Cryptopia: Stolen Ethereum [ETH] funds continues to move; a portion sent to EtherDelta

The hacker who stole a mammoth amount of cryptocurrency funds from Cryptopia, a New Zealand cryptocurrency exchange, continues to move to stolen funds in the market. Unlike the previous attempts, this time around the attacker transferred the funds to a decentralized exchange, EtherDelta.
Notably, this is not the first time for a hacker to opt for decentralized platforms instead of a centralized one. Another hack that reportedly took place in Marck 2019 also saw a similar pattern; the attacker who had stolen around $105 million worth of Ethereum and other cryptocurrencies from Coinbene had transferred a portion of the coins to EtherDelta.
According to Whale Alert, at press time, a total of six transactions were made to EtherDelta, approx. 3000 Ether, which was worth $758,509. To add on, a total of 1000 ETH, worth around $251,264 was transferred to another address that was used to hack the exchange. This was followed by another Twitter user, Crypto Shork, ponting out that the hacker made two transactions on EtherDelta.

Wallet:
0x1e16253b81F418ee44430d94502Bc766fe8CaDba
Still has 185.6 ETH on ED. So far he sent 12 and 15.7895 ETH to the following wallet:
0x3d40897675A7467A73610c3ABbBc8292835e67F2
— Crypto Shork (@CryptoShork) May 21, 2019

Notably, a Reddit user, FlashyQpt remarked that this was “an unnecessary amount of effort for very little gain”, considering that it was “very easy” to track these transfers. The Redditor stated, “It’s not unusual to see insane trades happen because the EtherDelta/ForkDelta platform lacks any sort of order matching. ” The user added that hacker was trying to “unmark” the stolen Ethereum coins.
The user went on to state,

The Eth was sent to the EtherDelta contract from this address where it was traded and withdrawn onto this fancy new “clean” one. You can tell that this is the address that is on the other side of the trades because the EtherDelta contract emits a Trade event that shows you all of this.”

Source: Reddit
Giraffenmensch, another Reddit user said,
“It’s dumb but a lot safer than using those dogy tumbler services. And I think the hacker is betting on the fact that courts and law enforcement are largely still completely clueless regarding cryptocurrency and might actually fall for it. Also they might do other things, maybe that’s only the first step.”
Source: Reddit
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Source: AMB Crypto

Cryptopia hack: Over $7 million worth of Ethereum [ETH] transferred by hacker to unknown wallet

The New Zealand cryptocurrency exchange, Cryptopia, which fell to its doom due to a security breach that occurred earlier this year, continues to stay in the headlines. The attacker, who almost drained the exchange’s entire Ethereum wallets, has been transferring the stolen funds since the beginning of the day.
Whale Alert, a Twitter account that tracks the large sum of cryptocurrency transactions for all the top coins, has been tracking the movements of all coins compromised to recent hacks. A few minutes ago, the social media account showed that large sum of Ethereum tokens was further being moved to a different wallet.  A total of four different transactions were completed, with around 29770.7290449 ETH [over $7 million] were transferred within 15 minutes.
Notably, all the ETH from the wallet d96ba527be241c2c31fd66cbb0a9430702906a2a was transferred tod4e79226f1e5a7a28abb58f4704e53cd364e8d11, draining all the cryptocurrency from the initial wallet. More so, the attacker first transferred a 1 ETH before making huge transactions.
Wallet address transferred from | Source: EtherScan
Wallet address transferred to | Source: EtherScan
This was not the first transaction of the day; the hacker transferred a small chunk of ETH earlier today and ERC20 tokens were also moved to different exchanges.
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Source: AMB Crypto

Cryptopia: Stolen Ethereum transferred to unknown wallet days after exchange confirms liquidation

