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Cryptopia Exchange’s security breached; Possible loss of assets worth millions

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Cryptopia Exchange's security breached; Possible loss of assets worth millions
Source: Unsplashx

After a brutal 51% attack on the Ethereum Classic [ETC], Cryptopia Exchange has now announced that their exchange has been compromised.

On January 15, 2019, Cryptopia announced that their exchange was hacked on January 14, 2019, and that they suffered significant losses.

The exchanged tweeted:

“Once identified by staff, the exchange was put into maintenance while we assessed the damages. Staff then notified and involved the appropriate Government Agencies, including the NZ police and High Tech Crimes Unit who are jointly and actively investigating the mater as a major crime and they are assisting us with advice.”

The tweet further mentioned that their exchange will remain under maintenance phase and all the trading will be halted until they can confirm and asses the damages.

Meanwhile, on January 13, 2019, before the trading was halted on the exchange, a total of 48,029,306 CENNZ worth $1.17 million was transferred from Cryptopia to an unknown wallet, which was reported by @Whale_Alert.

Source: Twitter | @whale_alert

The news of the hack quickly circulated on the Twitter realm as Binance’s CZ retweeted this with a comment. He said:

“Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves.”

WhalePanda replied to CZ saying:



“Exchange owner tells people to keep their coins on exchanges. Absolutely horrible advice.”

RanNeuNer aka @cryptomanran, the host of “CNBC Cryptotrade” tweeted:

“I’m interested to see how the Cryptopia hack plays out, how much was lost & whether they were negligent in storage. Will they be able to refund users given their size & the state of the market. I suspect many smaller exchanges won’t survive this and the bigger ones will benefit!”

The amount of loss incurred has not yet been updated by the exchange, but the users are eagerly waiting to remove their funds out of the exchange.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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