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[UPDATED] Cryptopia Finally Opens Up About Exchange's Status After January Hack

By

Nicholas

Ruggieri

WriterETHNews.com

Cryptopia tweets about its possible total losses and its strategy to secure user wallets one at a time.

UPDATED | March 5, 2019

Cryptopia has relaunched its website in a read-only format for the first time since its January 14 hack. Announcing the soft relaunch on Twitter, the exchange stated that user balances will reflect their pre-hack total, which the exchange will use to calculate rebates.


ORIGINAL | February 27, 2019

Earlier this February, the New Zealand police announced that its investigation into the hack of the cryptocurrency exchange Cryptopia had concluded. Without commenting on whether charges would be made or how much was taken from the exchange, the police only stated the Cryptopia team was free to resume business operations.

Despite the announcement, Cryptopia's Twitter account remained silent and its website displayed the original warning notice from the January 14 hack (which the exchange hasn't changed). However, Cryptopia has now posted a series of tweets explaining what the next steps are before it reopens. It has also divulged a bit of information about how much was stolen.

At the moment, the exchange says it will be securing each wallet individually before it allows trading to resume. Blockchain analysis platform Elementus reported in January that 76,000 individual wallets were attacked during the initial hack. A second security breach two weeks after the first hack targeted 17,000 more Cryptopia user wallets.

As far as how much was actually taken from the exchange, we're still waiting on a real monetary value. According to the series of tweets, the exchange believes that, at worst, 9.4 percent of its total holdings were stolen. Elementus first reported that $16 million in Ether and other ERC20 tokens was stolen over the course of four days during the first hack. Two weeks later, during the second hack, Elementus stated that an additional 1,675 Ether (worth about $176,000 at the time of the hack) was taken.

Nicholas Ruggieri

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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