An update from the Police in New Zealand says that they are working with specialists across the world in order to track down those responsible for the exchange hack, who stole over US $16 million from the Christchurch exchange, Cryptopia. The focus is on identifying those behind this offence and retrieving the stolen cryptocurrency.
A press release said that the investigation into the hack and theft of cryptocurrency is “progressing well and advancing on several fronts”. However, they do expect it to take a considerable amount of time to resolve due to to the “complexity of the cyber environment”.
There have been doubts cast upon the ability of the police to resolve the issue, with Auckland University’s associate professor of commercial law, Alex Sims, saying recently that information had not been handled well and regulatory authorities were struggling to deal with cyber theft.
“No one seems to have a clue what’s going on,” said Sims. “But this hasn’t come out of the blue. There has been a lot of dialogue in recent years about the security of cryptocurrency and where to store the digital wallets”.
The police update says that this is a complex investigation in an unregulated environment, but “excellent progress” is being made and that they are working with Cryptopia management to find those responsible for the hack, plus “current and former employees who have been providing valuable assistance”.
The Cryptopia Hack Kept Continuing
Cryptopia fell victim to the attack on January 15, two weeks later, blockchain data company, Elementus, revealed that the attack on the exchange was continuing with another 17 000 wallets drained of ETH.
“Despite the hack, many Cryptopia users continue depositing funds into their Ethereum wallets,” they said. “In just the two hours since these breaches took place, many of the very same Ethereum wallets that were just drained have already been topped up with more ether.”
Elementus believes these wallets were being fed by miners of Ethereum having their proceeds delivered automatically to accounts at Cryptopia.
Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the February 15.
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