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Established in 2014, New Zealand. No. of assets - 611.

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Funds Stolen From Cryptopia Discovered and Frozen On Binance

On January 16, 2019, Binance CEO Changpeng Zhao confirmed that the exchange has frozen some of the stolen funds from the Cryptopia exchange hack discovered on their platform. On Ice Changpeng Zhao, the CEO of Binance, confirmed in a tweet that Binance has frozen some of the stolen funds detected in their exchange, writing:   The stolen funds in question...Read More. The post by Tokoni Uti appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market

Earlier this week, Cryptopia, a cryptocurrency exchange based in New Zealand, announced that they have lost funds due to a security breach. This is one of the notable exchanges that was compromised by a hack at the beginning of 2019. To add on, the exchange platform continues to be under maintenance and the amount that was compromised by the hack has still not been disclosed by the team. This case is currently being investigated by the New Zealand police and the required regulatory authorities have been notified about the hack. In their recent statement, the police revealed that the inquiry into the hack is still in its early stages and that they were still figuring out what happened and how the hack happened. They further stated that they were still not authorized to reveal the amount involved in the hack and the details pertaining to the cryptocurrencies. The police claimed that a large team is currently working on the case, including the Canterbury CIB. They added that the investigation includes both forensic digital investigation of the company and a physical scene examination at the exchange’s office building. Additionally, the police have also stated that it is difficult to put a timeframe on how long the investigation may go on for as they are currently in a “complex situation”. Recently, a Twitterati, ShaftedTangu announced that the stolen funds were being transferred to Binance, one of the biggest cryptocurrency exchanges in terms of trade volume, in various currencies. He further urged the Binance team to take action quickly and freeze the account. Following this, the team was able to successfully freeze the funds on their platform. Changpeng Zhao, the CEO of Binance: “Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.” Meme_Pope, a Redditor, said: “Binance notified of suspicious activity. Frozen immediately. Cryptopia notified of suspicious activity. Call the cops 36 hours later.” its_Lucider, another Redditor, said: “Tbh if criminals are that stupid, he should not be highlighting the fact that he froze the funds and mentioning that they shouldn’t send to binance… Keep it on the low… let dumb people make dumb mistakes and provide justice from the shadows. Don’t allow future criminals to learn from other criminal’s mistakes. On another note, much props to Binance for being so proactive.” The post Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market appeared first on AMBCrypto.
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Binance Freezes Tokens from Hacked Cryptopia Exchange

New Zealand-based crypto exchange Cryptopia was hacked two days ago. The thief (or thieves) made off with approximately $3.6 million in cryptocurrency. Now, the biggest cryptocurrency exchange, Binance, has frozen tokens sent to its wallet by the alleged hackers. Binance Freezes Tokens According to Binance CEO Changpeng ‘CZ’ Zhao, the exchange reportedly received an unspecified amount of cryptocurrency that social media users noted looked suspicious. The transactions were coming from addresses known to be related to the Cryptopia hack. Cryptopia currently remains shut down while police investigate the hacking. The Frozen Tokens ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Cryptopia Shows Sector Still Doesn’t Know How To Handle Hacks

