Cryptopia Exchange’s security breached; Possible loss of assets worth millions

After a brutal 51% attack on the Ethereum Classic [ETC], Cryptopia Exchange has now announced that their exchange has been compromised.

On January 15, 2019, Cryptopia announced that their exchange was hacked on January 14, 2019, and that they suffered significant losses.

The exchanged tweeted:

“Once identified by staff, the exchange was put into maintenance while we assessed the damages. Staff then notified and involved the appropriate Government Agencies, including the NZ police and High Tech Crimes Unit who are jointly and actively investigating the mater as a major crime and they are assisting us with advice.”

The tweet further mentioned that their exchange will remain under maintenance phase and all the trading will be halted until they can confirm and asses the damages.

Meanwhile, on January 13, 2019, before the trading was halted on the exchange, a total of 48,029,306 CENNZ worth $1.17 million was transferred from Cryptopia to an unknown wallet, which was reported by @Whale_Alert.

Source: Twitter | @whale_alert

The news of the hack quickly circulated on the Twitter realm as Binance’s CZ retweeted this with a comment. He said:

“Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves.”

WhalePanda replied to CZ saying:

“Exchange owner tells people to keep their coins on exchanges. Absolutely horrible advice.”

RanNeuNer aka @cryptomanran, the host of “CNBC Cryptotrade” tweeted:

“I’m interested to see how the Cryptopia hack plays out, how much was lost & whether they were negligent in storage. Will they be able to refund users given their size & the state of the market. I suspect many smaller exchanges won’t survive this and the bigger ones will benefit!”

The amount of loss incurred has not yet been updated by the exchange, but the users are eagerly waiting to remove their funds out of the exchange.

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