As Coinstaker reported earlier, the Cryptopia security breach was more troublesome than originally thought.
The New Zealand crypto exchange announced on the 4th of March that the resumption of trading activities will be delayed. If no further setbacks occur, the website should re-open as read-only later today.
Update: We were aiming to get the site live today however, we have had a slight delay and are aiming to have the site live tomorrow. We will keep you updated as this progresses.
— Cryptopia Exchange (@Cryptopia_NZ) March 4, 2019
The Cryptopia security problems came after the attack which occurred a little over a month ago. With the Cryptopia security team working to prevent such events, a little delay can be expected. 76 000 user wallets were targeted during the security breach. With the private keys obtained from the breach, the attackers were able to steal tokens worth millions of dollars.
The road to reclaiming user confidence will be extremely long and hard. One of the solutions which Cryptopia announced last month, was that all wallets were to be secured individually. As additional means of safety, the Cryptopia security team advices users to avoid depositing any funds into the old addresses.
In the beginning of February, the crypto exchange revealed that over 24% of the wallets were already on new servers:
“We have currently transferred 24% of all wallets to new and secure servers. When the read-only website becomes operational, we will keep users up to date on which wallets have been checked and secured for the new servers via our coin info page.”
To this day, it’s uncertain what the actual amount of stolen funds is. However, Cryptopia was quick to state that the amount was less than 10% of the total holdings of the exchange. The initial $2.5 million quickly rose up to $16 million.
Researchers from Elementus declared that only the stolen ether amounted to more than $3 million. Additionally, there was Dentacoin stolen for over $2.5 million and worth of the stolen Centrality was over $1.1 million.
The Cryptopia security issues must be dealt with for the exchange and the industry’s sake
With the very unstable reputation of both cryptocurrencies and crypto exchanges, it’s more important than ever that the Cryptopia security issues are resolved. The attack on the exchange was enough of a warning that Adam Clark and Rob Dawson, the founders of Cryptopia announced that they would return to the company:
“We are pleasured to announce the return of both Adam Clark and Rob Dawson. Our founders’ focus will be aimed at clean strategic direction from here on out. Expect more updates on the situation.”
Dawson and Clark started Cryptopia 3 years ago as nothing more than a hobby. Just before the attack in January, Cryptopia had over 1.4 million regular users. Dawson also spoke out about the increasing popularity of both Cryptopia and cryptocurrencies in general:
“We are in an unprecedented time when it comes to both adoption and interest in cryptocurrencies and blockchain technology. Cryptopia is extremely dedicated to be a service provider of immense quality in this rapidly evolving landscape.”
Hopefully the return of Clark and Dawson can help users regain their trust in Cryptopia. The exchange’s security must also do their best in order to make sure an event like this never occurs again.
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