New Zealand-based cryptocurrency exchange, Cryptopia that was recently hacked on January 14th has now finally opened the deposits and withdrawals on some of the major digital assets following the months of frozen funds and not allowing the deposits or withdrawals from the exchange.
In the latest move to salvage its reputation and keep things on track, Cryptopia today announced that it has opened the deposits and withdrawal for Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE) after months of frozen funds on the exchange due to the hack.
Ethereum and ERC20 tokens that were most affected by the hack, accounting to a roughly $20 million worth has not been opened for deposits and withdrawals yet. Additionally, most of the ERC20 tokens also remain inactive on the exchange.
Deposits and Withdrawals enabled for BTC, LTC and DOGE. Hot Wallet is being topped up manually between 9AM-5PM (NZST) Monday-Friday. Withdrawals will not be available outside of these times or on NZ public holidays (Good Friday 19 April, Easter Monday 22 April, ANZAC Day 25 April
— Cryptopia Exchange (@Cryptopia_NZ) April 15, 2019
Moreover, deposits need to be made only to newly generated deposit addresses as old Cryptopia addresses won’t be covered.
Cryptopia Making Process
Just last month, Cryptopia has opened trading with pairs being added weekly as the exchange continues to secure new wallets. On March 18, they resumed trading on 40 trade pairs that have been quantified as secure.
Since first opening the trading, the exchange has been seeing a gradual increase in its daily volume that currently reached almost $200,000. The daily volume has surged 10 times since resuming the trading after the hack. And now by allowing the withdrawal of funds in BTC, LTC, adn DOGE, it has bring in more customers that are undeterred from trading on a hacked cryptocurrency exchange.
Currently, Electroneum (ETN) is the top traded coin on the exchange that was also the top traded one during the bull run of 2017. ETN that during the bull run saw a volume of as high as 1000 BTC on some days, at the time of writing has been registering 7.5 BTC.
Cryptopia users are certainly happy and positive about its progress as one such user commented,
“Thank you for your commitment and professionalism. I still believe in Cryptopia as a benchmark in exchange for low Mcap cryptos. I am waiting to enable the withdrawal and deposits of other cryptos. Good job!”
With the way the exchange has been slowly coming online and expanding its trading, it could be expected that the exchange will return to its pre-hack status.