Cryptocurrency exchange Cryptopia has relaunched its site in ‘read-only’ mode after a hack in January cost the exchange $16 million USD.
After a damaging hack earlier this year caused the New Zeland-based exchange to shut down temporarily, the exchange has mounted a come back almost 2 months later with a read-only version of their site that shows user balance as at January 14th.
The company tweeted:
Initially, the relaunch was expected yesterday (March 4) but was postponed to today. The relaunch comes after the exchange made some security enhancements to prevent another hack like the latest breach, which affected over 76 thousand user wallets whose private keys were stolen and robbed of coins worth millions of dollars.
According to in-depth research regarding the breach, it is reported that $16 million USD was stolen with the largest portion coming from Ethereum wallets which accounted for $3 million USD of the hack, followed by Dentacoin worth $2.4 million USD and Centrality worth $1.1 million USD
Though there has been contradictory information concerning the amount that was stolen in the hack, Cryptopia recently announced that it was less than 10% of their total holdings.
Security Measures Put In Place By Cryptopia
Cryptopia has undertaken several security improvements with the topmost priority being securing all wallets individually. The exchange has also asked all its users to stop depositing funds to old addresses as they may be included in the list of compromised wallets.
At the start of this month, Cryptopia disclosed it had moved 24% of its wallets to a new server:
We have transitioned 24% of all wallets to our new secure servers. Once the read only site is online, we will be keeping users up to date on which wallets have been checked and secured via the coin info page.
Cryptopia is working hard towards a full relaunch and improvements moving forward with both founders of the exchange, Adam Clark & Rob Dawson returning to the platform to help with strategic directions.
With the founders returning to Cryptopia and the various security improvements, it will be interesting to see whether the increasing momentum will be sustained with a tough focus on security.
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