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Cryptopia was a New Zealand cryptocurrency exchange based in Christchurch, which was the target of a US$16 million theft in January 2019. The exchange closed about May 15, 2019 and began liquidation. [1]
Cryptopia was founded in 2014 by Rob Dawson and Adam Clark. They quit their jobs in 2017 in order to work on the exchange full-time. [2]
In May 2017 Cryptopia launched the New Zealand Dollar Token (NZDT), a cryptocurrency whose value is supposed to be pegged to the New Zealand Dollar. [3]
From May to December 2017 Cryptopia grew from 30,000 to 1,000,000 users. [4] In January 2018, they temporarily suspended new account registrations and trading in their Dogecoin and Litecoin markets, claiming they could not handle the influx of trades. [5]
In January 2018, Cryptopia announced that ASB Bank would be closing their accounts associated with NZDT in February. As a result, Cryptopia stopped accepting deposits into NZDT and told customers to withdraw the associated funds by the closing date. [6] [7] Cryptopia planned to relaunch NZDT in early 2019 after making a deal with a new, smaller bank. [8]
While it was operating, Cryptopia was among the most popular cryptocurrency exchanges for public pump-and-dump activities. [9]
On 15 January 2019 Cryptopia announced that they had "suffered a security breach which resulted in significant losses". [10] A report from Elementus, a New York-based blockchain company, estimated the value of stolen funds to be around $23 million NZD (US$16 million). It also stated that the theft began on 14 January and continued until the 17th. [11] Bankruptcy proceedings for Cryptopia are currently pending in New Zealand courts. [12]
Digital currency is a balance or a record stored in a distributed database on the Internet, in an electronic computer database, within digital files or within a stored-value card. Examples of digital currencies include cryptocurrencies, virtual currencies, central bank digital currencies and e-Cash.
A cryptocurrency exchange or a digital currency exchange (DCE) is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for is service or, as a matching platform, simply charges fees.
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software.
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many others, with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Deon William Swiggs is a former New Zealand politician who served as the Christchurch City Councillor representing the Central ward from 2016 to 2019. Prior to Swiggs being elected, he was most well known for his participation in Rebuild Christchurch, an organisation founded after the 2010 Canterbury earthquake.
Bitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin, XRP, ethereum, litecoin, or bitcoin cash deposits and withdrawals.
Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Over the course of bitcoin's history, it has undergone rapid growth to become a significant currency both on and offline – from the mid 2010s, some businesses began accepting bitcoin in addition to traditional currencies.
The legal status of bitcoin varies substantially from state to state and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money varies, with differing regulatory implications.
Ethereum is the second largest cryptocurrency platform by market capitalization, behind Bitcoin. It is a decentralized open source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain. Ethereum serves as the platform for over 260,000 different cryptocurrencies, including 47 of the top 100 cryptocurrencies by market capitalization.
Kraken is a US-based cryptocurrency exchange, founded in 2011. The exchange provides cryptocurrency to fiat trading, and provides price information to Bloomberg Terminal.
Lazarus Group is a cybercrime group made up of an unknown number of individuals. While not much is known about the Lazarus Group, researchers have attributed many cyberattacks to them over the last decade. Originally a criminal group, the group has now been designated as an advanced persistent threat due to intended nature, threat, and wide array of methods used when conducting an operation. Names given by cybersecurity firms include HIDDEN COBRA and Zinc.
Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange. In 2019 the exchange ceased operations and the company was declared bankrupt with C$215.7 million in liabilities and about C$28 million in assets.
Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc., which is headquartered in Hong Kong and registered in the British Virgin Islands. Their customers' money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.
Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).
The 2016 Kaikoura earthquake was a magnitude 7.8 (Mw) earthquake in the South Island of New Zealand that occurred two minutes after midnight on 14 November 2016 NZDT. Ruptures occurred on multiple faults and the earthquake has been described as the "most complex earthquake ever studied".
Bitcoin Gold is a cryptocurrency. It is a hard fork of Bitcoin, the open source cryptocurrency. It is an open source, decentralized digital currency without a central bank or intermediary that can be sent from user to user on the peer-to-peer Bitcoin Gold network.
Tether is a controversial cryptocurrency with tokens issued by Tether Limited. It formerly claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. The Bitfinex exchange was accused by the New York Attorney General of using Tether's funds to cover up $850 million in funds missing since mid-2018.
Cryptocurrency and security describes attempts to obtain digital currencies by illegal means, for instance through phishing, scamming, a supply chain attack or hacking, or the measures to prevent unauthorized cryptocurrency transactions, and storage technologies. In extreme cases even a computer which is not connected to any network can be hacked.
The following lists events that happened during 2019 in New Zealand.
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