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

Published 8 months ago

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

Chepicap via chepicap.com

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

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