Cryptopia hackers have liquidated $3.2 million in tokens so far

10 Feb, 2019 | Updated: 10 Feb, 2019
by Will Heasman
Cryptopia hackers have liquidated $3.2 million in tokens so far

According to blockchain analytic experts, Elementus, the Cryptopia exchange hackers have liquidated $3.2 million in appropriated tokens so far…

It appears that the exchange of choice is a decentralized one. According to the data over $2 million of the total amount laundered, was done so via Etherdelta, a popular crypto exchange for ERC20 tokens.

Other notable exchanges chosen for the mass liquidation included, Kucoin and Huobi, with over $130k cashed out between them,

Surprisingly, Binance is among the list of exchanges citing a sizable $335,000 worth of stolen tokens cashed out since the hacks begun.

In theory, it should be possible to trace some of these liquidated funds through analysis of know-your-customer (KYC) and anti-money laundering checks; with many of the aforementioned exchanges operating under KYC and AML requirements.

However, the $2 million laundered through Etherdeata may be harder to track, as the decentralized exchange doesn’t have such procedures in place.   

Elementus we’re among the first to estimate a figure of damages from the hack, suggesting that over as $16 million in ERC 20 tokens were hijacked.

According to the latest police report, the investigation is “progressing well and advancing on several fronts.” Officials expect the inquiry to conclude on the 15th of February.

Read more: The Cryptopia Hack Timeline: as it happenedPolice has eyes on stolen Cryptopia funds, will leave office February 15

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