crypto news

Cryptopia hacked for $13m - was it an exit scam?

Published 1 year ago

Cryptopia hacked for $13m - was it an exit scam?

Chepicap via

After the Cryptopia exchange was hacked earlier today, many in the crypto community started to grow suspicious that it may have been some kind of exit scam. Read more: Community reacts to Cryptopia hack: 'First exit scam of 2019?' A Redditor did some digging on the ETH block explorer, and found that around $2.4 million in ETH was transferred from a wallet belonging to the exchange on January 13.

Also, CENNZ and DAPS tokens totalling $1.3 million were transferred to a different address, which then made a transfer to this same wallet. The size of these transactions, for a relatively small exchange, and how close they were to the hack, led this Reddit user and others to believe that the so-called hack may have been a deliberate attempt to make off with users' funds. Could Cryptopia have been working together with the DAPS and CENNZ teams, two relatively insignificant projects?.

The DAPS transfer in particular could be a red flag, as it accounts for almost 10% of the token's total market cap. Observers on Twitter aren't ruling out the theory, but many have urged caution when jumping to conclusions. Cynicism about the way many centralized exchanges and crypto projects operate can be matched by cynicism about crypto Twitter itself, which tends to always assume foul play whenever a platform is hacked or out of service. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

Augur mainnet faces some harsh criticism

After the successful launch of its mainnet today, Augur has come in for some serious criticism. Users have complained about the difficulty involved with using the system, which is intended as a decent ... Read More

Li Xiaolai resigns as managing partner of $1 million blockchain fund

Crypto investor Li Xiaolai has resigned from his position as managing partner of the $1 million Hangzhou Xiong'An Blockchain Fund. This is in the wake of defamatory comments allegedly being made again ... Read More

Nigeria has many reasons to favor bitcoin over their national currency

While some crypto investors fear over the value of bitcoin, which seems to be in trouble once again, others see it as a solution to their financial problems. For those who didn’t think it possible, he ... Read More

Ontology releases new ONTO Client

Ontology has announced the launch of the ONTO Client, for Android devices. The company has described ONTO as a "comprehensive decentralized client product, which is an entrance of [the] trust search e ... Read More

28 blockchain/crypto startups might soon operate within the British market

One of Britain’s most influential financial regulatory bodies will allow 28 blockchain companies to test their products in the real market. In other words, it’s a matter of time until the British mark ... Read More