Cryptopia regains control of premise; funds still in limbo

Cryptopia has been in limbo for quite some time and although there have been no official update media reports are emerging that the company would not be able to let users access their funds anytime soon.

An alleged update that came from a Reddit user reveals that the Cryptopia team has been discussing on gaming discussion app Discord that the team was barred out of their headquarters in New Zealand during the investigation of the hack that blew away the exchange overnight.

The New Zealand Police High Tech Crimes Group has been in charge of the premise during the investigation. The technical point here is the fact that the New Zealand authorities have given clearance to the Cryptopia team to resume operations, however, there is no official word from the company.

It appears that the company has not been able to calculate the extent of the losses in its totality, therefore, the reluctance to resume operations. As to why the company has not been able to calculate these losses eludes logic and comprehension since the systems were supposedly “cloned” in case of a mishap. The technique for backup used by Cryptopia also enables forensic investigations to be conducted in a smooth manner.

The update does, however, reveal that the company is complying with the New Zealand laws that restrict any company from reckless use of client resources.