Only two weeks after 2019, the cryptography market underwent its first exchange, with New Zealand criptopia biting the proverbial dust. And while it has been a week since the "security breach", the dust has not calmed down. There are still questions about the exact details of the unfortunate event, or how much Ethereum (ETH) and other cryptocurrencies have been wiped out.
Cryptopia Hack: a short history lesson (not so)
If you missed the reminder of cryptopia, let it reach you. On January 14th in early morning, Cryptopia, an important cryptographic exchange that focuses on facilitating altcoin trading, suddenly interrupts its platform, suspending trade, citing "unplanned maintenance". At midnight (PST) on January 15, about ~ 20 hours later, the parvenu took his Twitter page to release a heartbreaking news.
Through a business letter released in tandem with the tweet, it was revealed that cryptopy suffered a "security breach", claiming that the company suffered "significant losses".
Explaining this sudden arrest of the trade, it was disclosed that when the C-suite and the top brass of the Cryptopia were notified, an immediate switch to maintenance was deemed necessary to "assess the damages". Cryptopia also revealed that he had contacted the local police, along with the Commonwealth "unit of technological crimes" of the nation.
Except for a message from a local police unit, which claimed they were working hand-in-hand with the exchange, Cryptopia still has to issue a follow-up message.
As the New Zealand authorities have probably pushed cryptopia to close the issue, speculation has raged on the details of the violation. However, for the most part, this heard was unanswered. But this changed Monday when a detailed report was published that outlines the cheating that leaves you speechless.
Ethereum and what was hacked?
Elementus, a blockchain research unit based in New York, presented Monday to its corporate blog to provide some "delayed transparency" to the debacle. Blockchain researchers have claimed that the $ 3 million to $ 13 million estimated to have been stolen by hackers are false. Elementus even joked that the real numbers were hidden in plain sight, "encoded in a public database called the Ethereum blockchain, which unfortunately is not well designed for human consumption."
Citing data and information compiled by proprietary software and researchers, Elementus said that over four days, Cryptopia's main hot portfolios, along with the likely secondary portfolios assigned by users, were emptied.
In the end, it was revealed that over $ 16 million US dollars of Ether token and ERC20 were stolen by the attackers. $ 3.57 million of the sum was in ETH, $ 2.444 million in Dentacoin, $ 1.988 million in Oyster Pearl and the list goes on. Other prominent tokens, including TrueUSD, OmiseGO, Sirin Labs, ZRX and Augur & # 39; s REP, have also been stolen from the not so impenetrable system of Cryptopia.
Interestingly, the company revealed that hackers attempted to steal stolen funds in other major exchanges, including Bibox, Huobi and Binance, the latter of which froze funds at the request of social media. No reports have been disclosed as to whether the other stock exchanges that have lost their name have taken action.
Elementus has closed its investigation in the Cryptopia case explaining the quirks of this hack, including the duration and disturbing timing of the hacks and the number of portfolios involved.
In any case, this case is all but finished, but Live Coin Watch will do its best to keep you in mind. You're safe out there.