Cryptocurrency Exchange

A large crypto exchange Cryptopia Gets Hacked resulting in losses of investor funds

Recently in an official statement released, on January 14, one of the greatest cryptocurrency exchange Cryptopia was hacked, resulting in consequential damages of investor funds. The firm stated that the New Zealand police and the government’s High Tech Crimes Unit had started a study into the case. On January 14, 2019, Cryptopia noted that the exchange was going from spontaneous maintenance. For the next 12 hours, the trade continued to assure users that its team was trying to resolve the issue. However, the users criticized that the deal wasn’t offering enough info.

The official statement of Cryptopia read:

Yesterday 14th January 2019, the Cryptopia Exchange suffered a security breach which resulted in significant losses. Once identified by staff, the exchange was put into maintenance while we assessed damages.

Two Main Cryptocurrency Hacks Documented in January 2019:

A variability of cryptocurrency exchanges was hacked in 2018. Overall, these attacks resulted in the loss of $1 billion worth of cryptocurrency. This amount increases when you take into account the cryptocurrency thefts that happened in the same year. Three days into 2019, Luas, Dublin’s tram system, was hacked.

Coinbase stopped Ethereum Classic (ETC) money after noticing that its blockchain was suffering from a 60% attack that took place on January 5, 2019. After three days, crypto exchange wrote that it had lost 40,000 ETC ($220,000) in the hack.

“If the attacker didn’t run it for profit, he might be a white hacker who wanted to remind people of the risks in blockchain consensus and hashing power security,” wrote Later, the exchange assured that the hacker had refunded $100,000 worth of the whipped ethereum classic. Since was unable to contact the hacker, the trade concluded up acknowledging that it had no explanation for the situation.

To avoid hacks strict instruction can work in numerous regions, and it surely has worked in Japan and South Korea in stopping hacking attacks.

In many places fiat-to-crypto exchanges are amenable with indigenous strategies, however many crypto-to-crypto trading platforms function external markets, often to cease from working with regulatory outlines. Though, usually, a method to end crypto exchange hacks is for customers to depend on trading platforms that order depositor and safety protection from the application of complete safety actions and assurance.

Thomas Gillard

Thomas is news editor at CoinNewsSpan. He has worked as a sub editor for leading newspapers and magazines. He is responsible for streamlining the news that would go live on the site. He single handedly executes different editorial decisions that are taken from time to time. His primary focus areas include Ethereum and Ripple and crypto mining.

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