The saga of the hacked New Zealand-based cryptocurrency exchange, Cryptopia, doesn’t seem to end. Just a week after the exchange entered the liquidation process, over 30,000 ETH stolen from Cryptopia in January was transferred to an unknown wallet.
As confirmed by WhaleAlert, a tracker of large cryptocurrency-related transactions, the transfer occurred at 01:43:57 UTC on 20 May 2019. The exact amount in question was 30,790 ETH, valued at $7.74 million, at press time.
The Whale Alert tweet read,
“30,790 #ETH (7,740,465 USD) transferred from Cryptopia Hack to unknown wallet”
Based on the transaction details presented by Whale Alert, the from address of 3fbaa73a433daa0f6c43d1c732c3f97a86f3a427 was titled “Cryptopia Hack,” and the receiving address was d96ba527be241c2c31fd66cbb0a9430702906a2a, which has not been confirmed by the site. The hashrate, for the particular transaction, was 16b674afe80107bc3acfe2ee613c8371e0987a36dc0ae51ad3de57458136441b.
Source: Whale Alert
The exchange has not confirmed the incident, as of press time. However, on May 15, Cryptopia had made it clear to its remaining customer base to halt deposits immediately. Their tweet had read,
“PLEASE DO NOT SEND ANY DEPOSITS TO CRYPTOPIA.”
Last week, following queries from distressed customers after the exchange’s unscheduled maintenance halt, Cryptopia announced that it would be entering into a liquidation phase, carried out by Grant Thornton. Officials from the accounting firm confirmed that this process could take months.
Cryptopia’s problems began in January, when the exchange suffered what would be the first of two hacks. The first attack caused a loss of $16 million in ETH. Weeks after the January hack, a second attack took place and cost the exchange $180,000 in Ether. After weeks of confusion, the exchange resumed services in March 2019.
Back in March, a similar quantity of ETH was transferred from aa923cd02364bb8a4c3d6f894178d2e12231655c titled “Cryptopia Hack,” to an unknown wallet, 3fbaa73a433daa0f6c43d1c732c3f97a86f3a427, to the tune of 30,789 ETH, worth $4.28 million at the time.
Interestingly, the address 3fbaa73a433daa0f6c43d1c732c3f97a86f3a427 prior to the recent transaction saw an outgoing transaction of 1 Ether, totaling the March amount.
Source: Etherscan
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Source: AMB Crypto

Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more

Crypto News – 15 May – Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more
Don’t forget to follow us for our daily video#XRPNEWS #bitcoin #BitcoinCash #eosio #EOS @BankXRP #xrparmy @twobitidiot @Travis_Kling #bitcoins pic.twitter.com/3OnBmAyStl
— AMBCrypto (@CryptoAmb) May 15, 2019

Crypto News – 15 May
Erik Voorhees on Bitcoin: The Shapeshift CEO is in the news after he claimed that the world’s largest cryptocurrency couldn’t have moved from $0 to its present price, without bubbles
Read more at https://bit.ly/2LKDf4b
Binance research on Bitcoin: The crypto-exchange’s research wing is in the news after a report by Binance claimed that Bitcoin offered far higher returns than traditional assets
Read more at https://bit.ly/2HrSaLq
SEC on Bitcoin ETF proposal: The United States’ Securities and Exchanges Commission continued to prevaricate, postponing a final decision on the Bitcoin ETF proposal to October 2019
Read more at https://bit.ly/2Hmxkyh
New Milestone for Tron: In more good news for the community, Tron [TRX] surpassed $1 billion in 24-hour trading volume after more than a year
Read more at https://bit.ly/2W1JJzL
Cryptopia writes final chapter: The New Zealand-based exchange that was a major target in a January hack, is in the news again after it entered the liquidation phase and appointed Grant Thornton
Read more at https://bit.ly/2HkERxl
Good news for Bitcoin Cash [BCH]: Bitcoin’s [BTC] average transaction fees soared to a 10-month high while Bitcoin Cash [BCH] showed little change
Read more at https://bit.ly/2LLiTrD
Tuur Demeester on crypto-exchanges: The Founder of Adamant Capital is in the news after he claimed that Bitcoin exchanges and custodians were too big to bail and can fail like pre-1914 gold banks
Read more at https://bit.ly/2Hrj0Dr
 
The post Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more appeared first on AMBCrypto.
Source: AMB Crypto

Does Cryptopia’s Failure Show Decentralized Exchanges are Crypto’s Future?

