them into 
custody. But these currencies do face the risk of hacking. The demise of 
Cryptopia can be quoted as an example in this regard.
www.cryptoknowmics.c
om
4
Hacking That Became The Cause For Cryptopia 
Downfall
● The demise of Cryptopia came due to hacking that happened in January. 
There was a social media announcement by Cryptopia sharing the 
experience of a major breach of security indicating a heavy loss. The hacking 
led to the suspension of trading services. 
● This crypto exchange faced criticism for unscheduled maintenance which led 
to its shut down. According to sources, the hacking was active from January 
14 to 17. However, there was again no respite from hacking that again 
returned after many days.
www.cryptoknowmics.c
om
15
Conclusion
Cryptocurrency is no doubt a new financial technology that has gained 
much appreciation among people from all across the world. Besides 
digital currencies, people came to know about many crypto exchanges 
like Coinbase, Kraken, Bittrex, and Binance which became medium for 
storing cryptocurrencies as custody for trading. No matter how much 
buzz it created among many crypto enthusiasts, the demise of Cryptopia 
raised the question mark on the existence of these exchanges.
Sources
https://www.cryptoknowmics.com/news
www.cryptoknowmics.c
om
16
Crypto news and articles Exchange & wallet listing
Market & price analysis Crypto discussion forum
ICO listing and rating Crypto jobs marketplace
Featur
Tokens and coin listing es Airdrop and event listing
DApp listing & review ICO Launchpad
Crypto gaming platform Blockchain tutorials and courses
www.cryptoknowmics.c
om
17
For any further queries or clarifications please 
contact at 
- [email protected] - www.cryptoknowmics.com
- [email protected] - www.cryptoknowmics.io
www.cryptoknowmics.c
om