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Cryptopia Discloses Damage Incurred from Hack

February 27, 2019


When Cryptopia was hacked in January, the attack made major waves due to the exchange’s already, arguably shaky reputation. Until today, however, little specific details were known on exactly what occurred and exactly how much was taken.


Around midnight CET, Cryptopia tweeted their first major update in weeks on the subject, which was followed by two more over the next five hours. In these short messages, the exchange clarified the percentage of their crypto holdings that was stolen, in addition to one of the key measures that they are taking to better secure the exchange in the future.


With that in mind, it does appear that they plan to re-launch the exchange, despite the ongoing investigation into the specifics of the attack. Furthermore, those who are interested in exactly how much crypto was stolen will likely be disappointed.


According to the tweets in question, Cryptopia lost 9.4% of their total holdings. While CoinDesk cited one analytics firm as estimating the losses at about $16 million, this is largely speculation at this point. Adding to the continuing uncertainty surrounding these events is that still, little is known on how Cryptopia is planning to improve their platform.


Related to this, the only other new information that has come to light at this time is that they are “individually securing each user’s wallet,” before even seriously considering re-launching their operations. What exactly this means is anyone’s best guess. They could be doing something as significant as adopting a new protocol or they could simply be adding small tweaks to whatever their existing security measures are.


Since the New Zealand police have not concluded their investigation, it would likely be in any investor’s best interest to avoid even considering any future dealings with Cryptopia. Because not all of the facts are known, any explanation for how and why the attack occurred is still quite possible.




By: BGN Editorial Staff



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