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Details Emerge About Cryptopia Hack

By

Nicholas

Ruggieri

WriterETHNews.com

A blockchain analysis firm says $16 million in Ether and ERC20 tokens leaked out over the course of five days, with Cryptopia "seemingly powerless to stop it."

Elementus, a blockchain analysis platform, is reporting that $16 million in Ether and other ERC20 tokens were stolen in this month's Cryptopia hack over the course of five days. The funds were taken from over 76,000 different user wallets. Elementus' post claims:

"After Cryptopia discovered the hack, they watched the funds continue to flow out of their wallets for four more days, seemingly powerless to stop it. As these wallets were not smart contracts, there should have been no technical complications preventing Cryptopia from securing the funds. The only plausible explanation for Cryptopia's inaction is that they no longer had access to their own wallets."

$46,000 worth of ERC20 tokens were also apparently deposited across 2,000 wallets after the initial hack took place, with users unaware of the security breach.

Elementus has yet to examine non-Ethereum blockchains to assess the possibility of other stolen funds.

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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