Home News Crime Cryptopia Hacking Plot Deepens, Reports Suggest Loss Amount of $16 Million

Cryptopia Hacking Plot Deepens, Reports Suggest Loss Amount of $16 Million

January 24, 2019 15:53
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New information relating to Cryptopia hack has surfaced suggesting that the real loss from the security breach is much more than the initial estimates of $3.6 million. The new report prepared by Elementus, a blockchain infrastructure firm which estimates that the loss figure could be somewhere near $16 million.

According to the analysis:

“The funds were taken from more than 76,000 different wallets, none of which were smart contracts. The thieves must have gained access to not one private key, but thousands of them.”

Further, the report states that hackers started siphoning off funds from 13th January, two days before the actually it was reported by the exchange and was closed for supposed maintenance. The report goes on mentioning that hackers during the period faced no threat of detection and continued with the theft till early morning of January 17th. Speculations are also there that the exchange staff lost control of the firm’s wallet as hackers destroyed any records of the private keys.

Till date, the hackers have managed to cash in only $880,000 of the $16 million theft amount and rest is kept in two wallet address controlled by the hackers. Following is the details of the individual coin theft:

  • ETH – $3,570,124
  • Dentacoin – $2,446,212
  • Oyster Pearl – $1,948,223
  • Lisk ML – $1,718,610
  • Centrality – $1,148,144
  • Mothership – $880,141
  • Ormeus – $452,841
  • DAPS – $384,425
  • Zap – $147,158
  • Pillar – $254,521
  • Other tokens – $3,051,709

The report concludes:

“Elementus deems the incident to be unusual in that it differs from two common profiles of exchange hacks: these being either the exploitation of vulnerabilities in a wallet’s smart contract code or unauthorized access to private key credentials, which typically involves the breach of a single wallet.”

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