GOOD NEWS : Cryptopia founder plans to set up new exchange

The founder of a recently shut down cryptocurrency exchange Cryptopia is planning to launch a new exchange called Assetylene, Decrypt Media writes. Cryptopia went into liquidation earlier this month following a $23 million breach in January.

Cryptopia’s founder Adam Clark departed from Cryptopia in early 2018 “due to new management wanting to take the company in a different path I fundamentally disagreed with,” Clark said. He started out creating a trading processor but ended up creating a whole trading engine. According to Clark, his new project offers fixes to “scaling problems” Cryptopia had.

Assetylene seems to be similar to TradeSatoshi exchange where Clark served as a senior developer.

“Cryptopia, Tradesatoshi and Assetylene obviously all look alike because I made/designed each platform, so I guess I have a style maybe,” he said.

Although still in beta with no official launch date, Clark promises the new exchange will be “New Zealand’s most advanced crypto trading platform.”

15/05/2019

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.

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