A lot of cryptocurrency users were taken aback by the recent Cryptopia hack news. Although this exchange has always been the subject of some conspiracy theories regarding mismanagement and potential issues, there is no reason to think the team pulled an exit scam. In fact, it seems the Mandala exchange team will extend a helping hand.
Ensuring Cryptopia can Recover
Whenever a cryptocurrency trading platform gets hacked and funds go missing, a very problematic situation is created. More specifically, it can be very difficult, if not impossible, for the company in question to remain operational. Financial losses will always need to be recovered in one way or another. Paying customers out of pocket might not necessarily be a viable option for a smaller exchange such as Cryptopia.
Until the exact financial repercussions of this recent hack become apparent, no one can tell what comes next for the New Zealand exchange. Cryptopia has a special place in the hearts of many altcoin traders, although it is also a platform which raised some questions in the past. Ensuring there is a future for the company and its users needs to be the number one priority right now. It would appear the company cannot go about this aspect alone, and they will need all of the help they can get to move forward in an orderly manner.
It now seems the Mandala exchange team is more than willing to help out. That is rather unusual, as hacked exchanges usually shouldn’t expect any help from their competitors. Even so, Mandala CEO Nate Flanders is in favor of collaboration, rather than preying one other companies’ misfortunes. A commendable attitude, although Mandala has to be careful it doesn’t go under because of this approach either. Flanders explains:
“As a long time user of Cryptopia & CEO of an exchange myself, I cannot imagine what your team is going through right now. Please contact me or our company @MandalaEX directly. Our security team is at your disposal. We are in this together and are 100% by your side.”
For the time being, it remains to be seen what this “help” entails exactly. It seems unlikely Mandala will try to help Cryptopia settle some of the financial losses sustained by the exchange itself. However, they can help in terms of dealing with customer support tickets, investigating the breach, and so forth. There are still a lot of unknown factors which need to be addressed sooner rather than later.
Based on the current Cryptopia situation, it has become more than apparent the company still has a lot of work ahead of it. Recovering from a security breach is one thing, yet recouping customer losses is a very different matter altogether. Working together during these troublesome times can help address a lot of problems in a manner which benefits affected users. The exact role of Mandala remains to be determined, but them extending a helping hand shows the cryptocurrency industry is not about just competition.