Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market

Earlier this week, Cryptopia, a cryptocurrency exchange based in New Zealand, announced that they have lost funds due to a security breach. This is one of the notable exchanges that was compromised by a hack at the beginning of 2019. To add on, the exchange platform continues to be under maintenance and the amount that was compromised by the hack has still not been disclosed by the team.

This case is currently being investigated by the New Zealand police and the required regulatory authorities have been notified about the hack. In their recent statement, the police revealed that the inquiry into the hack is still in its early stages and that they were still figuring out what happened and how the hack happened.

They further stated that they were still not authorized to reveal the amount involved in the hack and the details pertaining to the cryptocurrencies.

The police claimed that a large team is currently working on the case, including the Canterbury CIB. They added that the investigation includes both forensic digital investigation of the company and a physical scene examination at the exchange’s office building. Additionally, the police have also stated that it is difficult to put a timeframe on how long the investigation may go on for as they are currently in a “complex situation”.

Recently, a Twitterati, ShaftedTangu announced that the stolen funds were being transferred to Binance, one of the biggest cryptocurrency exchanges in terms of trade volume, in various currencies. He further urged the Binance team to take action quickly and freeze the account. Following this, the team was able to successfully freeze the funds on their platform.

Changpeng Zhao, the CEO of Binance:

“Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Meme_Pope, a Redditor, said:

“Binance notified of suspicious activity. Frozen immediately. Cryptopia notified of suspicious activity. Call the cops 36 hours later.”

its_Lucider, another Redditor, said:

“Tbh if criminals are that stupid, he should not be highlighting the fact that he froze the funds and mentioning that they shouldn’t send to binance… Keep it on the low… let dumb people make dumb mistakes and provide justice from the shadows. Don’t allow future criminals to learn from other criminal’s mistakes. On another note, much props to Binance for being so proactive.”

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