Menu
21 days offline as police consider re-opening Cryptopia

21 days offline as police consider re-opening Cryptopia

Authorities shed light on "protracted and complex investigation"

Credit: Dreamstime

Police in New Zealand are exploring the possibility of re-opening Cryptopia in early February, as the hacked Christchurch business enters its third week offline.

That’s according to Newsroom reports, citing a letter from authorities to investors of the crypto-currency trading company.

Following a lengthy radio silence, a letter from New Zealand Police dated 25 January hinted that the exchange platform could potentially return to trading in early February, but stressed “there is no confirmed date when the company will resume business operations”.

Sent from “investigations team - Operation Crypto”, police also reiterated that “this is - and will remain - a protracted and complex investigation”.

The letter comes as the fall-out impacting the Cryptopia security breach continues, with the Christchurch-based company still unable to operate.

Three weeks after suffering “significant losses” following un-authorised access to the Cryptopia Exchange, users remain blocked from accessing the website.

The update follows reports that as much as $23 million worth of crypto-currency may have been stolen during the security breach, according to new expert analysis.

Calculations from Elementus, a New York-based blockchain specialist firm, estimated the total value of the stolen crypto-currency - which includes ether and various tokens - at current market prices to stand at approximately $23 million.

The figure significantly surpasses early media speculation, which reported losses ranging from $2.5 million to as much as $11 million, despite a lack of official confirmation.

“This number includes only what's on the Ethereum blockchain (ether and ERC20 tokens),” said Max Galka, co-founder and CEO of Elementus. “We have not examined the Bitcoin blockchain or other blockchains to see if funds were stolen there as well.

“For the last few days, the hackers have been shuffling the funds around in small pieces and gradually moving them into exchanges to cash out.”


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags cyberCryptopia

Featured

Slideshows

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments