Article By Abhimanyu Krishnan
The Cryptopia exchange has been in the news consistently since its hack. The latest development, coming from local publication the New Zealand Herald, is that the exchange is ready to begin operations once again, although the exchange remains offline.
The police and the High Tech Crimes Group have nearly completed their investigation into the matter, said Detective Inspector Greg Murton, and Cryptopia officials now have full access to their office and its facilities.
We have finished the main part of the work required by the High Tech Crime Group at Cryptopia’s business premises, although HTCG staff remain there finishing up aspects of their work. Cryptopia management have full access to their facilities and business premises and the Police investigation is not preventing their business from getting up and running again, detective inspector Greg Murton said.
However, Cryptopia has not resumed operations, despite having the permission to do so. The exchange did not respond to any queries posed to them by the New Zealand Herald.
Estimates vary, but the expected loss from the hack could be up to $23 million. Binance CEO Changpeng Zhao said that some of the hacked funds were being directed to his exchange, which Binance subsequently froze.
Hacks remain one of the crypto market’s biggest banes, and the security problems posed by centralized exchanges can bring a great deal of misery to investors. Recently, the founder of Canadian exchange QuadrigaCX passed away, leaving behind no information on the private keys needed to access the exchange’s cold wallets.