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Cryptopia compromised in another attack by hackers; loses 180k worth of Ethereum [ETH]




Cryptopia compromised in another attack by hackers; loses 180k worth of Ethereum [ETH]
Source: Unsplash

Cryptopia, the New Zealand cryptocurrency exchange which reported a security breach earlier this month, continues to lose its funds to hackers, according to a report by Elementus, a next-generation blockchain analysis company. The report states that over 17k wallets were drained of funds on January 28, 2019. It further states that the hack, which started at 6:58 AM, went on through-out the day.

The exchange platform has lost around 1,675 ETH to the latest attack, which is close to 180K. According to the report, 5,240 wallets that were affected during the previous security breach, were hit by the hackers again. The report states that the users of these were “unaware of the breach” as cryptocurrencies were added to the accounts.

Furthermore, some of the wallets that were affected by the latest hack were previously identified to be vulnerable to an attack. The Ethereum address to which the stolen tokens were sent to is being identified as 0x3b46c790ff408e987928169bd1904b6d71c00305.

Source: Etherscan

Source: Etherscan

The report stated:

“Initially it wasn’t clear whether this might be Cryptopia securing their remaining funds. But by 9:50pm this evening, we got our confirmation that this was indeed the same thief. At that time, the incoming transfers stopped and the combined funds were moved into the address, the same wallet that currently stores the other stolen Cryptopia funds.”

The report claims that the exchange platform does not have control over their Ethereum wallets’ private keys and that the hacker is the one in control. It also states that users of the platform continue to deposit Ethereum tokens in their wallets, irrespective of the hack. The company also believes that the all the funds sent to the exchange platform would wind up in the hackers control until they’ve been caught.

Based on the firm’s previous report on the hack, Cryptopia lost over $16 million worth of Ethereum and ERC20 tokens. These funds were stolen from a total of 76k different Ethereum wallets. Additionally, the largest amounts of funds were stolen in Ethereum, Dentacoin, Oyster Perl, Lisk ML and Centrality.

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

Biraajmaan Tamuly



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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