New Zealand exchange Cryptopia has gone into liquidation. Yesterday, rumors of another hack were circulating after users were unable to access the website. However, this morning, an announcement made on their Twitter account declared the company had ceased trading. Taking this into account, is now the time to start using decentralized exchanges?

Cryptopia Limited appoints Grant Thornton as Liquidators – https://t.co/A35rq1Jls3
— Cryptopia Exchange (@Cryptopia_NZ) May 15, 2019

Cryptopia Has Closed For Good
Launched in 2014, with amongst the lowest fees (0.2% per trade) in the industry, Cryptopia carved out a reputation for being a no-frills exchange that was willing to list relatively unknown coins.

They enjoyed relative success. But things took a turn for the worst late last year when trading volumes plummeted. In the weeks before today’s announcement, daily volumes were typically around $200k. In the current climate, this would place Cryptopia within the top 40 exchanges.
Sadly, in what is another blow for the crypto industry in general, as of today, trading on Cryptopia has been suspended.

Cryptopia joins the sad list of dead exchanges. In 5 years I've watched over 10 exchanges shutdown yet you still leave funds on their sites? Heres a small list: Cryptsy, mtgox, cryptorush, mintpal, cavirtex, vaultofsatoshi, quadriga, coinedup, vircurex, coinedup, cryptopia.
— Needacoin (@needacoin) May 15, 2019

The Cryptopia Hack Highlights Incompetence
At the start of 2019, hackers stole $16 million from Cryptopia. There were reports that staff struggled to control the breach, meaning hackers were able to sustain their attack for a further two weeks following the initial incident.
Moreso, almost halfway into the year, normality has still not returned. With some users taking to social media to voice their displeasure at this. And rightly so, as this time frame is unacceptable for any online business, let alone a crypto exchange.

@Cryptopia_NZ It's been almost 5 months now since the #CryptopiaHack & we are still awaiting for our funds. Unable to withdraw, trade or use our funds since 5 months in a bear market. I hope you understand what it means for all of your users? I really hope to see some +ve action!
— Crypto babushka (@Cryptobabushka) May 8, 2019

The liquidators, Grant Thornton, have released a statement saying the company has failed to recover from January’s attack. They go on to say that the investigation could last for several months, due to the complexity involved:
“The highly publicised hack of Cryptopia’s exchange in January 2019 had a severe impact on the company’s trade. 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.”
Decentralized Exchanges Are The Future
Undoubtedly, the scale of incompetence surrounding Cryptopia will filter out over the coming months. But for now, given concerns over security, investor attention is turning towards decentralized exchanges.
Not only are they inherently more secure, as a centralized wallet cannot be targetted. But given the escalation of privacy encroachment, through KYC and AML regulation, decentralized exchanges offer an alternative that is more aligned with cryptocurrency ideology.
In recent times, development into their usability has taken priority. Kirill Shilov, CEO of Geek Forge, said:
“Two years ago, using a decentralized exchange (DEX) was a lot of trouble and people were losing their funds after making small mistakes like typing in the wrong address, but nowadays these platforms have become much more user-friendly than you’d expect.
And this trend has been noticed by the industry’s big players. Towards the end of April, Binance announced the launch of Binance DEX. Binance CEO, Changpeng Zhao reiterated the benefits of a decentralized system by saying:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.”
And with that in mind, there is little excuse not to make the switch.

CZ thought binance was immune to hacks. Every exchnge is prone to hacking, there is no denying that. Now people are afraid to keep the funds in CEXs. They started to look for non-custodial, fast, secure, with high liquidity/volume, decentralized exchnages @nashsocial $NEX #DEX
— CryptoFox® (@cryptoofox) May 10, 2019

The post Does Cryptopia’s Failure Show Decentralized Exchanges are Crypto’s Future? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Cryptopia Update: Exchange on its way to secure private keys for 457 coins

