A few days ago, the crypto news showed that the value of cryptocurrency stolen in the Cryptopia exchange were around $2.5 million. However, today, new headlines emerged with the true value of assets being stolen summing up to about $16 million.
According to the blockchain analysis platform Elementus, this was done by analyzing the Ethereum blockchain using the Elementus query engine. The $16 million figure only covers Ether and ERC-20 tokens which means that it may be a possibility that more funds were compromised in the attack.
According to Elementus, the hack makes for uncomfortable analysis from a security (weak)point of view because an examination that followed raised several questions. To begin with, Elementus said that the attackers moved $16,002,108 worth of Ethereum tokens over the course of five days. The stolen assets included 3,570,124 worth of ether, $2,446,212 worth of Dentacoin and $1,148,144 worth of Centrality.
Here is a full breakdown of the stolen assets (Source: Elementus):
The main thing that makes this concerning is that unlike many other high profile exchange thefts which arise from vulnerabilities in the platform’s smart contract code which grants hackers access into the exchange, this one directly attacked more than 76,000 user wallets.
As Elementus unveiled, these attackers appeared calm and managed to methodically extract crypto funds over the course of five days, leaving Cryptopia practically powerless in doing something to prevent this.
The New Zealand police came out with a statement saying the following:
“The assistance of the crypto currency community is being sought as the investigation progresses. This is a very complex investigation, involving expert digital forensic investigators from within New Zealand and in various overseas jurisdictions, as well as overseas authorities. Members of the investigation team met with Cryptopia management and staff yesterday and today and outlined progress in the investigation.”
As they said, investigations are progressing well as they seek to unravel the identity of the thieves and retrieve the stolen funds.
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