Cryptopia Gets Green Light to Reopen After Hacking

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New Zealand cryptocurrency exchange Cryptopia, which was hacked almost exactly a month ago, has been given the green light to reopen as local police wind up their inquiries.

Cryptopia has over 2 million global users and offers trading for one of the world’s largest range of cryptocurrencies. January’s hacking resulted in the loss of some $USD 6 million worth of cryptocurrency which warranted the company notifying its users that it had “suffered a security breach which resulted in significant losses”.

The body investigating the breach, New Zealand’s High Tech Crime Group, have indicated that although the exchange if free to open, some of its team will be remaining on site to complete their investigations. The police have not expressed any indication of laying any charges at this stage.

Experts from data company Elementus believe the stolen cryptocurrency could amount to USD 23 million dollars which comprise Ether and ERC20 tokens, and reports indicate that the attack could have even continued even after the investigators arrived on the scene in January.

Cryptopia surprised New Zealand’s crypto and banking community at the end of last year when it announced that it had plans to relaunch the New Zealand dollar stablecoin (NZDT) in Q1 2019. The NZDT was originally launched in 2017, with daily trading volume rallying to NZD 1 million per day. This spooked ASB, the bank that Cryptopia was working with, since proper know your customer (KYC) and anti-money laundering (AML) laws were not in place. Fortunately, the orderly termination of the NZDT stablecoin gave customers a month to convert their tokens back to NZD.

Despite the green light, Cryptopia founders Adam Clark and Rob Dawson have not indicated exactly when they plan to resume services for its huge customer base.

 

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