New Zealand-based cryptocurrency exchange Cryptopia, a market considered by many investors as risky and volatile but at the same time essential for listing exotic digital assets, has worried the crypto community again with a sudden shutdown for maintenance on Tuesday, which unnerved investors.
https://twitter.com/Cryptopia_NZ/status/1016512969490874368
For a few hours, Cryptopia underwent an emergency maintenance that took a bit longer than expected. As usual, speculations about a hack abounded, but have not been confirmed.
Cryptopia has experienced troubles in the past, with wallets shut down and withdrawals suspended for various reasons. The exchange hosts a vast array of coins and pairings not found on other markets. Unfortunately, even after the maintenance was completed, users complained about problems with withdrawals.
Cryptopia is still one of the exchanges offering cash withdrawals of up to 5,000 New Zealand Dollars. This makes the market attractive for cashing in relatively rare digital assets. The Cryptopia freeze, while minor, is worrying, as it comes on the tails of a Bancor smart contract exploit, showing that both centralized and decentralized exchanges are vulnerable to hacks and failures.
Recently, Cryptopia has gained more visibility, as it hosts two of the hottest small-scale digital assets - DigiByte (DGB) and Linda (LINDA). Additionally, Cryptopia and KuCoin are the only accessible point for trading Electroneum (ETN), a promising low-priced asset.
https://twitter.com/after_kornelius/status/1016049813887094785
Compared to leading exchanges, which see daily trading volumes of hundreds of millions of dollars, Cryptopia’s volume stands at a negligible $4.5 million for the last 24 hours, spread throughout all 602 digital assets. The exchange sees sudden activity for some of the coins, and DGB was the leading asset before it went into maintenance. Despite the low volume, Cryptopia’s closing was yet another negative factor to weigh down on markets, as prices once again slid, even for previously outperforming coins.
Cryptopia is also one of the exchanges where trades are seeing an inflow of Tether (USDT), as well as another stable coin, NZDT, fixed to the price of the New Zealand Dollar. The exchange has also initiated a cull of low-activity coins, reducing the number of markets and listings.
This article appeared first on Cryptovest
