Cryptopia resumed trading for 40 pairs following an infringement of cybersecurity on January 14 that caused New Zealand – based crypto trading platform to suspend activities and go offline for “unplanned maintenance.”
New Zealand cryptocurrency exchange, which at the beginning of the year experienced a significant security breach. Cryptopia made headlines as one of the longest-serving cryptocurrency exchanges after it announced on January 14, 2019, “a security breach that resulted in significant losses.” The venue later announced that in the ‘worst case’ hackers succeeded in stealing as much as 9.4 percent of their total holdings. In addition, the exchange support team is currently focusing on 2FA and password reset tickets, enabling customers to be trading ready when the platform goes live. Fork, when it went offline a few months ago, the exchange is believed to have had more than 1,095 digital assets available for trade.
Some people estimate total losses to be US$16 million immediately after the attack, but it is necessary to wait for the precise value to see how much the research has done exactly.
Cryptopia has enabled users to access the site in read-only mode since March 4 and has since allowed very limited functionality, such as cancelations of trade and standing orders. It also said it was preparing to reimburse users who lost money in the hack in a letter to users on March 17.
This exchange found the few trading pairs from crypto-to- crypto as safe, which includes Ethereum (ETH), Monero (XMR) and Bitcoin (BTC).
The exchange also revealed its plan to compensate its losses in an email sent to affected customers. The Email details that if you have kept the balance of lost coins, your accounts for the respective coins will be withdrawn. However, they will not be present on the network but will describe how the coin was affected during the attack.
Following this, exchange advises users to not deposit money with new wallets at the old Cryptopia address. In addition, the mail also stated that all clients who lost their money in the security violation would be reimbursed.
It also stated that the exchange was “working the situation through the logistics” to ensure that.
In a public statement, the exchange said that this is a complex investigation in an unregulated environment involving the theft of cryptocurrency. Police and specialists around the world are actively tracking the stolen cryptocurrency due to the nature of the publicly available cryptocurrency blockchains. The investigation is making excellent progress, with the police working with the Cryptopia management plus current and former employees who have provided valuable assistance. In order to continue the investigation, international partners and cybercrime experts are also being consulted.