New Zealand Crypto Exchange ‘Cryptopia’ suffers a “Security Breach”

The first hack of 2019 for the Crypto community has broken out in just 2 weeks since the start of the year.

New Zealand Crypto Exchange, Cryptopia announced on Twitter that they had ‘suffered a security breach’ on January 14th by posting a letter addressed to the Cryptopians.

Investigations regarding the breach are being conducted by the New Zealand Police and Government Agencies.

They have announced that they will ‘remain in maintenance mode with trading suspended’.

According to their Twitter feed, the past few weeks have seen Cryptopia having regular maintenance checks on their BTC and other cryptocurrency wallets. In the last couple of days, the Exchange has tweeted ‘We are still experiencing unscheduled maintenance’ twice with the result being the above tweet.

The amount the firm has lost has still not been announced. According to the Head Analyst at The Block, ‘The stolen sum seems to be at least $3.5 million’.

The Crypto community have also been quick to voice out their thoughts behind the hack with many claiming it to be another exit scam, following the many that have happened in 2018.

Whether it is an exit scam or a legit attack, this has increased the need for a crypto protection system. One such system that is required is the Cryptocurrency Theft Insurance, that is currently in plans for Bank of Hodlers.

Could the number of hacks increase in 2019, or will crypto finally have a secure and protection system in place? Let us know your thoughts in the comments section below.

The above image is a screenshot of the Cryptopia page at the current moment, i.e, 1:30 pm GST 15 January 2019.

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