It is “very unlikely” that the people behind the Cryptopia hack will be caught, according to a leader in blockchain security. Michael Ou, the CEO of Taiwan-based CoolBitX, says that even if the hackers are apprehended, returning the stolen funds could become a prohibitively expensive and complicated process. In an email, Ou added that despite the combined efforts of other exchanges in freezing funds, the Cryptopia thieves are likely to keep most of the stolen cryptocurrency. “Despite the efforts of major exchanges to identify and freeze the stolen funds as fast as possible, it is very unlikely that these criminals will ever be caught,” Ou wrote. “And even if the criminals are caught, or the funds effectively frozen and obtained by legitimate actors, the process of returning the Ether to its original owners is likely to be a long and challenging process for all parties.” Binance Freezes Assets Cryptopia detected what it described as a “significant security breach” in the early hours of Monday morning. The New Zealand-based exchange, which had a daily trading volume of around $2M prior to the hack, then alerted users on Tuesday morning. Current estimates suggest hackers stole as much as $3.4M worth of Ether (ETH) and Centrality (CENNZ), as well as other tokens. Cryptopia has raised questions in the past. In early November, gold-backed cryptocurrency AurumCoin (AU) alleged that the exchange was complicit in a 51% attack. 16M AU tokens – then worth approximately $500,000 –  were successfully sold on Cryptopia’s trading platform. Some users on Twitter accused the exchange of orchestrating the security breach themselves, as cover for an “exit scam.” The investigating New Zealand police have not ruled out the possibility of an inside job. The stolen assets were sent to Binance wallets yesterday, prompting the exchange to freeze the funds after being alerted by users on social media. News outlets were split on this development. Some highlighted it as proof that the sector can effectively police itself; others wondered why the world’s largest exchange had to rely on Twitter users, rather than their own surveillance systems, to detect the stolen funds. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. 🤔 How is that possible with modern blockchain analysis? 🧐 — Sir Bitlord ❇️ (@Crypto_Bitlord) January 16, 2019 Cryptopia hack shows the sector is still unprepared Since the CoinCheck hack in 2018, the largest on record, exchanges have started taking security more seriously. Most custodial exchanges hold users’ assets in cold wallets, which cannot be easily accessed. Smaller sites, like Cryptopia, may not be able to afford the same protection, making them targets for hackers. But even the larger ones, like Binance, are still not monitoring the assets going through their servers. There may be better protections to prevent digital thefts, but the sector is still under-prepared to deal with the situation after the event. CoinCheck, for example, had to reimburse users out of their own pockets. If history is any guide, Ou is probably correct:  the Cryptopia hackers are unlikely to be caught, and victims should not expect to see their funds again. In the meantime, the exchange now has the dubious honor of the first hack in 2019. Binance’s actions in freezing the stolen funds is laudable, but hardly enough to deter future hackers. Cryptopia may have had it coming, but that’s small comfort to the victims of this week’s hack – or to the future victims of the next one.   The author is invested in digital assets, including ETH which is mentioned in this article.   Join the conversation on Telegram and Twitter! The post Cryptopia Shows Sector Still Doesn’t Know How To Handle Hacks appeared first on Crypto Briefing.
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Hacked Cryptopia Funds Frozen By Binance Exchange, Investor Concerns Arise On Fungibility

Hacked Cryptopia Funds Frozen By Binance, Concerns Arise On Fungibility The evening of January 13th was quite an unfortunate one for Cryptopia. The crypto platform was hacked to a tune of $3.5 million in cryptocurrency. Cryptopia is a small exchange platform that trades an average of $2 million on a daily basis. Recently, a percentage of the funds were transferred to Binance cryptocurrency exchange. Addressing the incident, the CEO of Binance, Changpeng Zhao, made a decision to freeze the funds. This was after the hackers had already managed to send 31,320 Metal (MTL) ERC20tokens to Binance. The tokens were trading at $0.24, thus at least $7,500 was stolen in cryptocurrency. He also questioned the fungibility and privacy that surrounds cryptocurrency. Now that the funds have been frozen, and the New Zealand authorities are involved, hackers may be trying to find alternative ways to convert and launder the funds. How Fungible Is Cryptocurrency? Just like in economics, fungibility in the crypto world is the notion that any coin is identical and can be substituted for another in the same denomination. Similarly, one may reason that all bitcoins are equal and all have the same value. However, it all comes down to how it can be traced. Bitcoin that has been subjected to criminal activity or fraud can no longer be comparable in value to a ‘clean’ bitcoin. Such coins could end up being blacklisted on exchanges, and the future recipients may face legal penalties. Freezing the hacker’s funds was the right thing to do. Crypto exchanges must always work together to curb such incidences of illegal activity. On the other hand, how Binance identified the stolen funds and was able to get a hold of part of it has raised concerns. In a scenario where a person accepts $20 in cash, he or she cannot trace the previous owners. However, a person who receives $20 in bitcoin can do so using the previous wallet addresses that are linked to that every transaction. It would not be easy to lawfully address such circumstances and as such false accusations and judgement may arise. It’s easier to know if commodities or goods are purchased unknowingly. Laws can be enforced rightfully and authorities have the right to seize the stolen goods. Individuals, businesses, and exchanges may have to go through similar processes, though, it may bring about difficulties in the crypto transaction process and an increase in costs. Way Forward Crypto users have been taking precautions such as personal identification, keeping wallet addresses anonymous, using a new wallet address during each transaction and using cryptocurrency mixers. They have also found other effective ways of obscuring the history of previous transactions of funds prior to making new purchases. Until there is clarity in fungibility issues, law enforcement and regulators will set clear standard actions in case of money laundering or other illegal activities involving crypto. Monero and ZCash are privacy coins that may have a solution to obfuscate transaction history. Nonetheless, these two coins need to work along with already established networks like Ethereum and Bitcoin.
Bitcoin Exchange Guide

