Cryptopia Goes Live with Pre-Hack User Balances Held

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Cryptopia Goes Live with Pre-Hack User Balances Held

Troubled New Zealand exchange Cryptopia has relaunched its website, albeit in a read-only format, and has also restored user balances to the pre-hacked state. The initial relaunch date was announced last week on 4 March, but Cryptopia had to delay the relaunch for technical reasons.

Reeling from the USD 16 million hack back in mid-January, crypto exchange Cryptopia has been closed for all visitors and in maintenance mode for nearly two months. The New Zealand Police department reported that the cryptocurrency exchange was ready to resume operations on 13 February. However, soon after that, Cryptopia admitted that it was not prepared to resume trading until they can fully assess their losses, investigate the hack, and ensure that necessary steps are taken to avoid any mishaps in the future.

In another series of Tweets, Cryptopia confirmed that they would be using the customer balance state as of 14 January to further calculate the rebates.

Although only minimal details are currently available, the exchange reported that they would be finalizing a rebate and compensation process for the users affected by the fiasco. For now, all Cryptopia users have been advised to reset their passwords and employ two-factor authentication credentials.

According to reports by New York-headquartered boutique firm Elementus on the severity of the attack, over USD 16 million worth of Ether and ERC20 tokens were stolen by the hackers. That included USD 2.446 million in Dentacoin, USD 3.57 million in ETH, USD 1.948 million in Oyster Pearl, and other prominent tokens such as Sirin Labs, ZRX, TrueUSD, OmiseGO, and Augur’s REP.

The initial reports of the hack emerged in the middle of January but investigations revealed that hackers were still siphoning out crypto from the exchange even two weeks later. The company didn’t announce the date when it would completely reopen its services, but did report that about 24% of all wallets had been moved to new secure servers.

 

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