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Expert: Police Hardly Able to Solve Cryptopia Hack Case. Police: Hackers Never Came Back for Second Attack

  • Yuri Molchan
    📰 News

    An expert in corporate legislation doubts that the local police and authorities are skilled enough to handle such a complex crime due to lack of proper regulation


Expert: Police Hardly Able to Solve Cryptopia Hack Case. Police: Hackers Never Came Back for Second Attack
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As reported earlier by U.Today, on January 13 the New Zealand-based Cryptopia exchange lost a great amount of its customers’ funds as a result of a hacker attack – around $3.5 mln in ETH and CENNZ tokens.

Later on, the exchange reportedly experienced another attack. The culprits reportedly used the same address wallet to withdraw another $3.2 mln in virtual coins. The transactions were spotted on Etherscan.

The investigation must go on

The police in the city of Christchurch got on the case along with the local authorities. However, an associate professor from Auckland University, Alex Sims, who is also an expert in commercial law, is raising public doubt whether the police have sufficient skills to do the investigation fruitfully.


The investigation must go on

She believes that the investigation has not been handled properly and that the authorities are having difficulties handling this cybercrime.

Lagging behind the US and Japan

Alex Sims believes that the authorities in New Zealand have not done anything in order to implement necessary regulations to protect crypto investors. She compares the situation with that in other countries where crypto trading is approved – the US, Japan, and the EU – and points out that trading operators in those locations have already implemented the necessary custodial customer services.

Crypto and everything to do with that, says Sims, is a legal business and regulations must be adopted, because blockchain and virtual assets are here to stay.

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Radio silence from Cryptopia’s CEO

The director of the hacked exchange, Pete Dawson, has not given any comments on the situation, since the police have recommended him not to do so, as to not interfere with the investigation accidentally. For this Alex Sims criticized him too.

Dawson reckons that the tokens stolen by the hacker are being sold through other exchanges, supposedly, through EtherDelta.

Several media reports have mentioned that Cryptopia is to resume operations later this month, though its spokesperson did not confirm this statement.

There was no second hacker attack

A short while after the malicious attack and stealing the crypto from Cryptopia, the CEO of a blockchain analytical agency, Max Galka, published a blog post saying that several million dollars more were stolen from Cryptopia again – withdrawn onto the same address. However, the police, investigating the first virtual robbery, rejected this announcement, calling it rumours.

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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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