We recently learned that the the exchange Cryptopia was having problems with withdrawals and horrible customer support. We decided to investigate the issue and what we found was not pretty at all. This exchange has been scamming people left and right, there is no doubt in my mind this exchange will implode soon.
We found that Cryptopia has not been processing customers deposits, or allowing them to make withdrawals. Essentially, the customers are unable to access or use their funds. They have also delisted coins and have not let users withdrawn them before the delist day.
For some users it’s been as many as 55 days without appropriate resolution. And considering the volatility of cryptocurrencies, that could add up to a lot of lost profit. Some customers have made official complaints with authorities such as the FMA (Financial Markets Authority), but have yet to make much progress.
Class Action Lawsuit
There is even a class action lawsuit against the exchange in the works…
"We think what’s going on is unfair, at best. So we’re looking at the best way to get Cryptopia customers what they’re owed.
Because the amounts may not be huge in individual cases, we’re investigating the prospects for appropriate remedies such as a class action suit. That’s where a group of people affected by a wrongdoing come together to file proceedings collectively.
But before we go further, it’s really important we know how many people are affected, and to what extent.
We’re calling for any Cryptopia customer who feels concerned about the company’s actions or inaction to get in touch.
Getting in touch with us won’t:
put any obligation on you to take part in any action
cost you anything
affect any claims you might have against Cryptopia
reveal your identity to anyone else, unless you give us specific permission.
It’s just to help us understand how widespread a problem it is, so we know the best way to tackle it.
Assuming there is a legal wrong, a class action lawsuit could be a very good way to address it.
You don’t have to carry the burden of pursuing an action on your own.
There’s strength in numbers: a sizable class action suit gets more attention than one person.
The process is a lot more streamlined, and you’re more likely to see a positive result.
You know you’ll be getting a fair deal in relation to other people who’ve been affected.
We’re really interested in cryptocurrency and blockchain. We think it has a lot of potential, and we want to see it succeed.
And we want to see New Zealand-based companies operating in areas like Cryptopia succeed, too. But the only way for that to happen is if they’re encouraged to live up to their obligations. Otherwise, cryptocurrencies will develop a bad reputation. And so does New Zealand as a presence in the global cryptocurrency trade.
Let’s not let that happen. If you’ve had any issues with Cryptopia, please fill out the form below. Please include:
the specifics of your concerns
the approximate amount you have invested with Cryptopia.
It’s really important we hear from as many people as we can as soon as possible.
Even if you have a complaint in progress, please let us know. And if you know of anyone else with these kind of problems, please share this with them.
If you are using Cryptopia and want to join the class action lawsuit you can do so by visiting this page.
Many users are reporting the same problems on twitter about the exchange.
"Lol. This exchange stole my deposit and claim they reply to tickets but mine has been open for a month with no reply or acknowledgement, & my $300 in dcy is still needs to be manually deposited but their support team is too lazy or does not exist. Sadly cryptopia ceo is mistaken.
— CryptoJawsh (
"im waiting now 10 days of a LTC withdraw in Process no answere from support….
"There are so many problems atm with delayed deposits and withdrawals and you are adding even more coins? These tweets are a bit detached from what customers expect… When can we have an explanation for the delays?
— Nuno Gonçalves Dias (
"You guys are a joke! Still no mention of the fix for months old problem of LTC/Dodge being locked. That should be your major priority not adding more coins. You cost a lot of people a lot of $$$
— Jeffrey M. Singleton (@1paymentexec) March 22, 2018
"I have XVG & RDD coins stuck in processing 2+ weeks I checked to make sure the wallets was good before I made the withdraw I tested it before hand with small amounts that worked, I withdrew the large amounts they got stuck. seems they dont want people taking out their money
— john hancock (
"SCAM EXCHANGE STAY AWAY MISSING MY NEO WITHDRAWAL FOR OVER 3 MONTHS WITH NO RESPONSE FROM SUPPORT
— Gandert Van Ramdonk (
"Wait a minute! launching new coins on your exchange… but you haven’t fixed the coins that you already have? Get the fuck outta here! bet your sweat ass that the moment I can transfer my Etn I’m never using cryptopia again! Oh and someone tried to login my account yesterday!
— Troy Benson (@RidApest34) March 20, 2018
All this problems and the exchange just keeps adding new coins. We highly recommend that any users holding their coins in Cryptopia withdraw their funds as soon as possible.