Cryptopia exchange to reopen on 4th march, could possibly be delayed updates team

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.

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.

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.

Blockmanity’s Take

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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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.