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Ethereum

$16 million worth of Ethereum & ERC20 tokens stolen during Cryptopia hack

Priya

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$16 million worth of Ethereum & ERC20 tokens stolen during Cryptopia hack
Source: Unsplash

The year started with a bang as one of the leading exchanges reported a case of cryptocurrency heist that occurred on their platform. The exchange in the spotlight here is Cryptopia, a New Zealand cryptocurrency exchange. The platform released an official statement on January 15, 2019, stating that they faced a security breach, which resulted in a significant loss.

The platform, however, has still not disclosed details pertaining to tokens that were stolen from the platform and the worth of the tokens. To add on, the announcement stated that the exchange will be under maintenance until the case of the stolen tokens has come to a conclusion. It is currently being taken care of by the New Zealand police officers and the required regulatory authorities have been informed about the incident.

Now, a research by Elementus, a next-generation blockchain analysis company, outlines the timeframe of the heist and total tokens that were lost. The report stated that the funds were moved from the platform’s two hot wallets, one had Ethereum [ETH] and the other had ERC20 tokens, on January 13, 2019, 1:28 PM GMT.

This was followed by the disclosure of the cryptocurrencies that were stolen. The report stated that Ethereum and ERC20 tokens were worth about a whopping $16 million. It further states that this number was taking into consideration only information found on the Ethereum blockchain.

“The funds were taken from more than 76k different wallets, none of which were smart contracts. The thieves must have gained access to not one private key, but thousands of them […] It seems Cryptopia not only lost their funds, they also lost access to all, or nearly all, of their 76k+ Ethereum wallets.”

The largest amount of cryptocurrencies that were stolen was Ethereum, Dentacoin, Oyster Pearl, Lisk ML, Centrality, Mothership, Ormeus, DAPS, Zap, and Pillar.



Additionally, according to the report, the cryptocurrencies were spread across fourteen exchange platforms. The largest amount of cryptocurrencies were sent to Bibox, an AI-enhanced, encrypted cryptocurrency exchange platform. The second in line was Binance, the largest cryptocurrency exchange in terms of trade volume, and the third on the line is noted to be Houbi. The report suggests that the hackers have transferred over $882,632 out of the $16 million and that the majority of the tokens are still held in two different wallets.

The two wallets that have the stolen funds are identified to be 0x9007A0421145B06a0345d55a8C0f0327f62A2224 and 0xaA923Cd02364Bb8A4c3d6F894178d2e12231655C. These wallets have an approx. of $13 million worth of cryptocurrencies. Moreover, the report concludes that there are still over 1948 Ethereum wallets and about $46k in Ethereum remain at risk.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum Classic [ETC] might boost security value of Ethereum, claims ETC’s Donald McIntyre

Biraajmaan Tamuly

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Ethereum [ETH] can be benefit Ethereum Classic as ETC might boost the security value of ETH, claims Donald McIntyre
Source: Pixabay

Ethereum [ETH] is one of the most proficient cryptos in the space and its wider adoption has become one of the most speculated and debated topics in the cryptosphere. Recently, Ethereum [ETH] welcomed a major partnership with Ernst and Young, which could signal the release of its new-zero proof technology on the Ethereum blockchain.

Despite such major developments, one of the major issues Ethereum and other major cryptocurrencies have faced is the addition of security value to their asset.

A prominent Ethereum Classic [ETC] proponent believes that the ETC network can assist the main Ethereum blockchain in improving its security.

Donald McIntyre, the manager of ETCDEV, an organization focused on the development of Ethereum, recently stated that the divergent functions of ETH and ETC could improve the relevance of Ethereum Classic.

McIntyre drew a comparison between ETH and ETC, terming the respective digital assets as a “sports car” and an “armored vehicle”. He drew this comparison to explain that ETH was fundamentally about scaling and performance, while ETC emphasized on high value and security.

He suggested that ETH was heading towards the identification of a network which would provide high speed and high transactions layers to meet high-performance applications, whereas ETC was based on decentralized computing and smart contracts between people and companies.

He added,



“In that analogy, ETC could even provide security services to high performance networks such as ETH. I think it would be a big advantage for both ecosystems [ETH and ETC] to analyze that possibility as it would likely minimize, in the context of a standards war, which means that only few networks will survive in the future.”

He further piled on the “unique characteristics” of ETC, stating that after ETH’s transformation to ETH 2.0, ETC would be the only non-fragmented, fixed monetary policy, PoW, and Turing-based blockchain.

He said,

“That is an extremely valuable niche in the industry that will be increasingly appreciated in the next few years as the layer 1 [L1] vs layer [L2] and security vs performance segmentations become more evident for market participants.”





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