Topic: Cryptopia Cryptocurrency Platform Services and Development - page 114. (Read 173234 times)

This is NOT a hack, this is a scam.

Your words are real

This is NOT a hack, this is a scam.

I am not mad about topia because of the hack. Hacking is a reality in cyberspace. What makes me mad is the aftermath. Topia slackers use police as a shield. This is unacceptable.

Let the police do their job BUT do your own investigation and inform us. Hiding behind the police and ignoring lots of customers is not the way to go...

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

For those who likes to count a coins in hypothetical cryptopia wallets:
https://chainz.cryptoid.info/ltc/wallet.dws?5163877.htm - what chainz.cryptoid.info recognizes as cryptopia LTC wallet.

(:

This feature is very experimental, inaccurate and not updated in real-time

Police continue to make progress in cryptocurrency investigation
Thursday, 7 February 2019 - 3:22pm
Canterbury

Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

ENDS

Issued by Police Media Centre

An expert in corporate law is questioning whether police have the skills to resolve the $23 million theft from Christchurch-based Cryptopia.

Auckland University associate professor of commercial law, Alex Sims, said information about the investigation 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. 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.

"Cryptocurrency is a legitimate business. It's not a scam. But our regulators are really struggling compared with the US, Japan and European countries which have set up secure custodial services," Sims said.

Cryptopia had held investors' digital wallets, when they should have been held by the investors or with a safe custodial service, and any money kept in trust by the exchange, she said.

 Sims said cryptocurrency and the underlying blockchain technology was here to stay.

"It would be like someone in 1900 saying we should outlaw cars because someone got run over. If you outlawed New Zealand cryptocurrency exchanges people will just use overseas exchanges."

 She made the comment as Cryptopia's sole Christchurch-based director Pete Dawson apologised for his silence because of the risk to the police investigation.

"Our team is giving police technical assistance and their advice to is maintain radio silence in case we inadvertently say something that might interrupt their investigation," Dawson said.

Dawson said the overseas reports had misinterpreted further transfers of some of the stolen cryptocurrencies, which can be traced through different trading exchanges.

Other overseas reports said police had said Cryptopia could be operating again this month, but an official police spokesperson said there had not been any indication of when it might re-start business.

A New York-based analyst, Max Galka of Elementus, said the thieves been busy liquidating the stolen tokens by converting them into other cryptocurrencies via an international exchange called Etherdelta.

Another Christchurch exchange called BitPrime recently assured stakeholders them it did not hold or manage customer funds.

 "Holding customer funds increases the risk, which can turn out disastrously," BitPrime chief executive Ross Carter-Brown said.

"Our own cryptocurrency reserves are held by an institutional custodian in cold storage, with US$100 million worth of insurance coverage.

"If you use a centralised exchange, ensure you withdraw all of your funds to your own wallets as soon as possible. If the coins are not in a wallet that you control the private keys for, in effect, then they're not really your coins."

Another Kiwi exchange called Vimba gave similar advice.

"When you keep crypto on an exchange you don't actually have ownership of those coins. We highly recommend you to move it into a personal wallet that you control."

Ross Carter-Brown said investors would be unable to claim all tax losses losses because until their digital coins were cashed up they could be classed as income.

 He has also written about what may happen when cryptocurrency investors die.

"Traditionally, gaining access to a bank account is relatively straightforward after a family member passes. In the case of Bitcoin, it is much more complicated as there are wallets, passphrases and security boundaries.

"If your family isn't aware of the existence of your crypto holdings, it will be lost forever. Keep your wallet passphrase somewhere secure like a deposit box or a locked safe and provide instructions on how to get to it in your will."

Police continue to make progress in cryptocurrency investigation
Thursday, 7 February 2019 - 3:22pm
Canterbury
Please attribute to Detective Inspector Greg Murton:

The Police investigation into the Cryptopia hack and theft of cryptocurrency is progressing well and advancing on several fronts.

The focus is on identifying those behind this offending and retrieving the stolen cryptocurrency.

This is a complex investigation involving the theft of cryptocurrency in an unregulated environment.

The stolen cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly available.

Excellent progress is being made in the investigation and we are working with Cryptopia management plus current and former employees who have been providing valuable assistance.

We are working closely with our international partners and cybercrime experts to continue the investigation.

Cryptopia’s managers are on site at their Christchurch address and Police are expected to finish at the premises by the end of next week (Friday 15 February).

This investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.

unfortunately I did not read your twitter post so I did not reduce my cryptopia exposition.

if cryptopia will bankrupt, no money for us. AND, your words make me think the hack as an excuse more probable. Remember, bear market is killing exchanges. Or better: they simply don't have so much convenience in continuing business besides doing an exit scam. Probably I am mad in continuing to have 100% of my funds on different exchanges.

When Cryptopia announced they were going to "allow" people to withdraw a portion of their holdings after they suffered 100+ 51% attacks and froze the accounts for multiple months I suggested on my Twitter Account that people withdraw all their funds on Cryptopia as they (Cryptopia) were effectively trading while insolvent.

With multiple class actions being flagged against Cryptopia it stands to reason a liquidator would be called in to ensure creditors were paid out first followed by depositors a distant last place.

Anyone who predicts Cryptopia will somehow reopen in February 2019 doesn't understand the magnitude of what is going on. (feel free to remind me in just 22 days time)

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@xtraelv Your screen shot again implies I said those things. I did not.  Please quote your source.

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

Archived for future reference: http://archive.fo/U2t1E#selection-7247.0-7323.137


Your quotes imply I said them...

I did not.

If you are quoting someone else, please add the website to your post.

Your questions appear to be directed at someone else - perhaps you should direct your anger at that person, not me.

I don't want to spread FUD and sadness, but I was thinking...

Think at the owner of an exchange that has been hacked, therefore has totally lost users' trust. He has (?) million of dollars on cold wallets and he perfectly knows that when will reopen, ppl will run to withdraw EVERYTHING and go trade elsewhere. He will face very hard months, in addition in a bear market that has already killed some exchanges. If you were him, what would you do?  

Stuff has reported numerous things that are plain stupid.

Since when are cold wallets expensive ?

Apparently Police storms buildings when you call them.

Show me a peer to peer centralized exchange that doesn't hold cryptocurrency on behalf of people.

Their main expert they keep quoting Associate Professor Alex Sims is a associate professor of law. Some of her reported assertions about crypto technology have not been accurate or out of context.

Either she does not have the technical insight, Stuff has been reporting her comments incorrectly or quoted the comments out of context..[/s]