Cryptopia assessment: losses can account for 9.4% of total funds

Posted 27 February, 2019

New Zealand’s Cryptopia crypto exchange unveiled some data regarding the funds that were lost after the January hack.

The company has eventually broken the silence kept since the hack attack in January and made its business updates public posting short reports on its Twitter. Cryptopia also revealed how much of the total assets it held was lost during the attack.

"We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen," the company twitter reads.

Nevertheless, it provided no particular hints of the volume in fiats.

The exchange suspended operations on January 15 due to a hacker attack that resulted in “significant losses.” Cryptopia said that it was unable to publish additional information then due to an investigation carried out by the New Zealand Police.

According to later estimations, some $16 million in ether and ERC-20 tokens were stolen. It is worth noting that hackers managed to maintain control over Cryptopia even when the police intervened, additionally stealing 1,675 ether from about 17,000 wallets (around $181,000).

Another company tweet says the exchange is "securing each wallet individually to ensure the exchange is fully secure when we resume trading".

"As a result of the new wallets please immediately refrain from depositing funds into old Cryptopia addresses. We have more updates to come tomorrow, keep an eye on our page," noted the company. 

As it was reported earlier, the exchange was hacked in mid-January. After detecting the hack, the company management informed the local police department immediately. In early February, the police department reported good progress achieved during the investigation, while by mid-February the company was allowed to enter its building.

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