Cryptopia faces a third hack closely following two recent hacks

cryptopia hacked third time in a row

The exchange was breached and more than three and a quarter million dollars ($3.2m) were stolen in various cryptocurrencies as multiple user wallets were hacked. The total amount stolen remains unknown although the hackers had successfully liquidated three and a quarter million dollars ($3.2m) most of which though Etherdelta.

The exchange had reopened after investigation and most users were given new wallets while the old wallets were being verified and put on new secure servers. However, despite the exchange warning the users through their Twitter, the users continued to deposit cryptos in the old accounts that were still vulnerable to such hacks.

This made it incredibly easy for hackers who only had to transfer money from those wallets. The hackers have liquidated around thirty-five thousand dollars ($35000) in Ether.

Cryptopia has been improving its security and has moved around 1-fourth of total wallets on new servers. The exchange is also verifying and scanning old wallets one by one to secure them and move them to the new servers.

When the exchange was first hacked around sixteen million dollars ($16m) were rumored to have been lost in various tokens (not counting Bitcoin so the loss was greater).

In the next breach, around two hundred thousand dollars ($200,000) were lost on which it was concluded that the exchange had lost the private keys to the hackers.

These continued breaches make users question that whether cryptocurrencies are really secure. Moreover, as people continued to lose money due to ignorance of the warnings given by the exchange means that traders should keep updated with their surroundings as well as the exchange they are using.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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