By : Whale Alert, an account which automatically and manually notes large crypto transfers for Twitter followers, stated this morning that slightly more than $250,000 of Cryptopia moved today.
$250k Parked, $125k Moved to EtherDelta
1,000 ether moved to , an address which holds no other . Roughly the same amount of ether previously left the . The hacker seems unable to decide what to do with them.
⚠ ⚠ ⚠ 500 126,218 USD) of stolen funds transferred from Cryptopia Hack to EtherDelta
— Whale Alert (@whale_alert)
Interestingly, within the past hour at press time, one of the addresses associated with this one moved 499 ether to EtherDelta. Address
made which was previously .
⚠ ⚠ ⚠ 498.99937 (124,939 USD) of stolen funds transferred from Cryptopia Hack to
Tx:
— Whale Alert (@whale_alert)
Cryptopia lost around $15 million in a major hack earlier this year. More recently they’ve and warned . Reportedly, the exchange could not meet its debt obligations as a result of the hack, which saw its user interest, trust, and volume plummet. One question is why user funds would have been available to the exchange for satisfying debts, as most eloquently stated in this tweet:
This is blatant misappropriation of funds and should be handled as such. You all should face jail time. Why shortly before the audits were done you had the hack? Guess we never owned the coins on your exhange did we?
— Kai (@KNietner)
The exchange initially reported a theft of less than $3 million, but Elementus, an upstart crypto analytics firm led by , discovered that the loss was .
The exchange from which it has more recently backed off.
Hacked Funds Still Moving After Cryptopia Enters Liquidation
The attackers have yet to be caught, but the timing of the recent movement of funds is interesting, to say the least. Any time that an exchange is hacked, people suspect an inside job. That being the case, it’s interesting that on the very day Cryptopia’s official liquidation begins, hundreds of thousands of dollars of its stolen funds begin moving to decentralized exchanges.
Previously, a lot of the had already been sold off on decentralized exchanges.
The funds noted by Whale Alert were still parked by press time. There’s no stopping the holder from continuing to trade them unless decentralized exchanges as a whole decide to “freeze” those funds, .
The relatively small exchange’s hacking started the year off with a negative tone and was followed up by the much , which has come to be considered an institution. rocked the world a little more when CEO Changpeng Zhao considered the . Other exchange antics such as Bitfinex’s and the subsequent continue to cast doubt on the viability of centralized exchanges in decentralized technology.
Published at Tue, 21 May 2019 23:08:09 +0000
