Hackers Strike Cryptopia Again, Despite Read-Only Revival Of The Website Just Being Announced

Hackers Strike Cryptopia Again, Even Though The Read-Only Revival Of The Website Was Just Announced

Cryptopia went through a major hack in January, which resulted in the police getting involved and suspending all activity on the platform. The suspension lasted for over a month until Cryptopia started posting updates a few days ago, informing the public that they were now allowed back in their own facility and that the heads of the company had rejoined them.

It seemed as if things were on a positive note during a post on Wednesday, which announced that the company would be opening their website on Monday, though only with read-only access. However, their journey seems to be far from over, considering that the exchange was just hit by hackers again on Thursday, February 28th, making it the third recent attack. Rather than taking on a new challenge with new accounts, the hackers went right back to the accounts they had attacked before and helped themselves to between $30,000 and $40,000 in ETH.

Max Galka, the CEO of Elementus, commented on the new hacking situation, noting that the theft is significantly smaller than the attacks before it. The accounts from before are being left open on the old servers, however, and the traders keep depositing into the wallets, against all advice from Cryptopia. Galka points out that the continued deposits in the accounts will ensure that hackers keep stealing.

Based on an update posted by Cryptopia Exchange from yesterday, it looks like the company is working to improve security still, saying that there are new servers hosting 24% of the wallets on the platform. It looks like they are taking the long way through these checks, as the exchange examines every wallet for bugs individually.

Previous reports from Elementus show that there have been unknown criminals selling the stolen crypto assets on the EtherDelta exchange. The coins were subsequently converted into $3.2 million in fiat currency. Since the report came out, the total amount has grown to $4 million.

In the January hack, the exchange suffered $16 million in losses via ETH and other ERC20 tokens. BTC was not calculated in this amount, so the actual theft could be substantially higher. The hack resulted in theft from 7,000 wallets for a combined total of $180,000 in Ethereum. Elementus has since proclaimed that the private keys of the wallets must have been sacrificed to hackers.


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