Following Recent Cryptopia Exchange Hacking Scandal, Mandala Offers Recovery Assistance

In the wake of Cryptopia’s recent hacking scandal, many altcoin enthusiasts were taken aback as rumors immediately started to circulate (on the internet) that the folks over at the exchange had “pulled off an exit scam”. Mandala To The Rescue As many of our readers may already know, anytime a crypto trading platform falls victim to a hacking scam, it is usually quite difficult for the firm to remain operational for a long time (following the incident). Not only that, such financial losses are difficult to recover from — especially for smaller exchanges such as Cryptopia— since there are many peripheral costs associated with such activities. However, in the midst of all this economic uncertainty, it now appears as though the Mandala exchange team is looking to help out Cryptopia by collaborating with them and assisting the core dev team in whatever way possible. In this regard, Mandala CEO Nate Flanders was recently quoted as saying: @Cryptopia_NZ As a long time user of Cryptopia & CEO of an exchange myself, I cannot imagine what your team is going through right now. Please contact me or our company @MandalaEX directly. Our security team is at your disposal. We are in this together and are 100% by your side. — Nate Flanders (@CryptoFlanders) January 15, 2019 What this “help” really entails remains to be seen, but the fact that a big name player such as Mandala is helping out a smaller exchange (to become operational once again) only goes to show that the cryptocurrency industry is not just about competition. Final Take Looking at some of the particulars related to the aforementioned case, it is quite clear that Cryptopia still has a lot of work ahead of it. This is because recovering from such a massive security breach is never easy (especially when customer funds are at stake). It now remains to be seen what course of action the firm resorts to from here on out.
Bitcoin Exchange Guide

Binance Blocks Funds Stolen in Cryptopia Hack

Major Cryptocurrency exchange Binance has frozen tokens which came to its wallets by the entity hacking the New Zealand exchange Cryptopia, CEO Changpeng Zhao reported on January 16 in a tweet. The Binance CEO said: Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high-risk maneuver for them. And a lot of work for us, which we wish to avoid, but we will do them diligently, to protect users. Zhao and his exchange have earned a reputation across the industry as among the safest and secure exchanges and were quick to react to the situation by freezing the stolen crypto.  Zhao also took to Twitter to speak openly about general security in the cryptocurrency space, further cementing him and his exchange’s status as the keeper of security in the cryptocurrency industry. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) $0.23298 -2.27%, $6,750 in KyberNetwork coin (KNC) $0.13726 -0.48%, $7,181 OmiseGO tokens (OMG) $1.27258 +0.02%, and $8,724 in EnjinCoin (ENJ) $0.03374 +0.37%. All of it totals around $30,000. Changpeng Zhao was made aware of the stolen funds by twitter user @ShaftedTangu who also flagged other digital assets and the corresponding exchanges where they had been stashed by the hacker. The Twitter user did so by tracking fund movement from affected Cryptopia Ethereum addresses. Cryptopia representatives meanwhile had said Jan. 15 that the company is unable to comment on the events leading up to the hack, due to the nature of the police investigation. At the time the hack was first reported, suspicions had arisen online due to the exchange moving large sums of tokens just days before the hack occurred.
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Binance Freezes Funds Stolen by Hackers from Cryptopia

