It seems that the crypto industry’s bad actors haven’t been deterred by the crash in the valuation of Bitcoin. In fact, it could be said that bearish market trends have pushed attackers to double-down on their efforts to garner capital. Ethereum has been illegally siphoned out of a New Zealand wallet… again. And for the second time in two weeks’ time no less.

$180k In Ethereum Snatched From Locked Down Cryptopia

Per previous reports from Live Coin Watch, Cryptopia, a Christchurch, New Zealand-headquartered crypto upstart with an enamorment with altcoins, fell victim to a hack week mere weeks ago.

As the company was slow to divulge details of the imbroglio, Elementus, a Yankee-run blockchain research unit, compiled an in-depth report on the matter that outlined the severity of the attack. The firm’s researchers concluded that over $16 million U.S. dollars worth of Ether and ERC20 tokens were stolen by the attackers. $3.57 million of the sum was in ETH, $2.446 million in Dentacoin, $1.948 million in Oyster Pearl, and the list goes on. Other prominent tokens, including TrueUSD, OmiseGO, Sirin Labs, ZRX, and Augur’s REP, were also snatched.

It was also suggested that millions in other cryptocurrencies, such as Bitcoin and Litecoin, could have also been siphoned out of the tens of thousands of Cryptopia-run wallets.

While the loss of such a sum of consumer-owned funds was already bad enough, Elementus warned that more of Cryptopia’s hot wallets were likely under threat. And just one week after its warning, it seems that the astute research group was correct in their assumptions.

According to a recent post from Elementus chief executive Max Galka, 17,000 Cryptopia wallets recently saw 1,675 Ether leave their care. This sum amounts to ~$180,000 at the time of writing.

Interestingly, the blockchain researchers determined that 5,000 out of the 17,000 recently-affected wallets were recently topped-up, indicating that there are still Cryptopia users that haven’t figured about the hack… How odd, right?

Elementus subsequently corroborated rumors that the same hacker had executed the second hack, while also noting that the hacker has full control of Cryptopia’s wallets.

Radio Silence… 

Interestingly, all this media clamor has come with nothing more than a whimper from Cryptopia’s team. The company may be undergoing an investigation from local authorities, and have agreed to stay silent on certain topics, but may crypto pundits have claimed that it is irresponsible of the exchange for not keeping its clients in the loop.

Yet, if we’re being frank here, it hasn’t been 100% radio silence, just 99%. Mere days ago, prior to the second round of fund siphoning, the company took to its Twitter again to tell its followers to keep an eye on a New Zealand Police Department page for updates. As of the time of writing, however, no concrete details or pertinent bits of information was released via that medium.

But considering this hack’s second wave, crypto’s common Joes & Jills are likely clamoring to learn more about this debacle. Live Coin Watch will be sure to keep you in the loop, so keep on checking in. Stay safe.


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