Cryptopia Calculates That 9.4 Percent of Assets Stolen in January Hack

Cryptopia Calculates That 9.4 Percent of Assets Stolen in January Hack 1

The New Zealand-based crypto asset exchange Cryptopia has made their assessment of a January hack, claiming that up to 9.4 percent of all their assets were stolen.

In January 2019, the exchange went offline after publicly reporting a “major security breach,” which likely resulted in a theft of at least $3 million USD. Promising to involve several of the nation’s law enforcement agencies, Cryptopia’s announcement also stated that all of the exchange’s functionality and trading services would be suspended until further notice.

The exchange, as well as Cryptopia’s website, are still down in late February. Users have been left largely in the dark as to any updates on the site’s functionality or Cryptopia’s plans to deal with the fallout of this hack.

On February 26, 2019, the exchange’s Twitter account began posting several updates to the situation. First, they claimed to have calculated a worst-case scenario for January’s hack: up to 9.4 percent of all holdings in the exchange. Later that same day, tweets on the account suggested that the exchange is making preparations to reopen trading by securing individual accounts, though a later tweet instructs users to not deposit any further funds into their old wallet addresses. Cryptopia’s Twitter account is promising future updates to come regarding the site’s reopening.

According to a Chainalysis report issued at the beginning of February 2019, it is likely that this hack and several others were perpetrated by two groups, dubbed “Alpha” and “Beta.” These hackers displayed a sophisticated method of funneling stolen crypto assets into a variety of wallets and exchanging said assets into fiat without leaving a trail that investigators could follow.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin24,573 0.37 % 0.46 % 6.91 %
Ethereum1,991.9 0.42 % 0.37 % 17.64 %
Tether1.001 0.03 % 0.05 % 0.04 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB327.40 0.26 % 1.12 % 3.77 %
Cardano0.5821 0.63 % 3.88 % 13.50 %
XRP0.3871 0.55 % 1.73 % 3.93 %
Binance USD0.9993 0.07 % 0.11 % 0.05 %
Solana42.12 0.56 % 2.22 % 3.81 %
Polkadot9.360 0.76 % 1.41 % 9.67 %

Bitcoin (BTC) $ 24,670.00
Ethereum (ETH) $ 2,002.13
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 328.21
Cardano (ADA) $ 0.585989
XRP (XRP) $ 0.389653
Binance USD (BUSD) $ 1.00
Solana (SOL) $ 47.10
Polkadot (DOT) $ 9.43