A Cautionary Tale for Crypto As Cryptopia Reports First Bitcoin Exchange Hack of 2019

themonkii

Community Manager
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Jun 14, 2018
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#1
New Zealand-based crypto trading platform Cryptopia went offline for “unscheduled maintenance” on Sunday, January 13th, making a surprise announcement on Twitter.

Then, in a tweet posted on Tuesday, January 15th, the exchange explicitly stated that a hack had occurred on Monday, January 14th and that the exchange had been put into maintenance mode so that staff could assess the situation.

What has unraveled since the announcement has led to a number of questions.

According to the tweet,

“Staff then notified and involved the appropriate Government Agencies, including NZ Police and High Tech Crimes Unit who are jointly and actively investigating the matter as a major crime and they are assisting us with advice.”

The New Zealand police issued their own statement on Tuesday, which confirms that Cryptopia reported an apparent hack and notified the police of potential missing funds.

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Credit: https://dailyhodl.com

 

themonkii

Community Manager
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Jun 14, 2018
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#2
How many of you guys got dinged? I lost a bag of Daps, about .1 BTC, and about $500 usdt.

Not sure why, but I feel like things are gonna work out with this one. I know Binance froze some assets transferred to them, and there was another exchange who did the same, not sure which it was.

What did you loose? How do you think it will pan out?
 
Aug 22, 2018
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#3
Sorry for your Daps / USDT @themonkii

I lost almost nothing, about 100K sats in TZC... I have not been using Cryptopia lately but good thing they did not get hacked a year ago, I would have cried then !

Btw Safe.trade was "hacked" last week, small exchange but with GENX listed (no GENX was lost in the hack).

Hope nobody here got hit too hard !
 
Likes: themonkii
Nov 21, 2018
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#4
This right here its why I don't keep much coin on the exchanges if it can be avoided. I try to keep it in proper wallets (not that it makes it 100% secure)
 
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TecScout

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Aug 23, 2018
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#5
I had about 200 euros on various coins on the stock market ....

Now it is time to wait and see what happens. But it would be good if you get access to your account again so you can see what happened.
 
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themonkii

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Jun 14, 2018
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#6
Sorry for your Daps / USDT @themonkii

I lost almost nothing, about 100K sats in TZC... I have not been using Cryptopia lately but good thing they did not get hacked a year ago, I would have cried then !

Btw Safe.trade was "hacked" last week, small exchange but with GENX listed (no GENX was lost in the hack).

Hope nobody here got hit too hard !
It's my own fault. I always preach moving things off, and for the most part do. I should have stored daps elsewhere.
Maybe I'm being wildly optimistic, but I'm still hoping things pan out ok.
Yeah, they handled it pretty well from what I seen.

I had about 200 euros on various coins on the stock market ....

Now it is time to wait and see what happens. But it would be good if you get access to your account again so you can see what happened.
That sucks. Sorry to hear it :(
 
Likes: TecScout
Aug 22, 2018
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#9
I bought all my DeepOnion on Cryptopia and it was always a good experience, but I NEVER leave coins on any exchange longer than it takes to buy or sell them. It's not worth the mental grief.
 
Likes: themonkii
Sep 22, 2018
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#10
I bought a Ledger Nano the USB type.

Haven't figure a way to use it yet.

Does anyone has any advice for a dummy use like me? Please share your user experience on the ledger wallet and the easiest way to use it.

Thanks in advance!
 
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themonkii

Community Manager
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Jun 14, 2018
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#11
I bought a Ledger Nano the USB type.

Haven't figure a way to use it yet.

Does anyone has any advice for a dummy use like me? Please share your user experience on the ledger wallet and the easiest way to use it.

Thanks in advance!
Smart move. I use mine for my BTC, ETH, NEO, and XRP. It works to login to the neon wallet, the others did not require another wallet and use Ledger Live. All in all, a simple to use tool. Just use the guides on their official site.

I hope you got one from an official source? I heard some horror stories about those available on Amazon. (Stolen keys)
 
Likes: stelee68
Sep 22, 2018
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#12
Smart move. I use mine for my BTC, ETH, NEO, and XRP. It works to login to the neon wallet, the others did not require another wallet and use Ledger Live. All in all, a simple to use tool. Just use the guides on their official site.

I hope you got one from an official source? I heard some horror stories about those available on Amazon. (Stolen keys)
Yes bro, I bought it from their official website.

As for ETH upcoming fork, they are implementing PoS for ETH.

If we stored our ETH on Ledger, that means we have ETH but we don't get stake rewards? Because Ledger wallet is offline / cold storage, then we are better off leaving our ETH in exchanges right?
 
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themonkii

Community Manager
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Jun 14, 2018
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#13
Yes bro, I bought it from their official website.

As for ETH upcoming fork, they are implementing PoS for ETH.

If we stored our ETH on Ledger, that means we have ETH but we don't get stake rewards? Because Ledger wallet is offline / cold storage, then we are better off leaving our ETH in exchanges right?
We are a long way off from needing to worry about stake rewards - POW isn't making an exit just yet, they are only lowering mining rewards from 3 ETH to 2 ETH.

This is just a start.

Even once released, I'm sure there will be an accompanying official wallet that will be released for staking. If they even require a client wallet to be online to stake.
 
Likes: stelee68
Aug 22, 2018
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#14
ETH PoS switch is at the very least a year away (probably more like 2 if not more). The next step is the switch to ProgPow if everything goes well and the block reward reduction as @themonkii said. So yeah you won't have to worry about stacking your ETH for quite a while. :)
 

pasabank

New member
Nov 24, 2018
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#15
We are a long way off from needing to worry about stake rewards - POW isn't making an exit just yet, they are only lowering mining rewards from 3 ETH to 2 ETH.

This is just a start.

Even once released, I'm sure there will be an accompanying official wallet that will be released for staking. If they even require a client wallet to be online to stake.
I read a couple weeks ago about several lower emissions -- the one I watch the most is ZEC going down to like a dozen per day from 1000+ now.
 
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themonkii

Community Manager
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Jun 14, 2018
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#17
A list of the hacked/stolen coins in this article.

https://ethereumworldnews.com/cryptopia-hack-16-million-in-ethereum-eth-and-erc20-tokens-stolen/
  • Other tokens – $3,051,709
  • $16,002,108 total haul - since Pascal Lite is only traded there, I wonder if I might retain my 50K of them, loL.
I read this last night - shame. I thought it was much lower, but $16M is a pretty good haul. What got me, was that the hackers were busy emptying accounts of a few days, all under the nose of Cryptopia. Not good.