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Cryptopia crypto exchange suspends operations after hack

Cryptopia a crypto exchange based in New Zealand has suspended its services after detecting a major hack that has resulted in massive losses. The shocking announcement was made earlier today through the platform’s official Twitter account.

The hack occurred yesterday according to the platform. They had initially informed the public that they were undergoing unscheduled maintenance and went on to issue many updates without revealing much until the disclosure today.

In the tweet, the company said that they had notified authorities and government agencies of the issue. They had also informed the High Tech Crimes Unit, and the New Zealand police who have opened an investigation on the breach and they are treating the issue as a significant crime.

The platform is not currently listed on coinmarketcap.com however it lists over 800 digital assets. It also supports trading pairs that include many small scale virtual assets.

Now some people within the crypto community are suspicious of the hack given some suspicious behaviors that had been noticed before within the crypto exchange. Some are of the opinion that it could be an exit plan.

There are some who have even skeptically looked at some recent transactions from the exchange. The exchange recently moved Ethereum worth millions of dollars from its wallet yesterday according to data from Whale alert, a crypto exchange data monitor.


Also, last summer the crypto exchange raised some concerns among users after it began a planned maintenance period early citing issues that needed urgent investigation. After that users started to report withdrawal difficulties even after the maintenance was over.


The bear market has left small crypto businesses struggling to turn profits as large businesses lay staff off. This has led to one vocal Twitter personality to question the whole incidence.

In a tweet seen earlier today, Whale Panda wrote:

“Interesting that this happens in a bear season where small exchanges are struggling to make ends meet and are aggressively messaging anyone involved with crypto projects to get them to pay listing fees to get listed on their platforms.”

What’s your take on this latest hack on Cryptopia? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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