$16 Million Worth Of Crypto Stolen In Cryptopia Hack According To Analysts

After the recent hack of the New Zealand exchange Cryptopia, analysts believe that approximately $16 million worth of Ethereum and ERC20 tokens were stolen. The analysis from the blockchain infrastructure firm Elementus reached our altcoin news today after they were first publically announced after the breach was detected.

The exchange had previously informed the public about the platform going under unscheduled maintenance before actually coming out that a hack occurred and that the exchange suffered ‘’significant’’ losses.

According to Elementus, the data stored on the Ethereum public blockchain shows that funds started getting drained out from Cryptopia’s two wallets-one that holds ETH and the other that holds all the other tokens.

After both of the wallets had been emptied, the funds were transferred to the secondary process and at the same time Cryptopia informed the public about the incident and informed the law enforcement.

Elementus report shows that under $3.6 million in ETH was stolen, $3 million in unspecified tokens, $2 million in Oyster Pearl and $2.5 million in Dentacoin. After the investigation was conducted, the hackers cashed out approximately $880,000 of the stolen crypto via major exchanges such as Binance, Huobi, and HitBTC. The remaining funds still remain in the two wallets under the control of the criminals.

The thieves gained access to more than 76,000 wallets and even showed no rush when getting the funds out. Elementus thinks that Cryptopia’s inaction didn’t help in the process as well.

Until now, the estimations how much funds have been stolen vary from $3-13 million and more than 40 users are trying to find a legal way to get their funds back.