Cryptopia, the New Zealand-based exchange, was hacked in January 2019 and is in the process of recovering steadily from the hack. Cryptopia has since released several updates, keeping its customers informed.
In a recent update, Cryptopia tweeted,
“We are 50% through securing all 457 coins listed to new private keys. Please remember to cancel any unwanted open orders as markets are being re-enabled one by one, and please take the time to refresh your 2FA, API key and password if you haven’t already.”
Cryptopia also mentioned that the hacker had moved the stolen funds to a new wallet. A total of 30,789 ETH was transferred to an unknown wallet. The exchange is up and running now and users are allowed to deposit funds. Additionally, the exchange also generated new addresses for all the coins.
The recent update stated that the exchange was halfway through in generating new private keys for all the 457 coins listed on the exchange. Cryptopia already made a CoinInfo page available to its users, providing them with the option to check the status of their coins after the hack. The exchange previously said that they would be securing 35% of the coins to new wallets and that they would be enabling the option of canceling orders for users.
In a previous update, Cryptopia had stated that all the funds sent to the exchange 24-hours after the announcement would not be recovered.
“This means that if you sent funds after 16/01/2019 12:00 AM NZT we will not be recovering those funds for you.”
At press time, the exchange was functioning properly and users were allowed to trade more than 40 pairs deemed to be secure.
@frank27544537, a Twitter user, commented,
“What you mean refresh? Why do we have to reset our password and 2FA?”
Cryptopia replied,
“It states “if you haven’t already.” If you have already updated your account security this is not relevant to you.”
@badrumbadrum, another Twitter user, added,
“But… Do we HAVE TO reset our password etc? I’ve been using the site with the same information after the hack as I did before.”
The post Cryptopia Update: Exchange on its way to secure private keys for 457 coins appeared first on AMBCrypto.
Source: AMB Crypto

$4.2 Million of Cryptopia’s Ethereum (ETH) Moved as Prices Stagnate

Ethereum prices up 2.8 percent
30,789 ETHs transferred from Cryptopia’s wallet to an unknown address.

$4.2 million worth of Ethereum (ETH) from Cryptopia is now at an unknown address after Jan hack. At the same time, Ethereum prices are up but struggling to break above $150 and $170.
Ethereum Price Analysis
Fundamentals
There is a worrying trend in 2019. More exchanges are falling prey to hackers, and there should be averting steps. Aside from regulator involvement, exchange clients must take their security a notch higher. That means incorporating two-step verification in their login procedure and being extra vigilant to avoid phishing attacks.
Often, crypto attacks lead to losses and irreversible reputation damage to the affected exchange through client loss of confidence and made worse by an internet that never forgets. One of the many exchanges aside from BitHumb which is the latest is Cryptopia.
Their case was unique because it was sustained for several days but there was recovery. However, a majority did slide, and the community now notes that 30,789 ETHs moved from Cryptopia to an unknown wallet address. That amounts to roughly $4.2 million at spot rates. These funds, Elementus reports, were from the second breach. That’s when hackers had control of over 17k wallets. However, the damage was notably extensive for ETH holders.
“One possible explanation is that Cryptopia had their private keys stored in a single server with no redundancy. If the thieves managed to gain access to this server, they could have downloaded the private keys before wiping them from the server, leaving Cryptopia unable to access their wallets.”
Candlestick Arrangement

At the time of press, Ethereum (ETH) is up 2.8 percent in the last week. However, a noteworthy development is the failure of prices to close above the $150 level in a minor breakout trade.
Even so, our ETH/USD trade plan is valid, and bulls of Mar 5 are valid after Mar 27-29 expansions. Therefore, although we are net bullish expecting gains above $170 towards $200, participation level remains low.
Besides, there is this hang from Feb 24 losses that can trigger a sell-off towards $100 if there is a meltdown below $130 or Mar 5 lows. All the same, once there is a high volume drive above $150 then risk-off traders can ramp up on dips with targets at our Nov-2018 breakout level at $170.
Technical Indicators
By yesterday’s close, average volume stood at 116k. After Mar 29 gains we expected that prices would edge higher with high volumes exceeding Mar 5 of 302k. As a result, unless otherwise, these conditions are correct, we shall take a neutral but bullish stand on price action.
Chart courtesy of Trading View
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Source: New feedNewsBTC.com

Cryptopia hacker transfers over $4 million worth of stolen Ethereum [ETH] to unknown wallet

