NZ Crypto Exchange Cryptopia Hacked, Suspicious Withdrawals Suggest Possible $3.6 million Stolen

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NZ Crypto Exchange Cryptopia Hacked, Suspicious Withdrawals Suggest Possible $3.6 million Stolen

New Zealand cryptocurrency exchange Cryptopia has been hacked. Although the amount stolen has yet to be revealed, the representatives from the exchange are describing the losses as “significant”.


The First Crypto Exchange Hack of 2019

The hack, which occurred yesterday, was reported by Cryptopia via its official Twitter account early this morning. It is also worth noting that the exchange had been undergoing “unscheduled maintenance” since January 13th.

Upon discovery of the breach, the exchange was immediately put into maintenance mode while they work to determine the full extent of damages.

The hack has been reported to the proper government and law enforcement agencies, including the New Zealand Police and High Tech Crimes Unit. The agencies are “jointly and actively investigating the matter as a major crime” and are advising Cryptopia on the next steps to be taken. For the time being, the exchange will stay in maintenance mode and all trading has been suspended.

Located in Christchurch, a suburb of Canterbury in New Zealand, Cryptopia currently lists nearly 800 cryptocurrencies. While the exchange’s daily trade volumes are not currently being shown on CoinMarketCap, the most recently available data suggests that the 24-hour trade volume as of 35 hours ago is estimated to be around $986,000.

Suspicious Transactions – $3.6 Million in Question

So far, Cryptopia has yet to release details on which cryptocurrencies – and in what amounts – were stolen during the hack, however, two transactions reported by Whale Alert on Twitter may provide some answers.

Two large withdrawals – one for nearly 19.4k ETH and the other for more than 48 million CENNZ – were recorded within minutes of each other. Both originated from the Cryptopia exchange and were sent to an unknown wallet, though it is unknown whether the withdrawals were made by the hacker or the exchange itself.

At current prices, the combined value of the transferred coins is upwards of $3.6 million.

Can Cryptopia recover from this hack? Will they be able to reimburse their users? Sound off in the comments below.


Images courtesy of DepositPhotos

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