Seriously, the way these companies are handling these liquidations is outrageous. I'm currently caught in the middle of two of them with Cryptopia and now most recently Livecoin.
Surprisingly, the strategy seems to be asking customers all kinds of questions that most of us wont have the answers for... Like what was the txID of the first deposit you made to fund your account? What date did you open your account? Those are just two off the top of my head. Some of the questions get increasingly more complicated or even harder to find out.
These questions might not be that difficult for someone who opened their account 6 months ago, but for someone that had the account for several years, changed phone numbers, has a new email address, and can't even remember what wallet was used for the transfer... Yeah, there's just no way!
I get these companies were hacked, but seems like a portal asking for the old Username, password and 2FA you used before the hack would be more than appropriate. Verify that with the email address used when trading. Then do a simple KYC with picture ID. There was no need to make the recovery process this difficult. I can't help but think it was done this way intentionally.
I think it's now safe to say, that at least in the Cryptopia case the liquidators have no idea what they're doing.
Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report https://www.coindesk.com/cryptopia-exchange-currently-in-liquidation-gets-hacked-again-report
I guess this is part of what happens when we want unregulated markets. I have to admit, I'd love some legal guidelines to follow here or something. I'm now the victim of two exchange hacks and would love for someone to step in and handle this issue properly. I just can't help but feel duped! At the very least, neither company seems to be doing a "good" job and seems like they're making the process much, much harder than it needs to be.
With the current crypto rally my Cryptopia account is worth A LOT of money. Shitcoins aside, I was building some nice positions of a few coins that are rallying now. As far as Livecoin is concerned they got me for a few DOGE and a couple other shitcoin projects I had nowhere else to leave. There was one position there I was rebuilding for a second time from the Cryptopia hack! I must be crazy!
We suffered a lot of smaller exchange hacks over the last couple years. I can't help but think this is one of the reasons were not seeing the same sort of rally for mid to small cap projects like we did in 2017. I do think it will happen, but a lot of people lost positions to hacks or are just plain gun-shy about leaving ANY coins on exchanges at all.
I know that I for one leave considerably less coins on exchanges now and trade considerably smaller positions too. I've always included the possibility of an exchange hack in my risk management approach, but you can only lose so much money in this manner before you ask yourself if it's really worth it!
As far as the Cryptopia hack is concerned, that was about 6 months to a year of hard trading that got wiped away in a single day!
Here's the bitcoin.com take on the story.
Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/
For anyone involved in this debacle, if you're looking for help outside of the Cryptopia Recovery portal, these folks reached out to me on Twitter. I still have to research it more, but it looks like I'll be filing a claim with these people.
https://www.cryptopiarescue.com/
So that's it... I just needed to vent. I'm ready to just write this money off because it's not worth the aggravation each time I reopen this wound!
