Hacked Cryptopia Exchange Initiates Liquidation Process
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The largest New Zealand cryptocurrency exchange Cryptopia has announced it initiated the liquidation process.

David Ruscoe and Russell Moore from Grant Thornton New Zealand were reportedly appointed as liquidators for Cryptopia exchange. Previously, the exchange reported it had suffered a security breach which resulted in "significant losses."

"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," notes the announcement.

The whole process of liquidation will take "months rather than weeks," highlights the exchange.

Earlier, at the very beginning of May, one of the world's largest cryptocurrency exchange by adjusted volume, Binance, lost 7000 bitcoins(BTC) as a result of a hacker attack.

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