Cryptopia Clarifies it was a Security Breach and Investigations are Currently Ongoing
It is with the above background that the exchange has issued one more tweet explaining the crypto exchange had suffered a security breach that resulted in significant losses. The team at Cryptopia also informed its users that they have notified all relevant Government Law Agencies in New Zealand.
According to the tweet, the exchange suffered the attack on the 14th of January. All trading and movement of funds in and out of the exchange, has also been suspended. No additional information has been provided by the exchange at the moment of writing this. A copy of the message provided on twitter by the exchange can be found below.
Cryptocurrency Market Reaction To The Hack
Many keen crypto traders and enthusiasts are curious as to how the crypto markets will handle news of the hack that was carried out on Cryptopia. One needs to only remember the market after-effects when exchanges were hacked in 2018. News of exchanges being hacked were accompanied by flash selling.
Checking the crypto markets, we find that the total market capitalization is stable at $122.482 Billion with Bitcoin (BTC) trading at $3,673. A majority of the top 100 cryptocurrencies are also in the green and exhibiting moderate gains after the weekend bloodbath.
However, a full 24 hours might be necessary to gauge the effect of the Cryptopia hack on the general feel and mood of the crypto market.
What are your thoughts on news that Cryptopia has been hacked and significant losses incurred? Please let us know in the comment section below.