Study: Cryptopia Lost $16M and Access to Own Wallets in Hack
In mid-January, hackers attacked another crypto exchange Cryptopia. Although the company does not disclose the losses, the new study suggests hackers were able to steal more than $16 million in cryptocurrency, and also to deprive the exchange of access to its own wallets.
On January 14, 2019, the New Zealand crypto exchange Cryptopia announced a hacker attack. It suspended the trading and requested authorities to help in the investigation. The exchange did not disclose the losses, but according to media reports, hackers managed to steal from $3 to $13 million.
Elementus conducted own investigation and found out the sum could be considerably higher. According to its calculations, hackers stole $16 million cryptocurrencies. This figure includes only tokens developed on the Ethereum blockchain. ETH users suffered the most. Attackers stole $3.5 million of ETH tokens.
The market value of crypto assets stolen from Cryptopia
Elementus claims the most of the stolen money ($15 million) currently stored just on two wallets:
The remaining million dollars were transferred to other crypto exchanges. Most of them ended up only on two trading platforms - Bibox and Binance. Binance has already stated it has frozen these accounts and is helping with the investigation.
The market value of stolen crypto assets that have been sent to exchanges
As stated in the study, after the discovery of the attack, the exchange was slow to respond. "It just watched the money flow out of wallets for four days." The only explanation for this may be that Cryptopia has lost access to the affected wallets keys and therefore was powerless to do anything.
Also, according to Elementus, after the attack, users transferred to the Cryptopia more than $46,000 in Ethereum cryptocurrency. This money is in danger.