Cryptopia, a one-time popular cryptocurrency exchange, suffered a massive hack on 14th Jan 2019, where a significant loss of funds had happened. The cryptocurrency exchange has been in maintenance ever since. The cryptocurrency exchange announced on Twitter that they will be reopening on 4th March 2019.
Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.
— Cryptopia Exchange (@Cryptopia_NZ) March 4, 2019
During the time of maintenance, the exchange suffered two more attacks. In total, the exchange was hacked thrice with the last attack occurring on 28th February. According to Cryptopia, a total of 9.4% of their entire holdings were stolen.
We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.
— Cryptopia Exchange (@Cryptopia_NZ) February 27, 2019
According to independent blockchain analysis firm, Elementus, $16 million worth of tokens were stolen in the initial attack. The attackers had gained complete control over Cryptopia’s private keys and were able to withdraw funds continuously.
Flight of Pheonix?
The Cryptopia team is trying to reopen the exchange. Their twitter handle is constantly updating their investors regarding the situation. According to Cryptopia, new wallets will be issued to every customer. And each wallet will be secured individually. To get their old customers back, the Cryptopia team is also redesigning the exchange, a fact evident by their new redesigned maintenance page.
It’s interesting to note, most of the cryptocurrency exchanges have suffered hacks. If they did not shut down after the hack, they have appeared to be more secure and have managed to bring back the trust of their existing investors as well as new investors.
BitFinex is one such example. The exchange suffered two massive breaches in 2015 and 2016 with a total $72 million of Bitcoins stolen. A previous hiccup has made the exchange more secure. Currently, BitFinex is one of the most secure and popular exchanges in the world.
Can Cryptopia pull off what BitFinex did? Leave in the comments below.
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