Cryptopia Crypto Exchange Users Can’t Access Funds

Feb 26, 2019 at 13:42 // News
Author
Coin Idol
Thousands of Cryptopia crypto exchange users cannot access their funds and it seems this may continue for quite some time.

If you have been affected by the Cryptopia hack in New Zealand (NZ), then this information is important for you. Through the official Discord channel of the exchange, its confirmed that the building is now back in Cryptopia’s hands. So far, thousands of Cryptopia victims are not accessing their funds and it seems this may happen for quite long. The crypto exchange was hacked twice in a period of two weeks.

The user known as Digger elaborates that this is not all the firm needs to enable people to begin trading once more. It is crucial to consider the timeline of the occasion. The attack was recognized on Mon Jan 14 this year, the company halted the crypto exchange and further shutdown the platform. They then reported the matter to the local authorities such as New Zealand Police High Tech Crime Group and the National Cyber Security Centre (NCSC). The investigations into the event then started immediately.

Users Demand Refund   

More than 40 users used the courts to demand a refund from the crypto exchange saying that they can manage losing their funds.   

The members of the NCSC from Wellington checked and inspected the office, carried out some interviews, and collected important evidence. The New Zealand Police High Tech Crimes Group (HTCG) also arrived from Wellington and inspected their offices too. The HTCG then gave out search and seizure warrants and they took control of the entire premise and the systems at large.   

Within the period of close 4 weeks, NCSC, important professional staff and the NZ Police worked on duplicating the systems and protect the forensic evidence to be used in investigation. They also made sure that the assets were reserved in a safer condition. The NZ Police are not obliging their return to operating.   

“While the Police stated that they are no longer constraining our return to operations and trading, it would be extremely reckless for us to do this until we can fully identify the losses and ensure that the balance is absolutely secure,” Digger said.   

Hackers Ran Away with $16.2M   

People might actually be receiving their funds back, according to a Redditor. However, there is no data concerning the money lost. Cryptopia managed to lose over $16.2 million.   

The local authorities gave the go-ahead to Cryptopia to reopen and begin functioning when they are ready, as reported by Coinidol.   

Although this update will be appreciated by the affected users, the cryptocurrency community want to know what exactly occurred.