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Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market

Priya

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Stolen case of Ethereum-based tokens on Cryptopia takes a new turn in the market
Source: Unsplash

Earlier this week, Cryptopia, a cryptocurrency exchange based in New Zealand, announced that they have lost funds due to a security breach. This is one of the notable exchanges that was compromised by a hack at the beginning of 2019. To add on, the exchange platform continues to be under maintenance and the amount that was compromised by the hack has still not been disclosed by the team.

This case is currently being investigated by the New Zealand police and the required regulatory authorities have been notified about the hack. In their recent statement, the police revealed that the inquiry into the hack is still in its early stages and that they were still figuring out what happened and how the hack happened.

They further stated that they were still not authorized to reveal the amount involved in the hack and the details pertaining to the cryptocurrencies.

The police claimed that a large team is currently working on the case, including the Canterbury CIB. They added that the investigation includes both forensic digital investigation of the company and a physical scene examination at the exchange’s office building. Additionally, the police have also stated that it is difficult to put a timeframe on how long the investigation may go on for as they are currently in a “complex situation”.

Recently, a Twitterati, ShaftedTangu announced that the stolen funds were being transferred to Binance, one of the biggest cryptocurrency exchanges in terms of trade volume, in various currencies. He further urged the Binance team to take action quickly and freeze the account. Following this, the team was able to successfully freeze the funds on their platform.

Changpeng Zhao, the CEO of Binance:



“Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Meme_Pope, a Redditor, said:

“Binance notified of suspicious activity. Frozen immediately. Cryptopia notified of suspicious activity. Call the cops 36 hours later.”

its_Lucider, another Redditor, said:

“Tbh if criminals are that stupid, he should not be highlighting the fact that he froze the funds and mentioning that they shouldn’t send to binance… Keep it on the low… let dumb people make dumb mistakes and provide justice from the shadows. Don’t allow future criminals to learn from other criminal’s mistakes. On another note, much props to Binance for being so proactive.”





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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

Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets

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Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
Source: Unsplash

Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].

Grayscale Investments stated on Twitter,

“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on @OTCMarkets under symbol: $ETHE* gryscl.co/2M4wVER (1/2)”

In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as  ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.

It further stated,



“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “

The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,

“Follow @GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”

To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,

“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.





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