Cryptopia the embattled crypto exchange has come under fire by a section of Electroneum hodlers over their inability to withdraw from the platform.
A Reddit member with the username new24core opened a thread yesterday complaining about his inability to access his ETN token on the platform. The thread quickly gained traction as other hodlers echoed similar thoughts of their frustration with Cryptopia.
Cryptopia was hacked earlier in the year with about $20million worth of coins stolen from the platform Electroneum was affected and the exchange suspended withdrawals and deposits of ETN.
Despite resuming full deposits and withdrawals for major cryptos such as Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE). Electroneum and other ERC20 tokens are still suspended from withdrawals and deposits.
Cryptopia has continued to maintain its stance that the suspension of withdrawals and deposits on these coins is part of protocol as they seek to close any breaches within their security.
However, it would be best for the platform to move quickly with its checks in order to prevent loss of faith from crypto traders. Cryptopia has seen its popularity wane as a result of the hack and many crypto investors are sceptical about trading on the exchange.
Moving forward hodlers would be best served by trading their digital assets in decentralised exchanges which are safer and less susceptible to hacks unlike centralised exchanges. Electroneum (ETN) downturn in its value of recent weeks has dampened optimism about the coin which has dropped out of the top 100 list of cryptos based on market cap.
Despite this setback, the mobile currency has continued to make developments off the market. The coin has a unique goal to make crypto payments accessible to millions of smartphone users across the world.
Turkish crypto exchange SistemKoin recently listed the coin on their platform. This is a plus for ETN as SistemKoin is the largest crypto exchange in Turkey.
Electroneum (ETN) currently trades at 0.005 and depreciated by 1.36% in the past 24 hours. The coin still remains the most traded coin on cryptopia and it remains to be seen if the exchange platform would allow for withdrawals and deposits in the coming weeks.