The CEO of Binance, Changpeng Zhao, was made aware via twitter of the presence of funds in the exchange that had been stolen from Cryptopia. CZ, as he is famously known, acknowledged that they identified the funds and had been able to freeze some of them. His exact words and tweet can be found below. Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them. And a lot of work for us, which we wish to avoid, but we will do them diligently, to protect users. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 More Funds Sent to Other Exchanges Changpeng Zhao was made aware of the stolen funds by twitter user @ShaftedTangu who also flagged other digital assets and the corresponding exchanges where they had been stashed by the hacker. The twitter user did so by tracking fund movement from Cryptopia’s Ethereum addresses. @ShaftedTangu would trace each transaction that took place during the hack to identify specific Ethereum addresses where they were all consolidated. Quotes from his tweets and corresponding addresses can be found below. Once it was consolidated in the Topia ETH wallet it has mostly all moved to address https://etherscan.io/address/0x9007a0421145b06a0345d55a8c0f0327f62a2224#tokentxns… We can see just over 5 hrs ago (@03:30 UTC) stuff started moving out of the 0x900 wallet. Lets take the example of the 90k $MTL tokens which went to this address https://etherscan.io/address/0xd0b0d5a8c0b40b7272115a23a2d5e36ad190f13c#tokentxns… It was then broken down and redistributed to this address which then sent it to binance. I would conclude its the hackers selling https://etherscan.io/address/0x99f9fc8852a1bedc914669e61040ad6fc3455442#tokentxns… And another of the same thing https://etherscan.io/address/0x99d5a6cb3fba33826de4d4845c2772532eb74d10#tokentxns… The full conversation can be found by clicking and following the thread in the following tweet. Topia hack addresses. This is topia ETH/ERC20 addresshttps://t.co/wZ7THdpYc6 — I Dream Of Alts (@ShaftedTangu) January 15, 2019 More About the Cryptopia Hack News of the New Zealand based Cryptopia exchange being hacked was announced on the 14th of January. The initial amount of funds stolen was not initially declared by the exchange but estimates put the lost digital assets to be worth Millions. The exchange has since been under indefinite maintenance as New Zealand authorities investigate the crime. The authorities have since issued a statement to the public on the 16th of January about the ongoing investigations. The investigation into the alleged unauthorised transaction of cryptocurrency at the Christchurch company Cryptopia has continued today. The inquiry is still in its very early stages and police are continuing to work with Cryptopia to establish what has happened and how. Police are not yet in a position to say how much cryptocurrency is involved, other than it is a significant amount. A large team, including Canterbury CIB and specialist staff from the police High Tech Crime Unit, have been assigned to the case. What are your thoughts on the crypto community and Binance identifying and freezing stolen funds from Cryptopia? Please let us know what you think in the comment section below.  The post Binance Freezes Funds Stolen by Hackers from Cryptopia appeared first on Ethereum World News.
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Binance Freezes ‘Some’ Tokens Stolen From Cryptopia: CEO CZ

Binance Freezes ‘Some’ Tokens Stolen From Cryptopia: CEO CZ Major Cryptocurrency exchange Binance has frozen tokens sent to its wallet by the entity who allegedly hacked New Zealand exchange Cryptopia, CEO Changpeng Zhao reported in a tweet Jan. 16. Cryptopia, which is currently shut down as police investigate the hack, lost at least $3.6 million […] Cet article Binance Freezes ‘Some’ Tokens Stolen From Cryptopia: CEO CZ est apparu en premier sur Bitcoin Central.
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Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure

Global digital asset management firm, Grayscale, has announced an investment vehicle based around XLM. XLM/USD is moving within the confinements of a bearish pattern structure, subject to a breakout south. XLM/USD has been subject to very narrow and choppy trading, which has been going on for the past eight sessions now. Price action is moving […] The post Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure appeared first on Hacked: Hacking Finance.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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