{"id":96676,"date":"2019-01-15T21:49:04","date_gmt":"2019-01-16T05:49:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=96676"},"modified":"2019-06-09T23:27:06","modified_gmt":"2019-06-10T06:27:06","slug":"cryptopia-suffers-catastrophic-hack-evidence-suggests-over-2-5-million-ethereum-stolen","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cryptopia-suffers-catastrophic-hack-evidence-suggests-over-2-5-million-ethereum-stolen\/","title":{"rendered":"Cryptopia Suffers Catastrophic Hack, Evidence Suggests $2.5 Million Ethereum Stolen"},"content":{"rendered":"<p>New Zealand-based <a href=\"https:\/\/www.cryptopia.co.nz\/\">Cryptopia<\/a>\u00a0is the first cryptocurrency exchange to get hacked in 2019. Estimates of the damage range between $2.5 to $3.5 million; The attack was confirmed in the late hours of Jan. 13th after the company announced emergency &#8220;<a href=\"https:\/\/twitter.com\/Cryptopia_NZ\/status\/1084705458533785601\">maintenance<\/a>.&#8221;<\/p>\n<p>Cryptopia is a tiny exchange with daily trading volume averaging approximately $2 million. The evening of Jan. 13th, they were hacked for a substantial sum of crypto:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"und\" dir=\"ltr\"><a href=\"https:\/\/t.co\/0ZwqFfwwHi\">pic.twitter.com\/0ZwqFfwwHi<\/a><\/p>\n<p>&mdash; Cryptopia Exchange (@Cryptopia_NZ) <a href=\"https:\/\/twitter.com\/Cryptopia_NZ\/status\/1085084168852291586?ref_src=twsrc%5Etfw\">January 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Remarkably, the exchange withheld this information until Jan. 15, sparking outrage from customers on Twitter for being offline for two days before acknowledging the attack. While Cryptopia is yet to mention the exact losses, bug hunting firm <a href=\"https:\/\/hacken.io\/\">Hacken<\/a> claims to have discovered a fraudulent transfer of 19,390 ether from the exchange\u2019s accounts during its supposed \u2018maintenance\u2019 period, worth $2.5 million at press time.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">New Zealand Crypto Exchange <a href=\"https:\/\/twitter.com\/Cryptopia_NZ?ref_src=twsrc%5Etfw\">@Cryptopia_NZ<\/a> has been hacked. We came to this conclusion after observing an ETH transaction (<a href=\"https:\/\/t.co\/NqBirTc0jS\">https:\/\/t.co\/NqBirTc0jS<\/a>), of 19,390 ETH being moved out of Cryptopia\u2019s tagged wallet to an unknown address.<br \/>Hacken and <a href=\"https:\/\/twitter.com\/CER_Hacken?ref_src=twsrc%5Etfw\">@CER_Hacken<\/a> are looking into this case. <a href=\"https:\/\/t.co\/KGf7g4egrM\">https:\/\/t.co\/KGf7g4egrM<\/a><\/p>\n<p>&mdash; Hacken (@Hacken_io) <a href=\"https:\/\/twitter.com\/Hacken_io\/status\/1085145004018941953?ref_src=twsrc%5Etfw\">January 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In addition, a lesser-known altcoin called <a href=\"https:\/\/centrality.ai\/token\/\">Centrality<\/a> (CENNZ) was stolen in the hack as well, with 48 million tokens worth $1.2 million transferred from Cryptopia\u2019s wallet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">19,391 <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&ref_src=twsrc%5Etfw\">#ETH<\/a> (2,438,152 USD) transferred from <a href=\"https:\/\/twitter.com\/hashtag\/Cryptopia?src=hash&ref_src=twsrc%5Etfw\">#Cryptopia<\/a> to Unknown wallet<\/p>\n<p>Tx: <a href=\"https:\/\/t.co\/xTxMKRJSD8\">https:\/\/t.co\/xTxMKRJSD8<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/1084442862970945536?ref_src=twsrc%5Etfw\">January 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The exchange has since alerted the local police and the High Tech Crimes unit of the country and claims to be actively involved in working towards identifying the culprits. All parties are treating the issue as a \u201cmajor crime,\u201d and the exchange remains offline with all 535 cryptocurrency trading pairs suspended at the time of writing.