Cryptopia employees cooperating with police, crypto community looks for funds

17 Jan, 2019
by Arthur Sillers
Cryptopia employees cooperating with police, crypto community looks for funds

The recent Cryptopia hack, in which someone made out with millions of dollars worth of cryptocurrency, has had the crypto community watching a dramatic investigation. Most recently, the New Zealand police affirmed that Cryptopia is participating in their investigation, while the community takes it upon themselves to track down the stolen funds themselves.

After the hack, many were quick to call foul play, accusing Cryptopia of undergoing an exit scam. This theory was compounded following what looked something like police questioning of Cryptopia employees. While perhaps this was food for thought for conspiratorially minded crypto commentators, the police have confirmed in a press release that Cryptopia is cooperating fully in their ongoing investigation, explicitly denying reports that they had ‘stormed’ the complex.

The police say that they ‘aren’t in a position’ to confirm the amount of the hack, but estimates have put the value at between 3 and 13 Million dollars worth of cryptocurrency. According to Cointelegraph, the amateur forensic computer scientists in the crypto community have come alive and are actively attempting to pinpoint the current location of stolen funds. Some users on Reddit have claimed they have located one wallet which moved a large portion of Ethereum coins out of Cryptopia just after maintenance was declared related to the hack.

The actual identity of the hackers has not been established, and many still believe it to be an exit scam or otherwise an inside job. According to Radio NZ about 40 traders and investors in the exchange are preparing a joint lawsuit against Cryptopia for mismanaging funds.

There are yet to be clear answers to what happened to Cryptopia, or what happened to the lost funds, but this story is likely not over. Chepicap will update when more information is available.

Read more: Binance freezes stolen Cryptopia funds after Twitter warning

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