Hackers Steal Millions in Cryptocurrency from Cryptopia

June 15, 2019

As the use of cryptocurrency continues to grow, more hackers are inspired to rob the digital vaults.

Medium reveals, “Hackers Allegedly Steal Millions from Cryptopia, a Cryptocurrency Exchange in New Zealand.” Naturally, local authorities and New Zealand’s high-tech crimes unit are on the case, but have not named a suspect. Writer Asgardia.space tells us:

“On January 13th, 19,391 ETH (Ethereum) worth around $2.5 million and 48,029,306 CENNZ tokens (Centrality) worth about $1.18 million were transferred from Cryptopia exchange to unknown wallets. As of now, the owner of the wallet is not yet confirmed. It could be the exchange itself or the hackers. The growing number of exchange hackings has caused a negative reputation to spread with cryptocurrencies. In 2018, CoinCheck, a Japanese cryptocurrency exchange, was hacked, and approximately $500 million of funds were stolen. If these crimes continue to happen then newcomers in the crypto space will lose trust in cryptocurrencies and in turn, the whole cryptocurrency market will suffer.”

Gee, who could have foreseen that digital currency would be vulnerable to cyber criminals? Industry leaders now advise that anyone brave enough to continue using cryptocurrency choose decentralized exchanges, which are considered safer than centralized exchanges. For its part, Cryptopia remains shuttered until the problem is resolved.

Cynthia Murrell, June 15, 2019

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