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Crypto-currency exchange hacked in New Zealand Cryptopia resumed trading on 40 cryptocurrency pairs, quantified as "secure". However, users who owned Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) will face severe "haircuts".
Cryptopia resumes its commercial activities
A New Zealand cryptocurrency exchange that suffered a serious security breach earlier this year. The site then announced that hackers had managed to steal up to 9.4% of its total capital in "the worst case".
A few months after the attack, the exchange tries to get back on its feet.
Cryptopia resumed you trade on 40 cryptocurrency trading pairs, all quantified as "secure". You will find the list of supported pairs here.
In addition, in an e-mail sent to the relevant customers, the exchange revealed its loss compensation plan.
The email indicates that if a user has a lost coin balance, he will start to see withdrawals from his account for the respective coins. However, their transaction IDs will not exist on the network, but they will explain the impact of the piece on the attack.
In addition, the e-mail also indicates that the users concerned will eventually obtain a "discount", while specifying the following:
For each withdrawal, you will also see a subsequent deposit of Cryptopia Loss Marker (CLM). The corresponding TXID will also not exist on a network but will detail the part for which it represents a loss. CLM is not a coin, it can not be exchanged yet, it's just a number in the database that represents the loss for each coin for each user in $ NZD at the time of the event.
At the time of writing, no further explanation has been provided regarding the refund and the exchange has indicated that more needs to be done to ensure legality.
Impending haircuts
Regardless of the badurances given by the exchange, the recently published information page on securing their portfolios is causing concern.
We are progressing in securing our portfolios, you can check the status here: https://t.co/KAFQw8JpXN
Offline means that parts have not been checked yet.
In Maintenance means that the part has been secured.
The maintenance message will detail the impact of the event on this part.– Cryptopia Exchange (@Cryptopia_NZ) March 16, 2019
According to this page, Bitcoin is currently 86% secure and will receive a "discount" of 14%. Litecoin (LTC), meanwhile, would have a haircut of 43%.
The situation worsens with Ethereum (ETH), which has not been secured and is facing a 100% haircut.
Cryptopia did not specify what a "haircut" is in light of recent events. However, some users are report that they received most of their BTC, while obtaining CLM tokens of the amount of the "haircut" stipulated.
What do you think about Cryptopia hacking and its subsequent recovery? Would you trust the cryptocurrency exchange again? Do not hesitate to let us know in the comments below.
Images courtesy of Shutterstock
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