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Cryptopia Says 9.4% of All Funds Stolen But Aims to Reopen Next Week

Cryptopia says 9. 4% of all funds stolen but aims to reopen next week

Cryptopia Says 9.4% of All Funds Stolen But Aims to Reopen Next Week

Hacked New Zealand cryptocurrency exchange Cryptopia revealed that it’s aiming to re-launch its website by Monday though only in a read-only mode. 


Read-Only Cryptopia by Monday

According to a recent update posted on Cryptopia’s official Twitter page, the exchange hopes to be able to re-open its website by Monday. However, it will only be in read-only mode, meaning users will only be able to check their balances for now.

Bitcoinist reported in January that the New Zealand exchange went through a security breach. Local Government agencies, including the High Tech Crime Unit and the NZ Police joined the investigation.

The most recent police report said that the investigation is “progressing well and advancing on several fronts.”

The stolen cryptocurrency is being actively tracked by the local police and cybercrime experts worldwide. However, the report also notes that it is too early for the authorities to “draw any conclusions.”

9.4 Percent of Total Holdings Gone in The “Worst Case”

The cryptocurrency exchange also clarified on February 26th that, according to their calculation, the hackers have managed to steal as much as 9.4 percent of the exchange’s total holdings.

Cryptopia says 9. 4% of all funds stolen but aims to reopen next week

Earlier this month, a report by blockchain data company Elementus showed that $3.2 million worth of cryptocurrencies stolen during the attack on the exchange has already been liquidated.

Additionally, the team of Cryptopia said that a lot of work is being done in order to ensure that each of the new wallets is secured individually.

Because of the new wallets, users are warned to immediately refrain from depositing funds into the old addresses of the cryptocurrency exchange.

What do you think about the situation with New Zealand’s Cryptopia? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

Published at Thu, 28 Feb 2019 13:00:10 +0000

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Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover

Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.

Major Market Correction

The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.

Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.

bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.

Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.

He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction

“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,” said Lee.

Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.

bitcoin Has Had Many Major Corrections of Similar Scale

Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.

As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.

In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.

The post Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover appeared first on NEWSBTC.

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