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Cryptopia suffers security breach!

Cryptopia suffers security breach!

January 16, 2019 6:30 am,

New Zealand cryptocurrency exchange Cryptopia has announced 24 hours downtime that the exchange has been hacked. It has been down since 14th January 2018, announcing that the website was experiencing unscheduled maintenance. The red flags started waving a day later with the exchange still down. The exchange has since then announced that a security breach occurred which resulted in significant losses.

No information has yet been provided on the value of the losses, the tokens and currencies affected or any measures to refund users. The exchanges website, including support and blog pages is currently offline stating “Cryptopia is currently in unscheduled maintenance mode. We will be back soon.”

The tweets indicated that 19,391 ether ETH tokens worth nearly $2.44 million and around 48 million centrality (CENNZ) tokens worth about $1.18 million were transferred from the NZ crypto exchange to unknown wallets on January 13. It is not currently clear if those funds were moved by the hacker or by the exchange. The crypto exchange further mentioned in its tweet that it has notified and involved relevant government agencies including the New Zealand police and the High Tech Crimes Unit, who are jointly and actively investigating the matter as a major crime and they are assisting us with advice. 

The daily trade volume of the NZ crypto exchange are currently not disclosed lists over 800 crypto assets, with support of trading pairs that include a range of small scale crypto assets. In response to tweet, some went ahead with the facts of investigating the recent transactions, claiming the exchange had moved ETH worth several millions of dollars out of its wallet, citing data from crypto exchange blockchain monitor Whale Alert. In a spate of accusatory remarks on the apparent coincidence, other commentators volunteered allegations that the security breach could be an exit scam and allegedly pre-planned. None of these claims have been corroborated to press time. Ran NeuNer, host of CNBC’s CryptoTrader Show, has tweeted his response, questioning whether the apparent breach was due to negligent storage practices and whether the exchange would be able to refund users given their small size and the protracted cryptocurrency bear market. This raised concern among users last summer after it began a planned maintenance window early, citing unexpected issues that required further investigation The move prompted user reports of withdrawal difficulties even after the maintenance had allegedly been completed. The crypto exchange in 2018, launched the “NZed”, reportedly the 1st cryptocurrency token tethered to the NZ dollar.

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