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Updates from Cryptopia on January hack

Providing clarity to an overall foggy situation, Cryptopia has provided additional details on the hack it suffered in January.

Cryptopia’s first attack

Cryptopia exchange originally suffered a breach in January 2018, as revealed in an Elementus blog post on January 21. Someone reportedly hacked 76,000 wallets on the exchange, pilfering roughly $16 million in crypto assets. At the time of the January 21 article, about $15 million in funds still remained at large.

Cryptopia’s second attack

On January 27th, Cryptopia tweeted about the ongoing police investigation into the events, stating that Cryptopia had no access to its systems due to the police activity.

In a follow-up article on January 29th, Elementus reported another Cryptopia hack. Someone compromised 17,000 more wallets taking about $180,000 in ethereum (ETH). Many of the wallets initially hacked saw hacking for a second time, possibly due to unsuspecting customers depositing further funds, which, in turn, were stolen. The hacking overlap included 5,240 wallets that suffered a second demise.

Clarity from the exchange

Cryptopia has not provided the public with much updates since the events. On February 14th, Cryptopia tweeted it regained access to its facility from the police, while further investigation continued.

On February 26th, Cryptopia tweeted several updates on the situation. The exchange said it is in the process of evaluating the gravity of the hack. “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,” said Cryptopia in a tweet.

Another tweet two hours later said the exchange is in the process of stabilizing all individual wallets, with further updates ahead. The tweet also alluded the exchange will eventually start trading activities again.

Two hours after that, the exchange told the public not to deposit any further funds, and that more updates would follow.

Eventful 2019

This year has already been an eventful year in terms of crypto exchange difficulties. QuadrigaCX has also seen its fair share of difficulties and cloudy details regarding lost funds. Earlier in February, Crypto Insider reported on Quadriga’s CEO, who died reportedly holding access to millions of dollars in exchange funds. Coinbase CEO Brian Armstrong later also posited some guesswork into possible explanations on the situation.

 

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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.