Former Cryptopia developer claims hack was an inside job

19 Jul, 2019
by David Robb
Former Cryptopia developer claims hack was an inside job

After the Cryptopia exchange was forced to close its doors back in May, many in the crypto community grew suspicious. Now, a former employee of the company has claimed the thefts were an inside job. 

Twitter user @notsofast posted a link to a Steemit article he wrote, under the username vcdragon. He claims that he was involved with the creation of Cryptopia back in 2014, alongside Adam Clark and Rob Dawson. Once the top New Zealand-based crypto trading platform, Cryptopia shut down in May, following a major hack in January that it didn't recover from.

The article claims that the 'hack' was in fact an appropriation of funds by Intranel, a company that took over Cryptopia in its early days after it began to struggle for money. @notsofast had previously tweeted about the "profit-chasing" motives that were ruining the crypto industry, and he now claims that he claims that he was forced to "cryptically dance around" talking about the real causes for Cryptopia's failure.

Intranel apparently acquired a 20 percent stake in the exchange back in 2017. They subsequently started making greedy and misguided financial decisions, without consulting the Crytopia founder or other shareholders: "They bled money everywhere they could, we paid for tax on their staff's flu shots? We paid for taxes on Christmas gifts to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind".

They were eventually removed in November 2018, and @notsofast believes that the hack had been planned some months ahead of this: "I believe the Hack was orchestrated to bury everything they have done, and was planned to happen before we removed them so that it could tidily explain the state they had gotten the company into. And then rushed after their plan was interrupted when they were forcibly removed from the company".

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