Will Cryptopia Finally Reopen After $16M Hack?

Cryptopia, the New Zealand-based cryptocurrency exchange that suffered a $16 million hack in January was supposed to be relaunching the exchange on March 3. However, due to unforeseen delays, the relaunch was postponed and is now set to launch today, March 5.

Will Cryptopia Users Be Reimbursed for Stolen Funds?

The relaunch of the exchange is highly anticipated among existing Cryptopia users, as it will give them more information pertaining to their tokens held on the exchange during the hack.

As previously reported by IIB, over 76,000 Cryptopia wallets were compromised by the hack, in which attackers obtained the private keys and withdrew millions of dollars worth of tokens.

A recent update by Cryptopia states that a read-only site for existing Cryptopia users will be live today, March 5. Per the update, existing users are urged to use the site to reset passwords and 2FA credentials to prepare for the live relaunch of the exchange.

The update also revealed that the read-only site will be showing user balances as of January 14, 2019, the date of the initial Cryptopia hack. In the same update, Cryptopia noted that their team is finalizing a rebate process for affected users and will provide updates when possible.

Following the update seen in the tweet above, Cryptopia addressed concerned Cryptopia users, stating that the balances shown on the live read-only site are pre-hack, and will be used as a baseline for calculating customer rebates moving forward.

It appears that Cryptopia users are in luck, as their stolen funds will purportedly be fully reimbursed.

Do you think the Cryptopia exchange will relaunch on March 5, or will there be more unforeseen delays? Let us know what you think in the comment section below.