Popular Cryptocurrency Exchange Cryptopia Hacked

Known cryptocurrency exchange, Cryptopia has faced a significant hack in which the team has confirmed the losses are substantial. The announcement was posted through it’s official Twitter-

The announcement didn’t give specifics on how much was lost, however, according to Etherscan, 19,390 ETH was seen to move out from Cryptopia to an unknown address.

As of now, Cryptopia’s website is down for supposed ‘Maintenance’ claiming to be back soon.

The crime has not been taken lightly with government agencies, the NZ police, and High Tech Crimes Unit being informed to carry out a joint investigation.

Cryptopia is a New Zealand based cryptocurrency exchange which has lost its popularity in recent times with centralized exchanges such as Binance, OKEx, and Coinbase ruling the charts. However, it has grown quite substantially reporting 1.4 million users in January 2018 and temporarily even reporting higher trading volumes than the New Zealand Stock Exchange during the beginning of 2018.

Zerocrypted Opinion

Many have pointed towards 2019 being the cryptocurrency year given that 2018 was full of regulatory decisions. However, the hack on Cryptopia is bound to give goosebumps to people who are wondering if their money is safe in cryptocurrency.

However popular crypto Twitter user WhalePanda commented that it’s not a hack but an internal affair where small exchanges are trying to make ends meet.

According to specific data from a Reddit post, the hack has led to a minimum of $13,000,000 stolen. If that is the case, Cryptopia may not be able to gain back entry into the cryptocurrency scene given how watchful investors are these days.

Then again, certain details have proved that an inside job is probable given the movement of funds just before the apparent ‘hack.’ It will be interesting to see how it all maps out as an inside job, or a hack from an unknown source could raise flags amongst regulatory bodies.

Image Source – PixaBay

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