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Cryptopia reveals that funds deposited 24 hours after declaration of breach would not be recovered

Namrata Shukla



Cryptopia's new statement says funds deposited 24 hours after declaration of breach would not be recovered
Source: Pixabay

The New Zealand-based cryptocurrency exchange, Cryptopia released a statement detailing information regarding the deposits that took place after the hack on 14 January. The exchange, which was attacked twice in January, warned its customers about the breach and put their website under maintenance to avoid any further damage.

The statement said that all customers were notified about the breach on 15 January at 12:00 AM NZT and thus, deposits that took place more than 24 hours after the announcement would not be recovered. Cryptopia stated,

“This means that if you sent funds after 16/01/2019 12:00AM NZT we will not be recovering those funds for you.”

Cryptopia did not set any specific deadline to recover the funds that were sent before the cutoff. However, any deposit they recover would be “subject to the same haircut” that was already applied on their users. The option to deposit funds remains disabled on the exchange and users have been asked to wait until an official announcement is made.

Once the deposits are re-enabled, users can deposits funds after generating a new deposit address for each of their coins. The users were also warned not to use any existing wallets to send funds and instead, were advised to create a new wallet address.

Cryptopia already made a CoinInfo page available to its users, providing them with the option to check the status of their coins after the hack. The exchange previously said that they would be securing 35% of the coins to new wallets and that they would be enabling the option for users to cancel orders.

However, to get back on track, it will have to secure all the listed coins. According to an email shared by the exchange, it is planning to get back into business by the end of March. The statement said,

“We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.”

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Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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