Coinfirm documents interesting or high profile frauds and hacks that have recently happened and been reported into our networks to show how the Coinfirm can help track and prevent it in the future. Today we take a detailed look at the Cryptopia cryptocurrency exchange hack.
A major New Zealand Cryptocurrency Exchange with over 2M users (source), Cryptopia, announced unscheduled maintenance on the 13th of January which caused a problem that their users could not log in, deposit or withdraw cryptocurrency assets.
An official statement has been issued by Cryptopia 13 hours later where they stated that they had suffered a security breach that caused significant losses.
According to the statement above, we could assume that they got hacked and lost over 28773.56 ETH which was worth approximately $3.63M at the time of the transaction. Stolen coins were sent to this address 0xc8b759860149542a98a3eb57c14aadf59d6d89b9 and they were transferred further to this address: 0xaa923cd02364bb8a4c3d6f894178d2e12231655c.
You can track the whole path of stolen coins thanks to Coinfirm’s tool – Visualizer as you can see below:
This was the first part of the attack, the second one includes tokens stored on Cryptopia’s Hot Wallet. Coinfirm has analysed this address: 0x9007a0421145b06a0345d55a8c0f0327f62a2224 and it looks like 100 different tokens were stolen resulting in a loss of approx. $13.81M.
The final amount totaled at: $17.44M which is the highest reported loss in 2019 so far.
Please see our AML reports and note that interacting with these 3 addresses may expose you to risk and end up with an increased C-Score.
AML Risk Report of “0x9007a0421145b06a0345d55a8c0f0327f62a2224”
AML Risk Report of “0xaa923cd02364bb8a4c3d6f894178d2e12231655c”
AML Risk Report of “0xc8b759860149542a98a3eb57c14aadf59d6d89b9”
The AML Platfotm allows entities to report such incidences as the Cryptopia crypto exchange hack attack and related addresses and once the data is analyzed and confirmed to be correctThis system could allow in certain cases like this for entities to know where the stolen coins are coming from and potentially freeze them or prevent further proliferation of risk. Providing a new layer of transparency and security that the entire economy can participate in and benefit from.
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Sincerely,
The Coinfirm Team
