New Zealand-based cryptocurrency exchange Cryptopia to reopen on 4^th March, following police clearance and return of founders.

Embattled crypto exchange Cryptopia is set to reopen on Monday 4^th March.

In mid-January AYO.NEWS reported that the New Zealand-based cryptocurrency exchange had reported ‘significant’ losses and suspended trading after it was hit by a hack which it described as a ‘major crime’ (read more about that here).

The New Zealand police had given the all-clear for Cryptopia to start trading again in the middle of February, but it seems the exchange staff had a fair bit of work to do before they felt confident enough to open again.

However, the Christchurch-based company has now announced that its original founders, Adam Clark and Rob Dawson, will be returning to help get operations up and running again and oversee improvements.

And, on the 27^th February Cryptopia tweeted they intend to re-open the site, albeit as read only, on Monday.

Since the story originally broke, more details have emerged as to the extent of the attack against the exchange. It now appears that the hackers got away with millions of dollars’ worth of crypto, amounting to around 9.4% of the business’s assets.

Though the New Zealand police have said they are confident of making progress, the general consensus among crypto observers seems to be that there is little chance of ever identifying the hackers, let alone bringing them to justice.

AYO.NEWS says:

Its great to see Cryptopia is reopening, and that its losses, though serious, weren’t terminal. It’s also very cool to see the founders come back to help get things back on track – that’s real dedication to their project. Though we very much doubt the police will realistically be able to bring the perpetrators of the hack to justice, the whole industry can learn a lot from the episode, so maybe it will be viewed as a useful wake-up call in the long run.