Cryptopia hack: New analysis shows $16 million worth of cryptocurrency got stolen
Cryptopia, a cryptocurrency exchange based in New Zealand was initially reported to have been hacked with around $2.44 million worth of ethereum (ETH) and $1.18 million worth Centrality (CENNZ). However, a recent analysis shows that the amount was way higher.
According to an analysis from blockchain infrastructure firm Elementus, around $16 million worth of Ethereum (ETH) and ERC20 tokens were stolen. Cryptopia hack is the first hack on cryptocurrency exchange this year, the exchange said that it has informed “the appropriate Government Agencies, including NZ Police and High Tech Crimes Unit who are jointly and actively investigating the matter as a major crime and they are assisting us with advice.”
A week after the hack, Elementus’ findings and analysis were published. According to Elementus’ data funds started to be siphoned from two core wallets of Cryptopia, one holding ETH, the other tokens, on January 13.
On the same day, afternoon, both core wallets had been emptied. The funds transferred out of the 76,000+ secondary wallets of Cryptopia. A process continued until the early hours of Jan. 17. Cryptopia informed the public and alerted law enforcement by January 15.
According to Elementus, around $3.6 million in ETH was stolen, with around $2.4 million in Dentacoin, almost $2 million in Oyster Pearl and $3 million in other unspecified tokens.
Elementus’ investigations claim that so far the hackers have cashed out around $880,000 of the stolen crypto through exchanges. It reportedly include major exchanges such as Binance, Huobi and HitBTC. And, the remaining amount of $15 million is in two wallets.
Cryptocurrency exchange, Binance, reportedly froze some funds that were stolen from Cryptopia. Binance CEO, Changpeng Zhao (CZ), shared the news on a tweet on Wednesday. He wrote, “Just checked, we were able to freeze some of the funds.” This is in response to a tweet posted by a user ShaftedTangu stating, “Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down?”
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