Cryptopia, the New Zealand-based cryptocurrency exchange, was in the news earlier this year after it was hacked in January, resulting in many customers losing their cryptocurrency funds. Now, new reports have emerged elucidating an update on the hacker’s activity, with regard to the stolen funds.
WhaleAlert, a Twitter account that tracks transactions involving large sums, posted an alert on the stolen cryptocurrency recently. The alert stated that over $4 million worth of Ethereum tokens were transferred to a different address. The Tweet read,
“30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet”
Source: Whale Alert
Notably, some of the funds were stolen from the exchange in the second hack. A part of the fund was reportedly transferred from the first address used by the hacker, to the other address, Cryptopia hack2. The second hack witnessed over 17K wallets being affected by the security breach, suggested a report by Elementus. Further, the report also stated that the exchange lost all control of its Ethereum wallet private keys.
Source: Etherscan
Additionally, prior to transferring the 30,789 ETH to another wallet, the hacker made a transaction of 1 ether to a completely different address, making a total of two transactions this week.
Source: Etherscan
The 1 ETH was later transferred to the same addresses. The wallet address was noted to be 0x3fbAa73A433DAa0F6c43D1c732c3F97A86F3a427.
Source: Etherscan
Recently, the exchange released a statement asserting that the platform would not be liable for funds that were lost after the announcement of the initial hack. This meant that all customers who deposited crypto into their Cryptopia accounts 24 hours after the breach was announced, would not be getting a refund. The exchange stated,
“This means that if you sent funds after 16/01/2019 12:00 AM NZT we will not be recovering those funds for you.”
The post Cryptopia hacker transfers over $4 million worth of stolen Ethereum [ETH] to unknown wallet appeared first on AMBCrypto.
Source: AMB Crypto

Cryptopia resumes trading of 40 trade pairs; plans to add more soon

The New Zealand-based cryptocurrency exchange, Cryptopia, announced that it resumed trading on 40 pairs that they deemed secure. The exchange, which was hacked twice in January 2019, has since been taking several steps towards a full recovery from the attack.
Cryptopia tweeted,
“Update: We have resumed trading on 40 trade pairs that we have quantified as secure. We will continue to expand this list as we clear more coins.”
The exchange provided users with a list of these tradable pairs, and informed that they will be adding more pairs as soon as they are cleared and deemed secure. Cryptopia had also informed users that it will be sending emails to all impacted customers, clarifying the role the exchange played, to secure the tokens and the platform, in the aftermath of the hack. The email also addressed allegations of it being an exit scam, informing customers about the actions they immediately took to prevent additional funds from being compromised.
“On the 14th of January 2019 we noticed several suspicious transactions and placed our site into maintenance to prevent additional funds from being compromised as best we could.”
The exchange added,
“We notified local and international law enforcement agencies of the matter and our offices were locked down and the site was only accessible to a very small number of staff and law enforcement agencies.”
The exchange was able to access their website on 14 February, after which it tried to study the impact of the attack, and plan towards re-launching the website. The users who lost funds will also be eligible for a refund, informed Cryptopia. The exchange plans to be fully operational by the end of March. The email concluded,
“We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.”
The post Cryptopia resumes trading of 40 trade pairs; plans to add more soon appeared first on AMBCrypto.
Source: AMB Crypto

Cryptopia creates CoinInfo page for users to check their cryptocurrency status post hack

The New Zealand-based cryptocurrency exchange Cryptopia has been working on getting back on its feet after it was hacked twice in January. In order to maintain transparency, the exchange created a CoinInfo page to check the status of the coins.
Cryptopia provided the link of this page to users and informed them about what the chart represents,
“We are making progress on securing our wallets, you can check the status here:
https://cryptopia.co.nz/CoinInfo/?coin=BIS …
Offline means the coins have not been checked yet.
In Maintenance means coin has been secured.
The maintenance message will detail the impact the event had on that coin.”
According to information presented by the CoinInfo page, most of the top 10 cryptocurrencies have not been checked yet. This list includes tokens that have been listed on the exchange, like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], EOS, Bitcoin Cash [BCH], and Tron [TRX]. XRP, Binance Coin [BNB], and Stellar Lumens [XLM] are not listed on the exchange. However, the listed offline tokens have ‘Active’ listing status.
Since the coins have not been checked yet, the impact that the hack had on these coins is still unknown.
Cryptopia previously informed users that they had secured 35% of the coins to new wallets. The exchange will have to secure all the coins listed in order to get full functionality. The exchange also opened the option for users to cancel orders, a move that was welcomed by users of the exchange. The exchange had posted,
“As we work towards full re-launch of the platform, we have now enabled the ability for users to cancel their standing orders. The API is still disabled, so you will need to cancel through the website.”
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Source: AMB Crypto

