Cryptopia exchange hacked

[condoras]

Actually nothing new...

http://www.police.govt.nz/news/release/police-continue-make-progress-cryptocurrency-investigation
https://cointelegraph.com/news/nz-police-report-says-excellent-progress-being-made-in-cryptopia-hack-investigation

At least they try to do something and they are moving as fast as they can.
Suppose they will finish with Cryptopia's HQ investigation next week and close the part of "inside job".
We all now that it will take time, a lot of it. So as long as some pieces of this story clarify, things are going as good as it gets. It's better to see it optimistically.

As the article said though, many people dought that we will see someone behind bars for this crime...This realy sucks.

[Blawpaw]

Well, to tell you the truth, I'm not worried or longing to see someone behind bars. I just want to know if I will ever see my coins again, and that reality seems to get more distant every day

[examplens]

Am not sure why some of the big exchanges insist on his customers to pass KYC. Obviously, it does not serve anything, cannot help in finding those responsible for this.

"$3.2 million in tokens stolen from Cryptopia have been liquidated on major #cryptocurrency exchanges"

source: https://cointelegraph.com/news/analysis-hackers-liquidated-32-million-in-tokens-from-cryptopia-hack



Almost in all major exchanges traded with stolen coins. Binance? Kucoin?

[RivAngE]

Am not sure why some of the big exchanges insist on his customers to pass KYC. Obviously, it does not serve anything, cannot help in finding those responsible for this.

"$3.2 million in tokens stolen from Cryptopia have been liquidated on major #cryptocurrency exchanges"

source: https://cointelegraph.com/news/analysis-hackers-liquidated-32-million-in-tokens-from-cryptopia-hack

Almost in all major exchanges traded with stolen coins. Binance? Kucoin?

KYC is stupid and I believe it serves either the two following agendas,
1) Exchanges have to SEEM like they're regulating their customers.
2) They want to make some extra cash by selling our identities.

Thankfully most of them, if not all, won't check or can't check the authenticity of the KYC.
I mean... some exchanges for example are operated from China... how can they know if I have photoshopped my ID card and my name is faked?
A fake ID isn't an issue for a hacker, heck I'm sure it's not hard for about 1/3 of our community!

[condoras]

Well, to tell you the truth, I'm not worried or longing to see someone behind bars. I just want to know if I will ever see my coins again, and that reality seems to get more distant every day

I'm with you like everybody else here but i want to see the glass almost full and not almost empty. So i try to think and stay positive...

KYC is stupid and I believe it serves either the two following agendas,
1) Exchanges have SEEM like they're regulating their customers.
2) They want to make some extra cash by selling our identities.

The truth though is that RL laws, regulations, centralized manipulations etc, demands from anyone that receives money from others (to store/stacking them or use them or provide a tool that actualy holders to trade their assets), to have informations from them that can be used from the authorities if and when they want to/see fit.
Also exchangers (if it's not DEX) need to have a capital reserve, they pass checks from local commissions and authorities and have a substainsantly big monthly cost. That's only for the constant paperwork that exchanger have to provide. So i dought that someone who invest a lot of money to create an exchanger, to put his investment in such a risk by trying to sell ID's. Of course exeptions applies to every rule...

Thankfully most of them, if not all, won't check or can't check the authenticity of the KYC.
I mean... some exchanges for example are operated from China... how can they know if I have photoshopped my ID card and my name is faked?
A fake ID isn't an issue for a hacker, heck I'm sure it's not hard for about 1/3 of our community!

That's because isn't their job to investigate the legitimacy of the paperwork and they don't forced to do so. Responsible for this is the applicant/owner of each account.
Their requirement is to ask from holders to provide their info and that's it.
Don't forget that things are generally the same everywhere but some countries are "friendlier" to such companies than others.

[HippiePyro]

KYC would not have stopped the hack. It would have just given the attacker most data to steal. And it would have been easy since this was clearly an inside job. I wish they would release an update already. I really liked this exchange, sad to see it so troubled in troubled times.

