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March 22, 2023, 04:55:21 PM |
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Cryptopia.co.nz was a New Zealand-based cryptocurrency exchange that was founded in 2014. The platform quickly gained popularity among cryptocurrency enthusiasts due to its wide variety of altcoins and relatively low trading fees. However, in January 2019, Cryptopia suffered a major hack, which resulted in the loss of millions of dollars worth of cryptocurrencies.
Initially, it was believed that the hack was carried out by an external party. However, as the investigation progressed, it became apparent that the hack was actually a self-hack, orchestrated by the owner of the exchange, Adam Clark, also known as "ssadam". Clark had apparently been siphoning off funds from the exchange for some time, and the hack was an attempt to cover his tracks.
The hack was a devastating blow to the Cryptopia platform and its users. The exchange was forced to enter into liquidation, and many users lost significant amounts of money. However, in the aftermath of the hack, it emerged that Clark and his partner, Tilkoeln, had already set up a new exchange called Unnamed.exchange.
Unnamed.exchange was launched in April 2019, just a few months after the Cryptopia hack. The new platform offered a similar range of altcoins and low trading fees as Cryptopia, and it was clear that Clark and Tilkoeln were attempting to replicate their previous success. However, there were concerns among the cryptocurrency community that the new exchange was simply a continuation of the fraudulent activities that had taken place at Cryptopia.
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