[2019-03-22] NZ: Hacked Crypto Exchange Cryptopia Reopens its Trading Services

[Vladdirescu87]

The New Zealand (NZ)-based Cryptopia, a cryptocurrency exchange platform that was badly hacked two times in one month of January 2019, has declared that it has officially resumed its normal trading activities. The exchange recommenced trading on 40 trade pairs more than 60 days after losing millions of dollars to hackers.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptopia-reopens-services/

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[californiacollective]

Is there any information on how the exchange was ha ked and what was compromised?

[hugeblack]

Investors must be more cautious before starting to speculate with any exchange platform.
Platforms take a lot of fees from users, yet they do not meet their obligation to protect their investors' money. When any losses or hacks are made, the amounts are deducted from these people. [A real model of shame]

According to the statement, 9.4% of total holdings have been stolen. If this statement is true, many platforms have less than 10% of the total amount. "The rest is a fake volume."

Also, governments provide a license to these institutions without protecting the money of their members.

[btyco]

It is hard to believe that cryptopia would store coins in an insecure hot wallet. I think it was an inside job, done by technical staff that had access to certain passwords

[squatter]

It is hard to believe that cryptopia would store coins in an insecure hot wallet. I think it was an inside job, done by technical staff that had access to certain passwords

Have they actually released any details about the hack, or made any statements about whether cold storage was compromised? I can't even find a statement from Cryptopia about whether they used cold storage at all. We take it for granted they did but who knows?

When Bitfinex got hacked a couple years ago, it was revealed that all of their bitcoins had essentially been kept in a hot wallet, secured by online keys and Bitgo API keys which were also stored online.

[tyz]

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

[elda34b]

It is hard to believe that cryptopia would store coins in an insecure hot wallet. I think it was an inside job, done by technical staff that had access to certain passwords

Have they actually released any details about the hack, or made any statements about whether cold storage was compromised? I can't even find a statement from Cryptopia about whether they used cold storage at all. We take it for granted they did but who knows?

They release several informations to the public but I don't recall they give lots of details about the hack, how the hacker able to empty their wallets and so on. Maybe just a glimpse but not really deep.

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

That's understandable. Considering how they lost the money and the 'customer balance' discount IIRC which can't cover all of the funds from user balance.

[Naida_BR]

I don't think how this is going to impact the exchange operations in the future but I see that some serious work has happened.
I haven't seen before a police investigation for a cryptocurrency exchange hacking that makes the future promising for cyber protection over hackers and online criminals.

I keep the positive facts from this event.

[Kemarit]

I don't think how this is going to impact the exchange operations in the future but I see that some serious work has happened.

Definitely it will have a huge impact on the people behind the exchange, specially on how to protect their cold or hot wallet from any hacking. They should emulate or at least learn from the top exchanges right now, like Binance.

I haven't seen before a police investigation for a cryptocurrency exchange hacking that makes the future promising for cyber protection over hackers and online criminals.

I keep the positive facts from this event.

It's because they sought the help of the police and reported the hack that's why NZ police is hot on the trail of the hackers. Well, I do hope that they really learn their lessons and this should be the one last hack we should heard about Cryptopia, otherwise no one will trust this exchange anymore.

[vit05]

Those exchanges need to start having some kind of public fund. A cold storage where they could show that if something happens with their operation they could continue using this fund money as a burner money until recover the loss of their clients

[Johnzky]

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

Being hacked two row in a month is very alarming and may end of losing trust from investors ,i never use Cryptopia for trading as i only make my activities from bigger and stable exchangers but i will not put any trust to risk my funds on them.maybe this may serve an eye opener for the future investors to think more than twice before using their service for security measures

[Hamphser]

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

Being hacked two row in a month is very alarming and may end of losing trust from investors ,i never use Cryptopia for trading as i only make my activities from bigger and stable exchangers but i will not put any trust to risk my funds on them.maybe this may serve an eye opener for the future investors to think more than twice before using their service for security measures

There are really instances which you can really avoid not to trade on some exchangers specially when your coins is only being traded on there, so you dont have any choice but
to deal with it.
Hacked two row in a month is really alarming and i dont know if theres still someone would use up this exchange.Even a single incident would be enough for me to leave.

[bL4nkcode]

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

Even mine, I used this exchange every time I have altcoin/tokens to be exchanged and there are only few exchanges to use including CP but after some issue of closing accounts randomly, I stopped using this exchange and luckily never stored any large amount before the hacked happens. And considering using them now? Nevermind...


Btw, just earlier 30,789 #ETH (4,288,847 USD) transferred from Cryptopia Hack to Unknown wallet

https://twitter.com/whale_alert/status/1111450832426491906

[1BTC EQUALS 1CAR]

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

Being hacked two row in a month is very alarming and may end of losing trust from investors ,i never use Cryptopia for trading as i only make my activities from bigger and stable exchangers but i will not put any trust to risk my funds on them.maybe this may serve an eye opener for the future investors to think more than twice before using their service for security measures

There are really instances which you can really avoid not to trade on some exchangers specially when your coins is only being traded on there, so you dont have any choice but
to deal with it.
Hacked two row in a month is really alarming and i dont know if theres still someone would use up this exchange.Even a single incident would be enough for me to leave.

That's correct. We should not tolerate their irresponsible management on their exchange so that other exchanges will tighten their security much more or it's game over for them. I really thought they are in for an exit scam but I guess I was wrong.

[Siren]

Those exchanges need to start having some kind of public fund. A cold storage where they could show that if something happens with their operation they could continue using this fund money as a burner money until recover the loss of their clients

This is good idea mate as the investors will hesitate to re invest again since there are two incidents of hacking from cryptopia and people needs assurance whenever that it happens again they are secured on their cryptocurrency.

I used to trade on Cryptopia from time to time and found the exchange interesting for smaller coins. Even if I didn't suffer any loss from the hack, I won't trade there anymore - even if the handling and communication with the event was exemplary from Cryptopia in my opinion. My trust was lost.

Thats the safer we can do mate,because I believe that cryptopia credibility will be needing to enhanced again because those incidents must taken seriously for our own safeties as investors/traders