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New Zealand Crypto Exchange Repeatedly Hacked

Jake Hill
Jake Hill

Some weeks back there was the first report on the attack of crypto exchange Cryptopia. Again today we get to hear that it’s still being hacked as reported by Elementus.

According to the reports, The Crypto exchange had suspended its services after detecting the hack on January 15th. But the actual hack took place on 14th the previous day and Cryptopia had been going under unscheduled maintenance before disclosing them to the public regarding the hack.

Around $16 million worth Ethereum (ETH) & ERC20 tokens were stolen during the attack. After deep analysis, the exchange found out that the funds have been taken from their two core wallets, in which one consisted on Ethereum and other one had other tokens in it.

After 15 days later, today Elementus says the hackers have stolen again $175,875 worth 1,675 ETH from over 17k wallets. And from the 17k wallets, 5,000 were already hacked during the first attack.

Elementus added on the report that it might be the same hackers who have attached again. And Cryptopia has no longer control over their Ethereum wallets and that’s the reason for the second hack.

Even Cryptopia has announced on its Twitter account stating that,

“The police are continuing to investigate this crime and as a result, we have had no direct access to our systems since the breach. Seeing the exchange locked down during this process is important to protect funds and wallets.”

The crypto exchange also mentioned in its announcement, As soon as they have access they will get an accurate assessment of the damage. Then they will get back to the customers on ways to move forward with their future plans.

In Elementus report we see that users are still continuing to deposit funds in their ETH wallets even after the second hack. Because since few hours after the attack the ETH wallets which have been emptied have been again filled with ether again.

But as per further evaluation, most of the funds being deposited now are coming from the miners as rewards automatically. They might have forgotten to change their deposit address.

What do you think of this attack taking place repeatedly on Cryptopia? let us know in the comments below.

cryptoCrypto Exchangecybersecurity

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com