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Cryptopia Attacked by Hackers a Third Time, Elementus Agency: Users Keep Depositing into Vulnerable Wallets

  • Yuri Molchan
    📰 News

    This is the third time hackers have transferred user funds from Cryptopia, analytical platform Elementus takes part in the investigation


Cryptopia Attacked by Hackers a Third Time, Elementus Agency: Users Keep Depositing into Vulnerable Wallets
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On Thursday, Feb 28, news reports came in saying that the New Zealand-based Cryptopia exchange has been hit by hackers for the third time. The culprits merely transferred around $30,000 - $40,000 in ETH from the wallets they had attacked previously.

Users keep depositing into the vulnerable wallets

The CEO of the DLT analytical startup Elementus, Max Galka, has commented on this new case, saying that this time hackers have stolen less than in the two previous attacks.

However, while Cryptopia wallets are located on old servers, they seem to still be open to the cyber criminals but for some reason, traders keep putting money on them, even despite the warning of the exchange not to.


Users keep depositing into the vulnerable wallets

Besides, this story has received massive coverage in the media recently, so Cryptopia users should be well aware of what is going on.

As long as users keep adding crypto to their wallets, says Max Galka, hackers will keep taking that money.

Cryptopia keeps improving its security measures

The other day, the platform made a post on Twitter saying that 24 percent of their old wallets are now placed on new servers with higher security. Previously, the exchange reported that they are checking every wallet of theirs for bugs and then securing it, one by one.

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Hackers are selling the stolen crypto

Previously, the Elementus agency reported on social media that the unknown cyber criminals have sold part of the stolen crypto on the EtherDelta exchange, converting coins into $3.2 mln.

Now, this figure has reached nearly $4 mln.

How much has been stolen all in all

When the exchange was attacked for the first time back in January, hackers got hold of around $16 mln in ETH and other ERC20 tokens. BTC was not counted, though, so the damage was bigger.

During the next hack, Cryptopia lost nearly $180,000 in Ethereum from 7,000 wallets.

It was then that Elementus made the conclusion that Cryptopia had lost access to the wallets’ private keys to the hackers.

Cover image via u.today
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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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