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Cryptocurrency exchange Cryptopia suffers security breach, first crypto hack of the year

Cryptopia, a crypto exchange with staff mainly based in New Zealand took to Twitter to announce that its platform was hacked. The security breach which may well be the first major hack of 2019 brought the exchange “significant loss.”

When the breach was found out, Cryptopia staff immediately acted upon and put the platform under maintenance mode to give them more room to investigate the situation and assess the extent of the damage.

Cryptopia has also reported the matter to New Zealand authorities who are now working with Cryptopia to investigate what is now classified as a major crime. While the investigation is ongoing the Cryptopia exchange will remain in maintenance mode. Hence all trading activities will be put into a halt and their website is currently offline as well.

Soon after the announcement was made, there were various reactions from the community. Some commends Cryptopia for making the matters public as a matter of transparency. But this was contradicted by some who says that it’s too early to praise Cryptopia for its immediate action because the incident could have been caused by negligence on the part of Cryptopia in the first place.

A Twitter account which goes by the name, InvestPal was quick to point out that the security breach happened a day after a huge amount was moved out from Cryptopia to a still unknown address. Is it plain coincidence, or the money was moved by the hackers themselves? That we have yet to find out.

In the meantime, the question now is how much damage did the security breach cause? Cryptopia better release how much is the “significant damage” and inform the public who were affected by the hack. After all, the incident has earned the exchange the title of being the first crypto hack of 2019. So the least it can do is immediately inform those whose accounts were affected by the breach.

About Arnold Zafra

Arnold Zafra is a freelance tech blogger from the Philippines who is enthusiastic about cryptocurrency, decentralised apps and other emerging developments in the tech industry.

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