Sunday, August 25, 2019

New Zealand-Based Cryptopia Got Hacked, Now Under Investigation

Even if the market continues to show unpredictability in the crypto rates, one thing seemed to be unchanging: cryptojacking.

Cryptopia’s Hacking Incident

Another crypto exchange company was added on the long list of victims. Cryptopia, a New Zealand-based crypto firm, was reported to be hacked as of Jan. 14. The sad news was first announced by the company on its Twitter account; making a fuss in the social media.

“Yesterday 14th January 2019, the Cryptopia Exchange suffered a security breach which resulted in significant losses. Once identified by staff, the exchange was put into maintenance while we assessed damages,” tweeted Cryptopia.

Day Before The Incident

Cryptopia stated that the hacking scheme started on Jan. 14 wherein they suffered a ‘security breach which resulted in significant losses.’ However, before the hacking incident happened, Cryptopia posted a tweet saying that their website was experiencing an ‘unscheduled maintenance’; leaving assumptions that the company already noticed the unusual movement in the exchange.

“We are currently experiencing an unscheduled maintenance, we are working to resume services as soon as possible. We will keep you updated,” Cryptopia tweeted on Jan. 14.

An Exit Scam?

Although a lot of Cryptopian users and customers demand clarifications on whether their fund was lost during the hack, some rumours were spread out in the social media that Cryptopia began its exit scam in the form of the hacking scheme.

This rumour was supported by the data which Etherscan released on Jan. 13 — a day before the incident. The report shows that Cryptopia released 19,390 Ethereum worth equivalent to $2.5 million. The withdrawal was sent to an unknown wallet, according to etherscan.

Related Article:  Sweden's Official Currency Changed To Bitcoin After Hack Activity

This ‘coincidence’ was also observed by @invest_pal who in a tweet showing the coincidences with the withdrawal and the hacking announcement. He even ended his tweet by using by a ‘What a Coincidence!’ remark.

Whale Panda — known crypto enthusiast — also shared insights with the hacking incident of Cryptopia saying that the company is now irrelevant in the market.

“Looks like @Cryptopia_NZ got “hacked”.
Cryptopia used to be very popular at one point but has since then become mostly irrelevant”

Cryptopia Assures Users

Still, the company assures its traders to update them as soon as the authorities finish their investigations.

“NZ police and High Tech Crimes Unit are jointly and actively investigating the matter as a major crime and they are assisting us with advice. Until this has been carried out, the Cryptopia Exchange will remain in maintenance mode, with trading suspended. We are committed to getting this resolved as quickly as possible and will keep you all updated every step of the way,” Cryptopia clarifies in twitter.

Cryptopia was founded in 2014 by Adam Clark and Rob Dawson. The company is ranked 123rd in the world among other cryptocurrency exchanges.

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