Ethereum [ETH]: Cryptopia to resume operations a month after hack stole $16 million in Ethereum

By February 15, 2019 Ethereum
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Ethereum [ETH]: Cryptopia to resume operations a month after hack involving loss of $16 million

The New Zealand-based cryptocurrency exchange Cryptopia has resumed operations following a green light from the local police, a month after the exchange was hacked.

Cryptopia boasts 2 million users globally and offers trading for a host of notable cryptocurrencies. The main hack, which took place on January 14, and the hack that followed on the January 28, cost the exchange an estimated $16.1 million [or over $23 million in New Zealand Dollars], with a large proportion of funds taken out of Ethereum [ETH] wallets.

At press time, the company’s website is non-operational. However, a message regarding the hack and an update about its co-operation with local authorities has been posted. It stated:

“Cryptopia has notified and is cooperating with the appropriate government agencies, including the NZ Police and High Tech Crimes Unit.”

Furthermore, the exchange posted on their official Twitter account following a month of inactivity. In the tweet, Cryptopia stated that the exchange is working tirelessly to ensure that the stolen funds are retrieved as soon as possible. It read:

“Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen.”

The significant part of the work by the investigating High Tech Crimes Unit has been completed at the Christchurch office of Cryptopia, as confirmed by Greg Murton, a Detective Inspector. Additionally, the authorities stated that the exchange now has full access to their business premises, which was also confirmed by Cryptopia in the above tweet.

Murton did not confirm the quantity or value of virtual currencies stolen during the hack. However, he did state that the police are not interfering with the exchange in the investigation and that the latter is free to commence their operations, without any hindrances.

Earlier in the month, the local police had stated that the investigation was going well and that the process will take a “considerable amount of time to resolve due to the complexity of the cyber environment”.

Twitter users are not happy that the exchange was locked up for over a month and that the accounts were frozen, with no access or any notification from the company’s end.

Twitter users, however, remain skeptical about the announcement. One of them, @CryptoSurvivor, replied to Cryptopia’s tweet:

“Thats not good enough. It’s been exactly one month. About time we get to our respective accounts and protect our funds. You obviously have no clue how. Take the hit and be accountable for your mismanagement.”

@Domienbueds, commented,

“We just want our funds back! Its been long enough!”

@RobertRenders stated,

“Thank you for this update. As we all know, nothing so frustrating as not knowing or getting no response. Hope current circumstances suit the team better and allows it to give clients an update on a daily (?) basis. Even if it doesn’t entail much.. Good luck with the task at hand”

Cryptopia boasts 2 million users globally […]

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