Everyone of us remembers the "breaking news" of Cryptopia being hacked back on 14th January this year. A tad more than 2 month later, we are still waiting to access our funds. While trading has been enabled on 73 projects as of today (cryptopia.co.nz), deposits and withdrawals are still shut down for all of the 459 projects Cryptopia has listed.
Their first tweet on how many coins were secured took place a week ago on 15th March 2019 (twitter.com). Out of 459 total listed coins, they have managed to secure 77 this far. This averages out on 11 coins a day. Having 382 coins left, with this pace, we have a good 35 days to go, until the very last one will be safe to use. Moreover, will it take another 35 days until deposit and withdrawal can resume as well?
Edit: In my calculations, I didn't consider the projects, that were secured beforehand of their tweet. With that in mind, mathematically, they are processing less than 11 projects/day.
Update: 2019-03-29 - 89 of 459 wallets are processed, one week after this article got published.
Update: 2019-04-05 - 105 of 459 wallets were secured two weeks later.
Update: 2019-04-12 - 117 of 459.
Update: 2019-04-19 - 133 of 459.
Update: 2019-04-26 - 141 of 459.
Update: 2019-05-03 - 153 of 459.
Update: 2019-05-10 - 160 of 459.
Update: 2019-05-15 - R.I.P. Cryptopia
For everyone to check about their coin's status, follow this link: cryptopia.co.nz.
Trading fees
Having 73 coins back into trading is no miracle to me. Due to the hack, Cryptopia has lost a fair amount of coins, summing up to over 16 million USD (elementus.io). They seem to be securing coin after coin and enable each for trading as soon as it got secured. Having them back into trading produces income of trading fees, which again can be used to compensate loss owed to the customers, because of the hack.
Passive Proof-of-Stake
Having all these wallets run, even though they are not useable for the customer, generates passive income from Proof-of-Stake coins like Spectrecoin, PIVX and 114 others being PoS. At least I expect them to "dump" this passive income, on the customer, as soon as they resume trading.
Non-cancelled orders
Another fact that's concerning, is the open sell and trade orders Cryptopia didn't cancel on their own behalf. We see massive price increase or decline, wherever the price got on hold back in January. Making use of user's funds like that doesn't seem justified. But again, it produces income Cryptopia desperately needs to compensate the spontaneous hacker losses. I used the opening market for Litecoin/BTC, from 18th March 2019, as example on how they make use of unaware customers.
This chart alone shows a price change from 0.0086 BTC, to an increased 0.0148 BTC. Someone was very lucky buying, but someone was very unlucky selling as well. Not only does such order structure apply to Litecoin, but to the majority of all listed projects.
Conclusion
Naysayers voicing, they will never use the exchange, might not think about the fact, that especially now security measures will, or at least should be taken from Cryptopia's side. Other exchanges might not have been hacked yet, but simply not knowing of vulnerabilities, doesn't mean there are none. Cryptopia is facing some harsh times. And as much as I value their transparency on updates and statuses on their markets, the way they play with customers funds is the wrong approach. Nevertheless, I have full hopes myself that Cryptopia will come back stronger.
For questions or suggestions, please comment below.
Thank you for reading.
