Cryptopia has been in "maintenance" for the last 14 hours!

[Slow death]

Cryptopia management and staff have been co-operating with Police and providing considerable assistance in the investigation.

If Cryptopia's management was actually behind this hack, they'd not be cooperating with the police at this time due to fear of being jailed. I still think that Cryptopia's bad security caused this hack, not the Cryptopia's bad intentions.

The question I have is:

how many such cases that some hacker stole funds from some exchange and was caught and recovered the funds?

I do not know the statistics, but I know that I do not see every day the news channels say they found the hacker X and recovered the funds of some exchange that was targeted by hackers. following this logic, they may have stolen themselves because they know there are few chances of being caught by the police.

[ololajulo]

Cryptopia management and staff have been co-operating with Police and providing considerable assistance in the investigation.

If Cryptopia's management was actually behind this hack, they'd not be cooperating with the police at this time due to fear of being jailed. I still think that Cryptopia's bad security caused this hack, not the Cryptopia's bad intentions.

The question I have is:

how many such cases that some hacker stole funds from some exchange and was caught and recovered the funds?

I do not know the statistics, but I know that I do not see every day the news channels say they found the hacker X and recovered the funds of some exchange that was targeted by hackers. following this logic, they may have stolen themselves because they know there are few chances of being caught by the police.

I hope the space will get more serious in the future to scrutinize every detail and people attached to such exchanges and hacks. The exchange need to explain how the hack still go on after the exchange management started their so called ' maintenance'. Cryptopia had made so much money from this space that I cant understand how they could be involve in the hacking. No one should be victim of such hack with the level of loss most investors had gotten themselves into already.

[gentlemand]

The question I have is:

how many such cases that some hacker stole funds from some exchange and was caught and recovered the funds?

I do not know the statistics, but I know that I do not see every day the news channels say they found the hacker X and recovered the funds of some exchange that was targeted by hackers. following this logic, they may have stolen themselves because they know there are few chances of being caught by the police.

The only significant exchange hacker that I know who's been traced is the bloke who is alleged to have hacked Gox and laundered it through BTC-e. That's not proven yet and it was a long time ago.

There've been some smaller people like the Mintpal guy. I'm not sure if anyone's been repaid from that but the police were trying to reunite people with their money.

The only other people I've heard of who've been caught were linked with dark market exit scams and no one is getting any money back from them.

As for Coincheck, Bitstamp, Bitfinex and plenty of others - nothing.

[Raja_MBZ]

Reopening already?!?

Cryptopia might reopen in February, NZ Police says

https://www.newsroom.co.nz/2019/01/30/422537/cryptopia-might-reopen-in-february-nz-police-says

[squatter]

Reopening already?!?

Cryptopia might reopen in February, NZ Police says

https://www.newsroom.co.nz/2019/01/30/422537/cryptopia-might-reopen-in-february-nz-police-says

Key word, might. It's also not clear what they mean by resuming operations -- it could just mean bringing the site up in limited capacity, allowing users to log in and see balances, etc. Right now, the site is still just a splash page. The letter from NZ Police suggests nothing about a speedy return of funds.

The article makes it sound like the police are preventing communication with their customers:

Police are working to enable the company to communicate directly with customers, the letter said.

[JSRAW]

Raja_MBZ Don't know what should I make of this new news coming from cryptopia. but one of my holdings already got dump hard in Coinexchange and just for confirmation I have checked Hacker's eth address too lol. hacker already moved fund in exchange.

Apparently, everyone wants their share of the pie in this.

[Raja_MBZ]

Police skills in doubt over Cryptopia probe into missing $23m

https://www.stuff.co.nz/business/110387805/cryptopia-director-says-technicians-are-helping-police-track-stolen-23m

 

Raja_MBZ Don't know what should I make of this new news coming from cryptopia. but one of my holdings already got dump hard in Coinexchange and just for confirmation I have checked Hacker's eth address too lol. hacker already moved fund in exchange.

That's quite bad! Did you try to contact CoinExchange regarding that? If the hacker hasn't withdrawn from the exchange yet, CoinExchange might be able to recover some of the funds from that hacker.

