Rather than the earlier reports describing the cryptocurrency stolen within the recent Cryptopia exchange hack over ‘$2.5 Mln‘, it has emerged that the correct worth of the digital assets hacked adds up to around $16 Mln.
In line with the blockchain analysis platform ‘Elementus’, the recent Cryptopia exchange hack summed up to around $16 Mln in total. The $16 Mln figure solely covers Etherum and other ERC-20 tokens, which simply means that there’s possibility of additional funds that were compromised within the attack.
Cryptopia Exchange Hack Details
As per Elementus, the attackers were able to transfer around $16,002,108 USD worth of Ethereum [ETH] tokens over the course of 5 days along with $3,570,124 USD priced ether, $2,446,212 USD priced Dentacoin and $1,148,144 USD priced Centrality. The total breakdown details can be seen as under:
After transferring out these funds from Cryptopia, the attackers then set moving them to exchanges in little portions, hoping to ‘cash out‘ a total of $882,632 USD. The breakdown of the exchange attempts are as under:
However, the thing making this hack particularly concerning is that unlike other exchange hacks that generally arise from a vulnerability within the platform’s contract code which offers hackers back door access into the exchange, this hack directly attacked over more than 76,000+ user wallets. Rather in other words, this simply implies that the attackers didn’t found a single point of weakness within the platform’s smart contract, but rather found a way to get access of thousands of personal user keys from Cryptopia.
More unsatisfactory thing is that, this hack continued for around 5 days while Cryptopia basically did nothing even though it became aware of the vulnerability the day after it happened.
This pointed lack of action is extremely bad news for Cryptopia and for the cryptocurrency would generally as it reveals some of the potential situations that do nothing to assist the industry’s credibleness. It will solely mean one amongst the two things – either Cryoptopia had lost access to all of its 76,000+ user wallets in what would be an unexampled security breach leaving it unable to intervene, or the attack was carried with the inside information.
Elementus added that over $46,000 USD price Ethereum tokens were held across nearly 2,000 Ethereum wallets remains in ‘danger‘ once being deposited on the exchange after the hack by apparently unaware users.
The New Zealand police while in the meantime, has expressed that investigations into this hack are ‘progressing well’ as they get to unravel the identity of the thieves and retrieve the taken funds.
A statement revealed by the police earlier this week, ‘reads‘:
“The assistance of the crypto currency community is being seeked as the investigation continues. This is often a really complicated investigation, involving expert digital investigators from within New Zealand and in several other overseas jurisdictions, along with the overseas authorities. Members of the investigation team met with Cryptopia management and employees recently earlier this week and thereby announced progress within the investigation.”