Following Recent Cryptopia Exchange Hacking Scandal, Mandala Offers Recovery Assistance
In the wake of Cryptopia’s recent hacking scandal, many altcoin enthusiasts were taken aback as rumors immediately started to circulate (on the internet) that the folks over at the exchange had “pulled off an exit scam”.
Mandala To The Rescue
As many of our readers may already know, anytime a crypto trading platform falls victim to a hacking scam, it is usually quite difficult for the firm to remain operational for a long time (following the incident). Not only that, such financial losses are difficult to recover from — especially for smaller exchanges such as Cryptopia— since there are many peripheral costs associated with such activities.
However, in the midst of all this economic uncertainty, it now appears as though the Mandala exchange team is looking to help out Cryptopia by collaborating with them and assisting the core dev team in whatever way possible.
In this regard, Mandala CEO Nate Flanders was recently quoted as saying:
@Cryptopia_NZ As a long time user of Cryptopia & CEO of an exchange myself, I cannot imagine what your team is going through right now. Please contact me or our company @MandalaEX directly. Our security team is at your disposal. We are in this together and are 100% by your side.
— Nate Flanders (@CryptoFlanders) January 15, 2019
What this “help” really entails remains to be seen, but the fact that a big name player such as Mandala is helping out a smaller exchange (to become operational once again) only goes to show that the cryptocurrency industry is not just about competition.
Looking at some of the particulars related to the aforementioned case, it is quite clear that Cryptopia still has a lot of work ahead of it. This is because recovering from such a massive security breach is never easy (especially when customer funds are at stake). It now remains to be seen what course of action the firm resorts to from here on out.