HomeCryptoAltcoin NewsNews double: airdrop goes awry and Cryptopia hack details released

News double: airdrop goes awry and Cryptopia hack details released

A crypto exchange in South Korea recently had quite the mixup. During a scheduled airdrop, the wrong assets were sent to customers, totaling about $5.3 million in value.

According to a CoinDesk report with details from CoinDesk Korea, the Coinzest exchange planned to take part in an airdrop and send customers We Game Tokens (WGT).

Coinzest, however, suffered a computing mistake and server difficulties which ultimately sent out bitcoin and other assets instead of We Game Tokens. Certain users even saw Korean Won accidentally sent to them as a result of the event.

“Coinzest’s server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake,” CoinDesk noted. Customers sent back roughly half the funds as of January 19 reporting.

An eventful year already

Even though it’s still January, 2019 has already seen significant action in terms of plight and plunder. Just several days ago someone hacked Cryptopia, a decently prominent crypto exchange.

A recent Elementus post highlighted that Cryptopia has not provided many additional details on the hack since the event. Elementus utilized the Ethereum blockchain public ledger to find details on the event.

According to the article, roughly $16 million in funds disappeared via the hack. However, this calculation only takes into account ether and ERC20 token funds (the team has not looked into other blockchain ledgers as of yet).

The post mentioned several specific stolen assets, including ether, Dentacoin, Oyster Pearl, Lisk ML and Centrality, among others.

Since the hack, the perpetrators have moved the stolen funds to several locations. “[T]he hackers have been shuffling the funds around in small pieces and gradually moving them into exchanges to cash out,” explained Elementus.

The perpetrators have moved an estimated $882,632 of stolen funds to exchanges. “Of the $16m that was stolen, the vast majority (~$15m) remains in two wallets controlled by the thieves,” Elementus noted.

The article also pointed out that this hack is unique from other similar events which took place on crypto exchanges. Cryptopia hackers stole assets from 76,000 separate wallets, and the pilfering continued even after the exchange found out about it.

Elementus posited, “[t]he only plausible explanation for Cryptopia’s inaction is that they no longer had access to their own wallets.”

Conclusions included that almost 2,000 Cryptopia wallets still hold about $46,000 total in assets, which may still be at risk.

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.