After confirming a hack back in January where the New Zealand based exchange lost over 9% of its holdings, Cryptopia has once again shut down its services after an 8 hour downtime this time for good.
Visiting the official Cryptopia website, users are greeted with the following message:
“David Ruscoe and Russell Moore from Grant Thornton New Zealand were yesterday appointed liquidators of Cryptopia
Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders.
The liquidators are focused on securing the assets for the benefit of all stakeholders. While this process and investigations take place, trading on the exchange is suspended.
“Given the complexities involved we expect the investigation to take months rather than weeks.”
The liquidators are also working with independent experts and the relevant authorities with regards to the company’s obligations.
Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.
Further enquiries, please email [email protected]”
The above message was posted after an 8 hour downtime where users suspected that another hack occurred. Initially, Cryptopia reopened deposits and withdrawals back in April which allowed users to claim a certain percentage of their balances.
Despite their attempt to resume business as usual and with the recent price rise of cryptocurrency, Cryptopia was unable to “to reduce cost and return the business to profitability.” As such, liquidators were appointed who will work with the exchange to secure assets and return as much of them as possible to affected users.
Cryptopia Limited appoints Grant Thornton as Liquidators – https://t.co/A35rq1Jls3
— Cryptopia Exchange (@Cryptopia_NZ) May 15, 2019
As is usually the case, such an investigation will take many months to complete. Users should expect some sort of contact from Grant Thornton for further steps, most likely via the email used on the exchange.
Ripple’s XRP Price Analysis: XRP/USD $0.2000 in sight of market bears
- XRP/USD is trading down around 1.00% on Wednesday, as the selling pressure resumes.
- Price action has formed a bearish pennant, which is vulnerable to a breakout south.
Ripple’s XRP is trading down some 1.00% at the time of writing, as the bears maintain control of price action. XRP continues to trade around the lowest levels seen since 2017.
XRP/USD is narrowing within a bearish pennant structure via the daily. The range is seen at a high of $0.2290, down to a low of $0.2180. Given the tightening conditions a breakout is looking increasingly likely for the price.
Should the bears manage to capitalize on the detailed structure, then another wave of selling pressure could be around the corner. The next major level to the downside is eyed at $0.2000, where the price tested on 25 November. Further south would be $0.1500, which could spark much panic selling, should such technical breakout occur.
Ripple’s XRP technical analysis: XRP/USD bearish pennant remains a problem
- Ripple’s XRP price is trading in the red by some 0.10% in the session on Wednesday.
- XRP/USD continues to trade within a bearish pennant structure via the daily.
- The price is running towards its third consecutive session in the red.
XRP/USD daily chart
The bears able to maintain downside pressure, following a failure to escape a bearish pennant structure, big resistance barrier seen at $0.2300.
XRP/USD 60-minute chart
Price action has managed to creep above a descending trend line which had been capping upside.
Spot rate: 0.2226
Relative change: -0.10%
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Ripple’s Revamped Xpring Platform Looks to Boost XRP Development
Ripple has condensed its broad Xpring developer platform into a single site.
The new platform aims to allow crypto and non-crypto developers to integrate payments into any mobile application. Now, Xpring.io offers those developers a wallet, new tools, technical documentation and Xrping customer service.
The new platform was announced in October, though the company needed two months to build features which allows users to have an account associated with the platform, said Ethan Beard, senior vice president of Xpring.
“That will be the central hub for developers to manage everything they need when it comes to integrating payments into their apps,” Beard said.
Xpring claims that the platform’s Software Development Kit (SDK) takes 100 lines of code and condenses it to 21 lines. The platform is a new vertical for Xpring, which has acted as an investment arm for Ripple for more than a year, with the goal of building a network of companies and use-cases around XRP. The initiative is aimed at investing in and growing a developer base around the cryptocurrency.
With the wallet, which is currently available on XRP Testnet, developers can generate and manage account credentials, view balances, send and receive cryptocurrency and monitor transaction history. Developers can also expect to see future new Xpring platform functions launched on the wallet in the future, Beard said.
“Before it was quite complicated. It was done through command line or piecing together a variety of different tools,” Beard said. “There’s a reason why people keep a lot of their cryptocurrency inside hosted wallets on exchanges because all of that is obfuscated.”
Xpring is also giving developers access to XRP ledger stable version 1.4.0, which supports accounts that can be deleted and allow users to recover up to 15 XRP of their minimum account balance. Previously users had to have a balance of 20 XRP held on the ledger, which users couldn’t move or use.