Home News Crime Cryptopia Hackers Start Moving Stolen Cryptocurrencies Worth $16 Million

Cryptopia Hackers Start Moving Stolen Cryptocurrencies Worth $16 Million

The funds stolen in Cryptopia hack have started moving. Yesterday they were moved to a Huobi wallet, but Huobi detected them quickly and froze them.

May 22, 2019 08:40
Source: Poddtoppen
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Cryptopia might have been shutdown, but those who looted it are still keeping it in the headlines. The $16 million that were stolen in the hack are now being moved by the hackers. The incident came to light after some of the stolen funds were moved to Huobi, where company’s systems automatically detected them and froze them. Crypto analysis company Coinfirm also detected them and along with other transactions that were done by the hackers.

In the month of January Cryptopia had suffered one of the worst hack attacks ever on a cryptocurrency company. Crypto assets worth $16 million were stolen from the exchange, and as a result of that Cryptopia had to be shut down. Since then the funds stolen by hackers had not been moved. So when their movement was detected on 21st of May (i.e. yesterday), it was immediately brought to the notice of every one by analysis firms. According to a statement issued by Coinfirm:

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“The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH.”

This statement was released along with a graphic to help people understand the movement of funds. You can see that graphic below:

Movement of stolen funds

The hackers smartly moved 10 ETH only to a Huobi deposit address and then to a Huobi hot wallet, perhaps to check if the funds are detected by their systems or not. This seems to suggest that they wanted to cash out from Huobi. Unfortunately for them, Huobi’s systems detected those funds, and upon detection the funds were frozen. Here’s a tweet from Huobi confirming the development:

The funds were also moved to some other addresses. About 1010 ETH were moved to this address, and 30,788 ETH were moved to a new set of wallets. You can see that movement too in the following graphic released by Coinfirm.

2nd movement of funds

 

Another interesting thing to note is that hackers knew very well that Cryptopia won’t be able to survive after the attack. So they waited for the exchange to shut down. On 15th of May Cryptopia went offline forever, and now a week later these folks started moving funds. Now, while we don’t know what exactly is going on with those funds, one thing is clear – the $16 million stolen in this hack are not going to stay in ‘idle’ mode for too long!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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