<\/p>\n<p>Members of the broader crypto-community are suggesting the hack could be a possible \u201c<a href=\"https:\/\/twitter.com\/imise154\/status\/1085105644665942016\">exit scam<\/a>\u201d given the 48-hour \u201cmaintenance\u201d period and are <a href=\"https:\/\/twitter.com\/invest_pal\/status\/1085086679982063616\">pointing out<\/a> the hefty ether transaction as one possibly conducted by Cryptopia\u2019s team. CNBC talk show host <a href=\"https:\/\/cryptoslate.com\/people\/ran-neuner\/\">Ran Neuner<\/a> also questioned the exchange\u2019s lackluster security practices. He goes on to question whether Cryptopia users would be refunded for their losses due to exchange's incompetence.<\/p>\n<figure id=\"attachment_72885\" aria-describedby=\"caption-attachment-72885\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-72885\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/mt.gox-btc-repayments-social-300x158.jpg\" alt=\"\" width=\"300\" height=\"158\" \/><figcaption id=\"caption-attachment-72885\" class=\"wp-caption-text\">Related:\u00a0<a href=\"https:\/\/cryptoslate.com\/mt-gox-creditors-revise-proposal-to-claim-bitcoin-repayments\/\">Mt.Gox Creditors Revise Proposal to Claim Bitcoin Repayments<\/a><\/figcaption><\/figure>\n<p>Meanwhile, <a href=\"https:\/\/cryptoslate.com\/companies\/binance\">Binance<\/a> CEO, <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a>, incited <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1085115366508883968\">controversy<\/a> after suggesting cryptocurrency users must store their assets on trusted <a href=\"https:\/\/cryptoslate.com\/decentralized-exchanges-vs-centralized-exchanges\/\">exchanges or DEXes<\/a>.\u00a0 Commenters pointed to <a href=\"https:\/\/cryptoslate.com\/companies\/mt-gox\/\">Mt.Gox<\/a> being a trusted exchange in 2013, before it saw 744,408 bitcoins stolen in a massive hack. Later, the outspoken entrepreneur confirmed his tweet was meant to\u00a0<a href=\"https:\/\/twitter.com\/cz_binance\/status\/1085197615573037064\">advertise<\/a>\u00a0Binance\u2019s <a href=\"https:\/\/cryptoslate.com\/binance-launches-blockchain-dex-to-compete-with-ethereum-eos-tron\/\">upcoming DEX<\/a> product.<\/p>\n<p>Over time, several trusted exchanges which boasted high-security have fallen victim to hackers, including <a href=\"https:\/\/www.cso.com.au\/article\/635648\/7-biggest-recent-hacks-crypto-exchanges\/\">Bitfinex<\/a>, <a href=\"https:\/\/coincheck.com\/\">CoinCheck<\/a>, <a href=\"https:\/\/poloniex.com\/\">Poloniex<\/a>, and <a href=\"https:\/\/www.cnet.com\/news\/bitcoin-exchange-bitfloor-shuttered-after-virtual-heist\/\">BitFloor<\/a>. Thus, practicing a safe trading and crypto-storing behavior is a top priority for those looking to invest in cryptocurrencies<\/p>\n<p>Despite CZ\u2019s strong opinions, storing a majority of your holdings on exchanges is a risky affair given that the biggest names have been hacked previously and no security feature is reliable enough to be deemed \u201cunhackable.\u201d<\/p>\n<p>The best way to store crypto-assets is in offline wallets, including <a href=\"http:\/\/cryptoslate.com\/products\/ledger\">hardware devices<\/a> and paper wallets. Only a fraction of a trader's reserves should be left on exchanges for trading or quick currency transfers. However, for active traders, choosing an exchange with insurance, such as <a href=\"https:\/\/gemini.com\/\">Gemini<\/a>, could serve as a strong incentive in lieu of using hardware wallets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Zealand-based Cryptopia\u00a0is the first cryptocurrency exchange to get hacked in 2019. Estimates of the damage range between $2.5 to $3.5 million; The attack was confirmed in the late hours of Jan. 13th after the company announced emergency &#8220;maintenance.&#8221; Cryptopia is a tiny exchange with daily trading volume averaging approximately $2 million. The evening of [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":44450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,16041,9836],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cryptopia Suffers Catastrophic Hack, Evidence Suggests $2.5 Million Ethereum Stolen<\/title>\n<meta name=\"description\" content=\"New Zealand-based Cryptopia has become the first crypto-exchange to be hacked in 2019. 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