After hacking incident, cryptocurrency exchange goes into liquidation

Cryptocurrency exchange Cryptopia has filed for liquidation and suspended its trading operations after being hit by a major hacking incident in January, according to Coindesk.

Cryptopia announced on May 15 that it had gone into liquidation, confirming the news on Twitter and its website.

In January, Cryptopia went offline for a few days due to a security breach that resulted in as much as $16 million worth of digital tokens being stolen. The exchange resumed trading in March; however, March; however, it still had banking issues, according to the report.

The security incident was said to have had a "severe" impact on the company's trade. While management tried to reduce costs and retain profitability, Cryptopia ultimately decided that liquidation was the best plan, Coindesk reports.

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