Cryptopia Hacked! Significant Losses!

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Today, January 15th, Cryptopia, a New Zealand altcoin exchange, came out with an announcement that yesterday January 14th, they experienced a security breach. This breach resulted in significant losses they claim. They haven’t yet specified how much has the exchange lost. 

Website closed

Cryptopia home page

Since they noticed this unusual activity they put the website in “maintenance mode”. They noted that they will keep it that way, with trading suspended, until they resolve the issue. Also, the staff notified all the appropriate government instances such as NZ Police and high tech crimes unit.

The Cryptopia Exchange

Cryptopia is known as the altcoin paradise back in the day, but since Binance now is the undefeated leader, and legally a better choice, a lot of traders have moved away from the altcoin exchange to Binance. When looking at coinmarketcap or coingecko, of course, the last 24h volume is 0, because the exchange is down at the moment. However, Cryptopia has lots and lots of markets, in which the expected volume is close to zero. Coinmarketcap says that Cryptopia has around 836 markets, but the last 300 or so are with no volume.

Markets within Cryptopia. Source: coinmarketcap.com

WhalePanda on Twitter pointed out that this is rather weird that this is happening during a bear market. Cryptopia has long lost its altcoin exchange title, and now is basically trying to stay alive. There are some rumors flying around, saying that the theft could be around $2,5 million, but when looking at their recent market volumes, those numbers just do not line up. Only if they had a cold storage where they held all the investors’ funds, which doesn’t seem likely.

Also, this is the first hack of 2019

Source:

https://goo.gl/U2XcDh
https://coinmarketcap.com/exchanges/cryptopia/

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