Cryptopia Reports ‘Significant Losses’ in First 2019 Exchange Hack

 

 

 

 

 

After being down for unscheduled maintenance for more than 24 hours, New Zealand exchange Cryptopia has confirmed via twitter that the exchange suffered ‘significant losses’ in a Jan. 14 (local time) security breach.

Cryptopia, which has faded in relevance since its peak during the 2017 crypto bull run did not disclose how much was stolen in the breach, though Whale Alert’s twitter did detect the following two transfers worth a combined $3.6 million leaving Cryptopia’s wallets not long before trading was suspended.

According to Cryptopia’s statement, company staff notified and involved Government Agencies upon learning of the breach, including the New Zealand Police and High Tech Crimes Unit who are actively investigating the matter.

Cryptopia is the first exchange to suffer a hack in 2019, and observers are stressing the importance of keeping crypto assets that are not being actively traded away from exchanges where inadequate security measures could leave them vulnerable to hacks or internal malfeasance.

In the words of security expert Andreas Antonopolous: “Not your keys, not your Bitcoin.”

Author: Timothy Goggin

Timothy Goggin is an economic analyst with an interest in the application of moral philosophy and decentralized systems. He studied economics at the Business School at Victoria University of Wellington, New Zealand. His area of research is the consequential and moral dimensions of implementing digital currencies and the resulting synergies for consumers in the trading environment.

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