Coinfirm: Ethereum and ERC20 Tokens Stolen from Cryptopia Found in “Major Crypto Exchanges”

The hacking of Cryptopia happened back in January, but it is clear that there’s still plenty of information left to this story. Exchanges have been hacked for much of the lifetime of cryptocurrency, and even Binance has succumbed to their share of these attacks. Still, the Cryptopia hack has been one of the most controversial attacks of the year, losing almost all of the holdings it had in Ethereum.

Elementus, a blockchain analysis company, released a report that showed a total of $16 million in ETH and ERC20 tokens for Cryptopia. In substantial amounts, the lose ERC20-based tokens included Dentacoin, Oyster Pearl, DAPS, Lisk ML, Pillar, Mothership, Everus, Enjin Coin, Cappasity, LINA, and Bytom.

Even after the first hack in January, the platform fell victim to another attack. Now, with reports from Coinfirm, it looks like the top exchanges are becoming the recipients of the stolen coins. In a tweet from AMLT Token and Network, the platform explained that the ETH stolen still remains on the address held by the hackers.

As the #CryptopiaHack story continues to unfold, almost all tokens landed on major exchanges while the #ETH still sits on a hackers address according to @Coinfirm_io https://t.co/IaVWpbcogJ

Below is @0xProject $ZRX @KyberNetwork $KNC @PowerLedger_io $powr going to exchanges pic.twitter.com/pv4kQGBniI

— AMLT Token Network (@AMLT_Token) May 17, 2019

Following the tweet, Coinfirm added that 10 ETH of the 30,790 stolen have already been moved to major exchanges, though there were no details provided on the exchanges use.

The #Cryptopia hacker just moved funds to a major #crypto exchange according to Coinfirm!

The hacker sent 30790 #ETH (~$7.67M) to a new address (Yellow) and then sent 10 ETH (~$2500) to an exchange address (green) that then landed on their Hot Wallet. https://t.co/xJ5bGphf44 pic.twitter.com/GqOUMgi7Kh

— Coinfirm (@Coinfirm_io) May 20, 2019

Due to the damage sustained by the hack, the cryptocurrency exchange had already announced that they would be liquidating to break even. Grant Thornton is heading up the efforts, though there are still many customers that are surprised by the news, believing that the efforts were going well to go back to regular operations since the hack. Cryptopia, after all, had already reassured customers that they would be reopening their services, and didn’t say that liquidation was a possibility until the process had already begun.

Even with the liquidation happening, the exchange had said that the process of getting the funds back to consumers would end up taking months, adding that withdrawal services were not an option. Commenting on these issues, a Reddit user named Seemee89 stated that Cryptopia appeared to be incapable of following the “legal frameworks” that would govern it.