Cryptopia Gets Green Light But Stays Stuck On Red: Police Investigation Isn’t Preventing Exchange From Opening Again

Cryptopia: Police Investigation Not Preventing The Exchange From Running Again

New Zealand Police has announced that the recently hacked cryptocurrency exchange Cryptopia is allowed to open its business again “whenever they like” as Police are no longer preventing it from doing that. However, there is no knowing if it would be happening any time soon as reportedly the founders are remaining dormant.

Cryptopia Website Offline, Twitter Handle Remains Dormant

New Zealand Herald reported that the police has actually given the green light to open the Christchurch-based cryptocurrency exchange. However, Cryptopia doesn’t seem to be interested in opening their business after losing over $16 million worth of tokens as the company website still shows the maintenance mode sign and the official Twitter account of the exchange is lying dormant for about a fortnight. Also, the founders have not responded to any query regarding, if there are any plans to open the exchange soon.

“We have finished the main part of the work required by the High Tech Crime Group at Cryptopia's business premises, although HTCG staff remain there finishing up aspects of their work, Cryptopia management have full access to their facilities and business premises and the Police investigation is not preventing their business from getting up and running again,” said Detective inspector Greg Murton.

$3.2 Million Has Already Been Liquidated

However, Murton declined to comment if and when any charges would be laid against the hackers. Muton did say that “No timeframes as to a conclusion to the investigation can be provided at this time,” as the police investigation was continuing in New Zealand and in the US in collaboration with the international experts.

Recently, it has been reported by the blockchain analytic experts, Elementus, the hackers have liquidated $3.2 million worth of cryptocurrency. According to the data, about $2 million of the amount was laundered through Etherdelta, which is a decentralized trading platform for ERC20 tokens. Other exchanges chosen involved in this mass liquidation were Kucoin and Huobi. Binance, the largest cryptocurrency exchange was also reportedly among this list.

However, Etherdelta being a decentralized exchange, it could be harder to track the laundered $2 million. And now given the fact that the private key database of the exchange has been compromised, finding the solution or even patching up the security flaw is going to take time.

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