Menu
Police making ‘excellent progress’ in hunt for stolen Cryptopia funds

Police making ‘excellent progress’ in hunt for stolen Cryptopia funds

Christchurch business remains offline, 28 days after security breach

Credit: Dreamstime

Police in New Zealand are making “excellent progress” in the investigation of stolen crypto-currency linked to the recently hacked Cryptopia in Christchurch.

That’s according to Detective Inspector Greg Murton, who reported that Cryptopia’s managers are on site at their Christchurch address, with police expected to finish at the premises by Friday 15 February.

“The focus is on identifying those behind this offending and retrieving the stolen crypto currency,” Murton said. “This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

“The stolen crypto-currency is being actively tracked by police and specialists worldwide due to the nature of the crypto-currency blockchains being publicly available.”

Murton said police are “working closely” with international partners and cyber crime experts to continue the investigation.

“Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance,” he added.

“This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.”

The update follows speculation that police were exploring the possibility of re-opening Cryptopia in early February.

At this stage however, the exchange platform has been closed for 28 days, with users still blocked from accessing the website.

According to media reports, as much as $23 million worth of crypto-currency may have been stolen during the security breach, as revealed by 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

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments