Hacks

Hacked Crypto Exchange Cryptopia Reveals Losses

Stolen Crypto Estimate Provided by Crypto Exchange Cryptopia After Hack

The popular cryptocurrency exchange Crpytoptia, which is based in New Zealand, has recently disclosed the losses it suffered from a cyber-attack last month.

Cryptopia Breaks Silence

Since the attack, the exchange has been silent until it released several updates throughTwitter. Perhaps the most noteworthy information provided was the total amount of assets which were lost on the platform during the hack.

Cryptopia stated:

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“We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen.”

The firm did not release an estimate on the amount lost in monetary value.

On January 15th, the exchange went offline. The only information provided at the time was that the exchange had experienced a “security breach which resulted in significant losses.” No other information was provided during the announcement and Cryptopia has since stated that it won’t comment further until the New Zealand Police Department has completed their investigation.

One blockchain analytics company estimates that the hack may result in up to $16 million lost in ERC-20 tokens and Ether. Interestingly, the hackers still controlled the exchange even when the police were brought in.They then took 1,675 more Ether from over 17,0000 wallets. At the time, this amount was worth roughly $181,000.

Exchange Security

Cryptopia shared in its tweets on Wednesday that they’re “securing each wallet individually.” This will serve to ensure that the site is “fully secure” when trading resumes on the platform.

The firm also tweeted:

“As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses. We have more updates to come tomorrow, keep an eye on our page.”

On February 7th, the New Zealand Police Department announced that it was targeting the middle of the month to have the investigation completed. A week later, Cryptopia shared via tweet that even though the investigation was still ongoing, the company was allowed to return to the premises.

At that time, New Zealand Police Department Detective Inspector Greg Murton stated that the case was “progressing well and advancing on several fronts.”

He went on to add that “The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency. This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.”

Image by TheDigitalWay on Pixabay

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