Cryptopia Theft: Hackers move the Fund to Multiple Wallets
- The hack is estimated to be around $16 million worth of Ether.
- The exchange shut down trading on May 15.
Despite Cryptopia entering into liquidation, the hackers who stole a sum of $16 million worth of Ether seems to be moving the fund into multiple wallets. Cryptopia had announced in January that it had “suffered a security breach which resulted in significant losses” after which it went offline. Although the exchange never disclosed any details about the theft, yet independent analytics firms estimated that the hack amounted to almost $16 million in ethereum and other tokens.
On May 15 the exchange shut down trading and posted a message regarding liquidation. The firm stated:
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. …Given the complexities involved, we expect the investigation to take months rather than weeks.”
According to Coinfirm’s analytical report, the hackers are moving the stolen fund to at least four different wallets which were connected directly to Huobi. This is how the funds are moving via those wallets:
- The hacker moved 30,790 ETH (~$7.67M) from one address to a new one as of May 20, 2019. The new address still has 29,770 ETH.
- Two other addresses received a combined 1010 ETH
- 10 ETH is suspected to be in Huobi deposit address. This indicates that the hackers are planning to cash-out via these exchanges.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