BTW:

CRYPTOPIA HACKERS LIQUIDATED $3.2M IN CRYPTOCURRENCY ACROSS THESE EXCHANGES

https://bitcoinist.com/cryptopia-3m-cryptocurrency-exchanges/

[joniboini]

Police skills in doubt over Cryptopia probe into missing $23m

https://www.stuff.co.nz/business/110387805/cryptopia-director-says-technicians-are-helping-police-track-stolen-23m

I feel sorry for them. Maybe this blockchain analysis thing is new and I understand it's quite difficult to do so. Good luck police officer!

CRYPTOPIA HACKERS LIQUIDATED $3.2M IN CRYPTOCURRENCY ACROSS THESE EXCHANGES

He has $19 mil more for the next dump. Bad news for the holder of the tokens that were stolen from Cryptopia, the price might get dumped heavily and it would be difficult to recover in this bear market.

[JSRAW]

That's quite bad! Did you try to contact CoinExchange regarding that? If the hacker hasn't withdrawn from the exchange yet, CoinExchange might be able to recover some of the funds from that hacker.

No, I haven't sent anything to CoinExchange, but I notified the representative of Ico, on time. They are in contact with a couple of exchange along with Cryptopia in that regards. I am not expecting much here tbh. it's a dead horse anyways.

[timerland]

Are they going to compensate for the losses or are they just going to file a police report and that's it? I haven't been active recently and am kind of out of the loop about this situation.

This is a classic case of why you shouldn't trust exchanges to hold your funds securely. Not only is there a risk that their security infrastructure is complete crap, there may also be deposit/withdrawal issues that arise from KYC or otherwise that is completely out of your control. I'd personally much prefer having full control over the security of my bitcoins. Exchanges shouldn't be used as a wallet to hold funds, it sounds cliche but it's true. I personally also think that recovering funds is probably completely futile, it's worth a try but probably never going to find the hacker, and even if they do, funds probably have already been spent.

Reopening already?!?

Cryptopia might reopen in February, NZ Police says

https://www.newsroom.co.nz/2019/01/30/422537/cryptopia-might-reopen-in-february-nz-police-says

Who's going to use them even if they reopen? 

[JSRAW]

No compensation as of now or in near future but it looks more or less formality than actual fund retrieve effort.

It's true and you rightly pointed out that it's "cliche" that one should not put fund on exchange. But what about those buyer who are in accumulating mode etc. And on another note if every crypto user start avoiding exchange due to this reason then all exchange will dry up with in the week. Being generous here with one week.

[ovcijisir]

No compensation as of now or in near future but it looks more or less formality than actual fund retrieve effort.

It's true and you right pointed out that it's "cliche" that one should not put fund on exchange. But what about those buyer who are in accumulating mode etc. And on another note if every crypto user start avoiding exchange due to this reason then all exchange will dry up with in the week. Being generous here with one week.

For me the main reason why I didn't withrawed funds from Cryptopia was because I had many altcoins there (~10 different alt.).

If I had to download each wallet with full node it would suffocate my computer. That is the main reason why I didn't do it.

I regret that I didn't withdraw ERC20 tokens, because I thaught about it but was too lazy to do it.

[squatter]

Reopening already?!?

Cryptopia might reopen in February, NZ Police says

https://www.newsroom.co.nz/2019/01/30/422537/cryptopia-might-reopen-in-february-nz-police-says

Who's going to use them even if they reopen? 

You know, I thought the same thing about Bitfinex when they lost 120,000 BTC in that 2016 hack. A year later, they were one of the biggest exchanges in the world.

Probably not a great example since Cryptopia was a much crappier exchange, but you get my point. Cryptocurrency traders are gluttons for punishment. They always come back for more.

[Raja_MBZ]

A nice update posted on Cryptopia's Twitter just now:

Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen.

Reopening already?!?

Cryptopia might reopen in February, NZ Police says

https://www.newsroom.co.nz/2019/01/30/422537/cryptopia-might-reopen-in-february-nz-police-says

Who's going to use them even if they reopen? 

You know, I thought the same thing about Bitfinex when they lost 120,000 BTC in that 2016 hack. A year later, they were one of the biggest exchanges in the world.

Probably not a great example since Cryptopia was a much crappier exchange, but you get my point. Cryptocurrency traders are gluttons for punishment. They always come back for more.

