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Hackers Moves Cryptopia Stolen Funds in Bulk, 4500 ETH Laundered in 6 Hours

newslogical.com 19 January 2020 01:00, UTC
Reading time: ~2 m

More than 4500 ETH stolen during the Cryptopia hack has been moved by faceless hackers in the last 6 hours, data from Chainsguard have revealed.

The funds are being moved in bulk. Hackers laundering the fund through addresses that begin with 0x341a and more than 4,500 ETH ( $783,135 US Dollar) have been moved in the last 6 hours.

According to Chainsguard, at around 02:00 UTC on Jan 18, the said address was furnished with two large Ethereum transfers, and the funds have been moved to three distinct cryptocurrency exchange.

The hackers are still moving more funds after the first have been laundered into exchanges, and ETH address beginning with 0x93db, containing over 17,000 ETH, has moved 3,400 ETH to an address beginning with 0x341a. There’s high chance the fund transfer will still continue.

Cryptopia was hacked in January, and around $16 million in crypto-asset was moved out of the New Zealand Crypto exchange. Shortly afterward, liquidators moved in to settle the debts owed by the digital asset exchange.

For the past 7 months, the liquidators have recovered around $11 million, however, there are difficulties attached.

In Grant Thornton’s second report on the liquidation of Cryptopia Limited, the firm said it received around $7.18 million, with expenses increasing in number.

The liquidator said the expenses which are not limited to the payment of $2.46 million to some important creditors reduced the recovery to $4.74 million.

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