Another crypto hack has plagued the cryptocurrency space. That time period, the New Zealand-based Cryptopia found itself at the center of it. The cryptocurrency exchange announced news via the company’s Twitter this morning, stating it “a break down security breach which concluded in significant losses.”
The exchange’s website is now completely offline, also, the company states that it’s undergoing maintenance. However, higher that the team at Cryptopia is attempting to track down the hacker and see how they gained accessibility to the exchange’s system.
The initial hack figures are said to be around 19,000 ETH tokens, worth more than $2.4 million. With previous crypto hacks, these figures are already initially blown out from proportion and often are faraway from the final, better figures. Besides the ETH, it has been rumored that 48 million Centrality?(CENNZ) tokens have been transferred of your site to unknown wallets.
The good?thing about this crypto hack usually Cryptopia revealed it to investors immediately, in lieu of trying to hide it. This appears the team at Cryptopia is quickly working on damage control, but it surely remains unknown right now when we’ll get official hack numbers.
Investors aren’t pleased and are generally all voicing their opinions on why this occurred.
Crypto Hack Backlash
One investor tweeted:
Another felt the reason is focus on too many altcoins was its downfall.
Still, hacks have happened to a number of exchanges and therefore are a big reason cryptocurrency hasn’t made its full push mainstream. Until cryptocurrency exchanges receive a consistent handle on security that will prove security across a long period of time, institutional investors won’t compare to owning or using digital currencies.
Crypto hacks this way are not giving investors confidence in crypto.