I agree; I think that even I'll be rushing to buy a few low-cap coins at Cryptopia (XBY, HUSH, PIRL, XDNA, etc) once it gets back, even though I know the risks of doing that.

[Raja_MBZ]

Seems like Cryptopia will be re-launching very soon:

Update: We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.

Update: We are securing each wallet individually to ensure the exchange is fully secure when we resume trading.
We have more updates to come today, please keep an eye on our page.

Update: As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses. We have more updates to come tomorrow, keep an eye on our page.

[figmentofmyass]

Seems like Cryptopia will be re-launching very soon:

Update: We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.

Update: We are securing each wallet individually to ensure the exchange is fully secure when we resume trading.
We have more updates to come today, please keep an eye on our page.

Update: As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses. We have more updates to come tomorrow, keep an eye on our page.

good to hear. the radio silence from cryptopia was starting to feel ominous.

less than 10% hacked---not nearly as bad as i thought. a haircut w/ debt tokens might work out just fine. i wonder if the numbers are in BTC terms or NZD/USD terms. i'm thinking probably fiat.

i wonder how big the exodus will be. something tells me a lot of users will stay. for a lot of these shitcoiners, there's nowhere else to go!

[stomachgrowls]

Seems like Cryptopia will be re-launching very soon:

Update: We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.

Update: We are securing each wallet individually to ensure the exchange is fully secure when we resume trading.
We have more updates to come today, please keep an eye on our page.

Update: As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses. We have more updates to come tomorrow, keep an eye on our page.

good to hear. the radio silence from cryptopia was starting to feel ominous.

less than 10% hacked---not nearly as bad as i thought. a haircut w/ debt tokens might work out just fine. i wonder if the numbers are in BTC terms or NZD/USD terms. i'm thinking probably fiat.

i wonder how big the exodus will be. something tells me a lot of users will stay. for a lot of these shitcoiners, there's nowhere else to go!

They wont really have any option but to stay and i actually smiled with that word "shitcoiners". If the said hacked funds is only 9.4% then compensation on affected users wont really be that hard.
Can we really believe that this is the only percentage loss or just covering up the whole amount to prevent panic or pull out of users funds?
Atleast they do make some updates and i thought they would completely go down.

[mr.relax]

If they open again with a fair way to solve the loss, sure I will be back there too.
Because thats a proof that they are legit.
Sure their way of communication with their users was terrible.
Let us wait without notice weeeks...
That was unprofessional.
Their exchange-website was not, dont understand how anyone could say its a unprofessional site.
In the altcoinworld it was/is one of the big players.

Anyway, nothing is 100% safe from hackers.
Almost any big exchange was hacked already.
So if they learn, its good.
And if we lost onedigit percentage, its at least no total desaster.

Dont tell me the story of your keys-your coins .
Everyone has a slightly different usecase for exchanges.
With my usage, I cannot keep my coins home and safe.

Anyway we will see monday thats their schedule for reopening...as READ ONLY

[figmentofmyass]

A new update posted on Cryptopia's official Twitter:

Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.

Long Cryptopia, short Binance DEX!

hold your horses. they still need to recover from a 10% loss of deposits. and we'll see how much of the user base is willing to stay! surely there will be a run for the exits when withdrawals are opened. i hope they can survive it.

i also saw this post today which is extremely troubling. it's not confirmed (could be totally false) but if true, it indicates a serious bug in cryptopia's automated withdrawal system. that's scary to see right as they are relaunching after a hack!

[Raja_MBZ]

Good news, the read-only website is now live:

Update: The read-only site is now live. The holding balance from the 14th Jan is pre hack and we will be using these holdings as a baseline for calculating rebates moving forwards.

A new update posted on Cryptopia's official Twitter:

Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.

Long Cryptopia, short Binance DEX!

hold your horses. they still need to recover from a 10% loss of deposits. and we'll see how much of the user base is willing to stay! surely there will be a run for the exits when withdrawals are opened. i hope they can survive it.

i also saw this post today which is extremely troubling. it's not confirmed (could be totally false) but if true, it indicates a serious bug in cryptopia's automated withdrawal system. that's scary to see right as they are relaunching after a hack!

I seriously hope that they've figured out a suitable solution for that bug.