Cryptopia Exchange To Generate New Private Keys For All 457 Coins Listed As New Safety Measure

Cryptopia To Generate New Private Keys For All Its 457 Coins

A few months ago at the beginning of the year, a cryptocurrency exchange in New Zealand was compromised by hackers. Since January when it happened, Cryptopia – the affected crypto exchange – has had its administrators constantly trying hard to regain control and ensure security for all its wallets. Cryptopia has also continued to keep the general public in the loop via their official Twitter account.

On the 4th of April, 2019, Cryptopia tweeted:

“We are 50% through securing all 457 coins listed to new private keys. Please remember to cancel any unwanted open orders as markets are being re-enabled one by one, and please take the time to refresh your 2FA, API key, and password if you haven’t already.”

After the hack attack, the site was temporarily taken offline and even though it is back up now, the firm is still working on security updates.

The Hack

On the 15th of January, Cryptopia revealed that it had experienced a “security breach which resulted in significant losses.” Although the firm did not reveal the specific amount of funds lost, it did state that “we have calculated that worst case 9.4% of our total holdings was token.”

There have been a few speculations as to how much Cryptopia actually lost. For example, Elementus, a compliance solutions, and data analytics firm, sent out a tweet sometime in February that the hackers had “liquidated $3.2m in tokens, with the bulk of that going to Etherdelta. According to the firm, the Etherdelta figure stood at 2,077,557. Other exchanges were Binance with $335,398, Kucoin with $184,207 and Singapore-based Huobi with $151,059 among others.

According to the Elementus official blog, it is stated that “by our calculations, the total value of the stolen crypto (ether and various tokens), at current market prices, comes out to about $16 million.”

The blog also added that “This number includes only what’s on the Ethereum blockchain (ether and ERC20 tokens). We have not examined the Bitcoin blockchain or other blockchains to see if funds were stolen there as well.”

New Security Measures

The firm did create a CoinInfo page and made this available to all its customers so that they could find out the state of their assets after the attack. However, per the last above tweet, the firm is already creating new private keys for all the coins supported by the exchange numbering 457. They had also stated earlier stated that any assets received by Cryptopia in the first 24 hour period after the announcement of the hack would be lost.

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

Not all pairs are available for trading but a good number of them have been restored.

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