New Zealand Police Investigate Cryptopia Hack

| Publish date: 01/17/2019
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In the latest cryptocurrency news, the New Zealand Police has started investigating the latest hack of digital currency exchange called Cryptopia. According to the authorities, the process has been quite complex and, thus, they are keeping an “open mind” on all possibilities.

Investigation Has Started

In an official report, the authorities said that their inquiry has jumpstarted. Still, it is too early to speculate, especially since they are in the “very early stages.” As such, the police cannot give out an answer as to exactly how much digital currency was involved in the aforementioned hack. However, they are positive that “a significant amount” is involved; hence, they are doing everything they can to expedite the process.

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The New Zealand Police expressed their concerns, saying the entire investigation is a bit complex. That is why they are still having a hard time putting a time frame, let alone confirm just how long the investigation process would take.

Hacked Funds Sent To Binance

As far as the Ethereum network data is concerned, it appears that some funds from the Cryptopia hack were sent directly to Binance. In a Twitter post by Changpeng Zhao, who is the exchange’s founder and CEO, the firm was successful in freezing some of these hacked funds.

Zhao, however, cannot say why the hackers responsible for the exploit keep sending funds to Binance. Still, this would give him and his team the opportunity to freeze them. The Cryptopia founder said that it is going to be “a high risk maneuver” for the company as a whole.

Specialists from the Police department’s High Tech Crime Unit – alongside the Canterbury Criminal Investigations Bureau – have joined forces to investigate the exploit. And by doing so, they put forward a forensic digital investigation of the above-mentioned company. Plus, a physical examination has been taken into consideration, which would particularly involve the company’s premises.

Retrieving the Hacked Funds

The official report suggests that the priority of the authorities is to quickly identify and, if possible, retrieve most of the missing funds. This is due to the fact that the funds came directly from the customers of Cryptopia.

Interestingly, the New Zealand Police are taking into accounts all possible factors. For instance, they are looking closely at speculations coming from the online community.

Crpytopia reportedly went offline in the last few days, particularly right before revealing the infamous hack. The latter, according to the exchange, has brought massive losses. As of press time, the firm declined to give further comments, believing that it would affect the investigation being conducted by the police.

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