Some overdue transparency into the Cryptopia exchange hack


#1

Interesting…


#2

looks like this is going to take a long time to get sorted out for those who are waiting on access to get theirs funds out


#3

So…much…epic…failure…

Yeah, even IF they get back online, they are done. Very sad.

Wow


#4

Glad i left using this exchange in time. But feel sorry for the ones who have ETN there


#5

I am safe to assume that ETN is not stolen in cryptopia?


#6

Only ETH and token transfers are confirmed this far.


#7

I wonder how much ETN is on the exchange - judging by the orders maybe hundreds of millions?


#8

Hope ETN is not affected and be accessible/return to ETN owners/holders. Fingers crossed


#9

On Kucoin there is 29 000 000 coins in orders. And nobody knows how many on the exchange wallets.


#10

This seems to shed more light on the hack and a breakdown of what has been stolen.


#11

Yep you’re right about that, they handled it very very poorly. No way they’re going to recover as an exchange after this. I suspect once it’s all said and done they’ll let people withdraw their remaining assets then close up shop.

I agree with the last sentiments on that article a lot too.

Exchanges should be freezing these funds as soon as they arrive.

No excuses. On the blockchain there is nowhere to hide, and no reason 100% of these transfers should not have been frozen immediately.

Any exchanges who care about compliance and want to block these illicit funds are encouraged to get in touch. We will set up a real-time alert to notify you the moment any of these stolen funds hit your accounts, free of charge.

I’ve only seen a few go public about freezing the funds, makes me wonder what the other exchanges on this list have done if anything.


#12

is it possible to trace back a transaction of ETN sent from cryptopia to Electroneum . com wallet ? to verify and trace back if there is still funds in wallet at cryptopia ? i had significant funds in there as well few other friends and family members .


#13

A thought has occurred to me. Although this isn’t electroneums fault ofcourse, I wonder whether the Cryptopia hack could risk some potential partners to re-think their partnership with a crypto start up such as electroneum?

Do they really want to push something to their customers that could potentially risk them losing a lot of money? Imagine if millions of users of T mobile (hypothetical example assuming t mobile is a partner and had marketed ETN to their customers) had a load ETN in Cryptopia during the hack. They would have lost a lot of money that they may hold t mobile responsible for. Would a potential partner want to risk such a thing?

Please don’t take this as anything more than a thought that’s cropped up in my mind…


#14

The police statement is hilarious. They released it after the private company analysis haha . Maybe they just did a copy and paste haha


#15

To a degree it is compromising risk, but risk is intrinsically associated with investment. There are reasons behind our cloud mining app which will provide, (and correct me if I’m wrong)a degree of cold storage, this would offer a safe haven which is what I also get from my trust in the ETN mobile wallet, its hackerone viable, may be more of a worry now with all the bugs, but it’s way better than leaving my coins in an exchange. People had preset large amounts of ETN early in preparation for there expectations regarding a large price increase after the MWC, that is not suprising, I knew we would see this occur. In my eyes this is disappointing because alot of it is just greedy, and its motivation comes from weak handed traders. If they want to take the risk’ they have to be prepared to suffer the consequences.


#16

I don’t think any Electroneum was taken because it’s KYC AML. They are not a target!


#17

I think KYC and AML applies only for using ETN app and payment with ETN app in ETN ecosystem.
You can send ETN between exchanges without finished KYC.


#18

Thursday, 7 February 2019 - 3:22pm

Canterbury

Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

ENDS

Issued by Police Media Centre


#19

maybe we can get our coins this month if all goes well