[examplens]

KYC would not have stopped the hack. It would have just given the attacker most data to steal. And it would have been easy since this was clearly an inside job. I wish they would release an update already. I really liked this exchange, sad to see it so troubled in troubled times.

I do not think KYC can stop the hack, but he may be referred by those who have stolen funds. I can understand it is impossible to track funds on EtherDelta, but there are more top rated exchanges, where is traded with Cryptopia coins. they should investigate account owners and block funds.

[Bitze]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

[Caladonian]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Only have small value of tokens and same with you I'm just curious on how police will track those hackers behind this incident, and how they
will manage to resolve issue like this, a big hint for all the hackers and scammers around if this issue will be resolved  in much lesser time
frame, though doubts are there but looking forward to see any good updates regarding to this hacking incident.

There's no safe place for your assets aside from one inside your own position, a hard wallet where control is everything under your hands.

[scrollerz]

Judging by the fact that they do not give any updates, I assume that the funds of users are lost. This is another point that storing funds in your account is a risk.

[condoras]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Quite a long time the company’s website remains offline and no single update neither through website nor social media accounts. Indeed very poor practice...

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline! Details : https://cointelegraph.com/news/new-zealand-police-say-cryptopia-is-ready-to-resume-trading-but-platform-remains-offline

Assuming that crytopia it’s not ready yet even after police clearance!

Even if their investigation is over that doesn't mean that the company is or can be 100% ready to restart. That's a fact for all the companies, crypto related or not.
We can all make assumptions (positive or negative) but the truth is that only them can clarify what they will do.

I'm sure that they know that we want our funds back in full, no matter how much is the amount.

[Naida_BR]

i don't have any funds on Cryptopia myself. but feel with everyone involved
and it just shows again how important it is to manage the funds yourself
it's exciting to see what the police are gonna do here.

Sometimes it is impossible to manage them yourself. Especially, if you are involved in daily trading you have to store some of your cryptocurrencies/tokens at the exchange. It is a time saver and you can make the trade instantly leading to better buying prices and bigger selling prices. Exchanges need to take better security measures to protect their clients.

[HippiePyro]

I hope they reopen soon. That was my favorite exchange. I didnot have funds there, thankfully.

[harizen]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

[examplens]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

I was lucky, I had a very small amount of other coins. I'm not sure whether they had found all bugs and the omissions. I guess so if they reopen trading and logging, people will just go to withdraw his funds and leave until next better time. That's why I guess it will not be a soon continuation of work there.

[starmman]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

I was lucky, I had a very small amount of other coins. I'm not sure whether they had found all bugs and the omissions. I guess so if they reopen trading and logging, people will just go to withdraw his funds and leave until next better time. That's why I guess it will not be a soon continuation of work there.

Hope they get back online soon =)

Fingers crossed that not too many funds are gone

[squatter]

New Zealand Police Say Cryptopia Is Ready to Resume Trading, but Platform Remains Offline

Im still wondering how they will cover the loss.

Damn! Still crossing my fingers that they will reopened soon and once they resumed their service, I will immediately withdraw all my coins there. (My tokens are not listed on those stolen coins list but we all don't know if that will also be the case for unmentioned coins).

The losses might be small enough that private investors might compensate victims in exchange for company equity. That's definitely the hail mary everyone should be hoping for -- a replay of the Coincheck aftermath where everyone was repaid the fiat value of their coins. If they're in the middle of negotiations, that would explain the delay. They might also be busy figuring out how to best apply a haircut to user accounts to account for the losses.

[examplens]

whether this is a positive signal?

"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."

source: https://twitter.com/Cryptopia_NZ/status/1096158617022201856

[Bitze]

yes finally there is an update again. doesn't sound bad in my opinion.
it is definitely very important to play with open cards. so from cryptopia and also the police. to leave the people in the unknown would not be okay.

[figmentofmyass]

whether this is a positive signal?

"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."

source: https://twitter.com/Cryptopia_NZ/status/1096158617022201856

they probably have some tough choices to make. unless some miracle happens and they can repay the debt from their own capital, they need to figure out how to get solvent (by deducting losses from user balances). figuring out how to socialize the losses when they support a million different shitcoins won't be easy!