Did Christchurch Killer Invested in Crypto Scam Bitconnect?

CoinSpeaker
Did Christchurch Killer Invested in Crypto Scam Bitconnect?
New Zealand has suffered one of its darkest days after a terrorist went to his “terminating spree” to several Christchurch mosques killing 49 people. As new details surface, the criminal seems to have dabbled in cryptocurrency investing in BitConnect.
Did Christchurch Killer Invested in Crypto Scam Bitconnect?

Continue reading at Coinspeaker
Source: CoinSpeaker

Cryptopia secures 35% coins in new wallets as it gears up for relaunch

Cryptopia, the New Zealand-based cryptocurrency exchange which was hacked twice in January, is getting ready for its relaunch. In preparation for the launch, the exchange informed on Twitter that it had secured custody of 35% of coins on new wallets. The tweet by the exchange read,
“As we prepare to open we have secured 35% of coins on our exchange to new wallets. We need to complete this exercise fully prior to opening the exchange. Please keep an eye on our page for further updates on this.”
The announcement is yet another move in the direction of the exchange trying to recover its losses from the January hacks. Recently, the exchange had also opened the option for users to cancel orders, a move that was welcomed by users of the exchange.
“As we work towards full re-launch of the platform, we have now enabled the ability for users to cancel their standing orders. The API is still disabled, so you will need to cancel through the website.”
The option to cancel orders enabled users to remove buy or sell orders that were still open on the system since 14 January. This was welcomed by the exchange’s users as the prices of most cryptocurrencies saw a huge jump since and people could still have high or low buy and sell orders. The exchange also gave users the option to cancel all orders in one go.
This option to cancel an order was a necessity for the exchange to avoid the sale of any digital asset below its current price.
Before the announcement that it had secured 35% of the coins in new wallets and before allowing its users the option to ‘cancel order’, the exchange announced the reopening of the website in a read-only form. The exchange had also informed users that the pre-hack holding balance would be used as a baseline for calculating rebates moving forward. Subsequently, users were asked to reset passwords and 2FA credentials.
The post Cryptopia secures 35% coins in new wallets as it gears up for relaunch appeared first on AMBCrypto.
Source: AMB Crypto

Cryptopia site relaunch pushed forward by a day after over a month of suspension

Earlier today, Cryptopia, the New Zealand-based cryptocurrency exchange delayed the relaunch of its site by a day because of unknown reasons. The exchange had shut down all its operations after a security breach resulted in the exchange losing funds.
The team announced on the platform’s official Twitter handle,
“Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.”
The relaunch of the site was much anticipated by the community, especially the exchange’s own customers as it would give them more information pertaining to their tokens. This recent announcement invited both positive and negative responses, with some even strongly supporting the exchange.
Hanish bh, a Twitter user said,
“Ready to be patient for few days but when you come again make your exchange secure top notch , thanks for frequent updates”
Dr. Reggie, another user said,
“Wow this is awesome !!! So ready to trade ! I’m sure your security will be too notch now !! Let’s goooooo cryptopia !!”
Prior to the announcement of the site relaunch, the exchange platform gave a little more insight on the hack, which is currently being investigated by the New Zealand Police and the concerned authorities. Cryptopia had on Twitter announced that the exchange was considering the loss of over 9% of its total funds to be the worst case of the hack.
The exchange had also stated,
“Update: We have transitioned 24% of all wallets to our new secure servers. Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.”
The post Cryptopia site relaunch pushed forward by a day after over a month of suspension appeared first on AMBCrypto.
Source: AMB Crypto

