First Reported Exchange Hack of the Year

A cryptocurrency exchange situated in New Zealand, named Cryptopia has declared that they faced a security breach action which has caused noteworthy losses. The breach was declared at 8 am UTC on January 15th.

The exchange says that it will continue to be in a maintenance mode and trading activities will be suspended till the matter is not investigated.

The exchange which operates in small-cap assets, says that it has additionally informed the matter to the concerned government agencies, including NZ Police and High Tech Crimes Unit. Both these agencies are evaluating the matter together and helping the exchange.

The inconsistencies in the exchange operations first came to know when the exchange encountered unscheduled maintenance thirteen hours sooner. However, the correct particulars of the cryptocurrency loss weren’t expressed by the exchange.

This immediately came to the attention of the cryptocurrency community as famous Bitcoin lover, who runs his Twitter handle by the name ‘WhalePanda’ tweeted that Cryptopia used to be exceptionally known exchange at one point but has turned out to be irrelevant.

Many people in the market and crypto community do not believe that the Cryptopia faced a hacking attempt.

Many are even claiming that the exchange itself has orchestrated this. Twitter users and the followers of the exchange’s social media page commented on the news announcement expressing their doubts and lack of trust.

One Twitter user alleged it as a good exit strategy. Another Twitter user said that ‘the exchange was dead many months ago due to poor customer services and other issues. Only an ill-informed person would have invested his/her money with the exchange. These investors might lose their money soon.’

Reddit, however, looked at this news more sarcastically. One Reddit user said ‘ considering that they had less liquidity than a child in a sweet store this news most likely changes nothing.

The crypto market also does not appear to have been moved by the news yet, as Bitcoin was high by 2.5% in the last 24 hours, while whatever is left of the market, appears to take action accordingly, except for a couple of coins that have fallen under 1%.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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