Stolen Cryptopia Ethereum moves to unknown account

Recently, the issue of Ethereum stolen form Cryptopia has added fuel to the fire. Cryptopia; a New Zealand based cryptocurrency exchange has suffered from a security breach and is currently under great pressure. Ethereum has been stolen by hacking from this exchange and transferred to a different exchange.

There are a lot of reservations on the security measures of the cryptocurrencies. Coinfirm – which is dealing with crypto money laundering cases Tweeted about this issue on May 20th.

The #Cryptopia hacker just moved funds to a major #crypto exchange according to Coinfirm!

The hacker sent 30790 #ETH (~$7.67M) to a new address (Yellow) and then sent 10 ETH (~$2500) to an exchange address (green) that then landed on their Hot Wallet. https://t.co/xJ5bGphf44 pic.twitter.com/GqOUMgi7Kh

— Coinfirm (@Coinfirm_io) May 20, 2019

The details of the stolen Ethereum has been given as, over seven thousand dollars ($7.778) worth of ETH has been transferred to some new address, 10 ETH of value two thousand and five hundred($2,500) was transferred to new crypto-exchange.

Various people gave their findings on this matter by Tweets. Whale Alert is a platform that gives details about the transactions of the cryptocurrencies. It has elaborated that 500 stolen ETH has moved to EtherDelta and other to some unknown wallet.

Cryptopia announced in January that it would provide the details to all the users about the hacking issues and give updates about the security breach after summing up some crucial company matters. But, they were not able to satisfy the users with proper information.

An analysis done by Elementus (blockchain infrastructure firm) in February, exposed that during the hacking attack on ETH and tokens, there was a loss of sixteen million dollars ($16m) of which above three million dollars ($3.2m) were used on exchanges like Etherdelta etc. Binance has also suffered from hacking and lost seven thousand dollars ($7,000). The crypto-world should take concrete steps to resolve this security dilemma.