Cryptopia hacked for millions - or was it an exit scam?

15 Jan, 2019 | Updated: 15 Jan, 2019
by David Robb
News
Cryptopia hacked for millions - or was it an exit scam?

After the Cryptopia exchange was hacked earlier today, many in the crypto community started to grow suspicious that it may have been some kind of exit scam. Further evidence has now emerged that could possibly back up this theory.

Read more: Community reacts to Cryptopia hack: 'First exit scam of 2019?'

A Redditor did some digging on the ETH block explorer, and found that around $2.4 million in ETH was transferred from a wallet belonging to the exchange on January 13. Also, CENNZ and DAPS tokens totalling $1.3 million were transferred to a different address, which then made a transfer to this same wallet.

The size of these transactions, for a relatively small exchange, and how close they were to the hack, led this Reddit user and others to believe that the so-called hack may have been a deliberate attempt to make off with users' funds. Could Cryptopia have been working together with the DAPS and CENNZ teams, two relatively insignificant projects? The DAPS transfer in particular could be a red flag, as it accounts for almost 10% of the token's total market cap.

Observers on Twitter aren't ruling out the theory, but many have urged caution when jumping to conclusions. Cynicism about the way many centralized exchanges and crypto projects operate can be matched by cynicism about crypto Twitter itself, which tends to always assume foul play whenever a platform is hacked or out of service.

Read more: What are Bitcoin whales and do they really control the market?

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