Cryptopia to re-open website in read-only a month after security breach

Cryptopia, a New Zealand-based cryptocurrency exchange that was hacked earlier this month, is back in the limelight with another update. The exchange platform announced that its founders, Adam Clark, and Rob Dawson, would be returning with their focus set on a “clear strategic direction” for the exchange.
The exchange could also be back in business starting this Monday, although it would be read-only at the beginning. The customers of the platform can breathe a sigh of relief as the exchange and its operations would be back in action after more than a month.
Customers will be able to check whether they still have control over their cryptocurrencies or whether their accounts were compromised after reports claimed that the platform lost over $16 million in Ethereum and ERC20-based tokens to the recent security breach.
The announcement by the exchange on its official Twitter page read:
“Update: We are aiming to have the Cryptopia site re-opened as read only by Monday.”
Eli Padilla, a Twitterati said:
“After the closed of the exchange a lot of cryptopians move to different exchanges and somehow help other small exchanges to grow, further delays losing more. It will be a challenge to cryptopia to win them back with drastic changes, programs and importantly TRUST to users.”
CryptoMaria_Kwan, another Twitterati said:
“Yes yes and yes. Hopefully next update will be open exchange as full website to allow access our coins.”
Notably, this is the second round of announcement made by the platform this week. The first announcement was made yesterday, February 27, 2o19. The exchange stated that the ‘worst case’ would be a loss of over 9% of their total cryptocurrencies due to the hack.
Waribo Nwachukwu, a Twitter user, said:
“They’ve been on this fixing of security for long. Unless a client die from frustration, they won’t sit up & do the needful. To me, they’re buying time & gauging investors mode. However, this strategy might pay off as trust will be built if the “read only” status doesn’t linger”
The post Cryptopia to re-open website in read-only a month after security breach appeared first on AMBCrypto.
Source: AMB Crypto

Cryptopia opens up on hack; considers loss of 9.4% of its total holdings as the ‘worst case’

Cryptopia, the New Zealand-based cryptocurrency exchange platform that made headlines earlier this year has finally given an update on the hack and the potential loss incurred. The exchange also stated that they will be releasing more updates, today and tomorrow.
In January 2019, Cryptopia released a statement which said that the exchange had encountered a security breach, incurring a significant loss. This announcement spread like a wildfire across the cryptocurrency space, with a majority of the space speculating which tokens were stolen during the hack and the approximate amount involved.
It was also reported that the exchange was working with concerned government agencies, including the New Zealand police and the high-tech criminal unit. Furthermore, in a separate statement towards the end of January 2019, the Police claimed to have made “good progress” and that “positive lines of inquiry were being developed to identify where the cryptocurrencies have been sent.”
Interestingly, within days of the statement’s release, a report released by Elementus, a next-generation blockchain analysis company, stated that the exchange encountered a second security breach and that the hackers had control over the platform’s private keys including its customers’ details. This report led to a massive uproar in the community, especially among customers who neither had access to their accounts nor information regarding the safety of their tokens.
This was followed by the exchange giving an update to the community after a month. On February 14, the exchange stated that they regained access to their operating building and that in the meanwhile, the police would continue their investigation. They also added that the staff of the company had started evaluating the funds that were stolen.
Now, according to the latest update on its official Twitter handle, the exchange is expecting a loss of over 9.4% of its total holdings, claiming this to be the “worst case.” The update read,
“Update: 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. Please keep an eye on our page for further updates today.”
The exchange also stated,
“Update: We are securing each wallet individually to ensure the exchange is fully secure when we resume trading. We have more updates to come today, please keep an eye on our page. Update: 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.”
Prior to this announcement, the loss incurred by the exchange during its first hack was speculated to be around $16 million, with the compromised tokens noted to be Ethereum [ETH], the second largest cryptocurrency by market cap, and Ethereum-based ERC20 tokens. During the second hack, the report stated that the loss was around $180K worth of Ethereum, approximately 1,675 ETH.
The post Cryptopia opens up on hack; considers loss of 9.4% of its total holdings as the ‘worst case’ appeared first on AMBCrypto.
Source: AMB Crypto