Cryptopia Reopens in ‘Read-Only’ Mode, Crypto Community Excited

The latest update from Cryptopia shows that a “read-only” site for all existing users will be live on Tuesday this week. According to the update, the current customers are advised to use the site in order to reset their passwords and 2FA credentials to get ready for the live relaunch of the crypto exchange platform. Existing users at this time can’t trade, deposit, or withdraw their funds.

The update further noted that the read-only site will be displaying user balances as of January 14, the date before the first hack. The startup’s team is completing a refund exercise for all users who fell victims of the hack and will give updates when necessary.

The read only site will be live today, it will show balances as at 14th Jan 2019. Please use this site to reset passwords and 2FA credentials. We are finalising a rebate process for affected users, more details to follow. Thank you for your support during the last few weeks.
— Cryptopia Exchange (@Cryptopia_NZ) March 4, 2019

 

Cryptopia Weak Private Keys 

The New Zealand startup lost over $16 million worth of crypto (especially Ethereum and ERC20 tokens) in two deadly attacks that happened in the month of January this year, was to start its normal operations on Sunday, March 3, however, due to some unexpected delays, the relaunch was suspended to Tuesday, March 5. 

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 relaunch of the hacked crypto exchange is greatly expected among existing Cryptopia customers since it will provide them with more information relating to their cryptocurrencies held on the exchange during the attack. 

More than 76,000 Cryptopia wallets were affected by the hack, where hackers got control of the private keys and started withdrawing crypto from the exchange’s wallets. 

The balances indicated on the live read-only site are before-hack, and this will be employed as a reference point for calculating user refunds in future.

Update: The read-only site is now live. The holding balance from the 14th Jan is pre hack and we will be using these holdings as a baseline for calculating rebates moving forwards.
— Cryptopia Exchange (@Cryptopia_NZ) March 5, 2019

 

Only 9.4% was Lost 

The exchange calculated all its holdings in a worst-case scenario and found out that only 9.4% of their entire digital assets were stolen by attackers, as reported by Coinidol.

Update:
We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.
— Cryptopia Exchange (@Cryptopia_NZ) February 27, 2019

 

The soft launch of Cryptopia is a step in the right course, and many existing users will be excited that steps have been made to investigate, inspect and reopen the exchange in such an opportune way.