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Cryptopia, New Zealand-Based Cryptocurrency Exchange, Hacked

One of the issues that has consistently surrounded the cryptocurrency markets is the idea of security. While other individuals can invest securely in stocks, for example, without having to have a constant fear of their funds being lost – the same cannot always be said for cryptocurrency investors and traders. In 2018, over $1 billion was stolen in cryptocurrency, for example.

It appears as though those issues are continuing, as cryptocurrency exchange Cryptopia has now gone offline thanks to a security breach. The New Zealand-based exchange addressed the issue on Twitter, and many are speculating about it.

About The Exchange

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Cryptopia was originally a mining pool, but eventually transitioned into a cryptocurrency exchange. It does have a certain status among cryptocurrency exchanges, considering that it has been around since 2014, before many other exchanges existed or thrived. It eventually gained a user base of over 1 million users over the course of several years.

One of the reasons that many use Cryptopia in particular is the fact that it has so many trading pairs. Others also believe that it offers some great “micro cap” cryptocurrencies, that might offer more growth potential than other projects.

About The Incident

The exchange has made updates on Twitter regularly, and since January 10, has been describing particular issues. First, on January 10, the exchange tweeted that their Bitcoin (BTC) wallet had maintenance issues that would affect users. The exchange then continued to tweet about “unscheduled maintenance”. You can see the tweets below:

The exchange then finally tweeted about the security breach, stating that they had contacted the authorities regarding the hack. Many have grown suspicious about the hack, specifically because a significant amount of money seems to have been moved before Cryptopia went offline. This marks the first major cryptocurrency hack of 2019.

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