May 21, 2019 | AtoZ Markets - After the New Zealand exchange Cryptopia announced about its liquidation, the analysts from the blockchain company CoinFirm, reported that Cryptopia hackers started to move $16 million stolen funds to several wallets.
Crypto jackers move $16 million into multiple wallets
The crypto-jackers who managed to acquire $16 million in ethereum after the New Zealand exchange’s security breach are moving stolen cash into separate wallets, including two wallets directly connected to a Singapore-based global crypto exchange Huobi.
CryptoFirm which provides anti-money laundering and know your customer (KYC) services for virtual currencies and blockchain actors, suggests that the hackers are preparing to pull cash out via the aforementioned exchange. CryptoFirm official Grant Blaisdell reports that one of the Cryptopia hackers has already moved “30,790 ETH (~$7.67M) from the last address (red) to the new one. (yellow)”
According to Blaisdell, it happened on May 20, 2019, at 01:43:57 AM +UTC and the previous address still has got 29,770 ETH.”
Two other addresses as the CryptoFirm represent mentioned, received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and then went to a Huobi hot wallet.
As of about 2 pm EST on May 20 another 30,788 ETH moved into a new set of wallets, the blockchain company reported.
Cryptopia announces about ist liquidation 5 months after the hack
The Cryptopia’s team confirmed the hack in January 2019. The attack resulted in significant financial damages as over 9% of Cryptopia total holdings were stolen.
Blockchain’s data analytics firm Elementus later reported that Cryptopia’s platform experienced continuous attack and hackers regained control of the exchange, withdrawing funds from about 17,000 wallets.
Although the global cryptocurrency exchange Binance has frozen some of the funds that were stolen from Cryptopia's, it did not help the company to recover.
Cryptopia made a second attempt to regain its reputation and resumed its service in April. However, on May 15, after an 8-hour downtime, the New Zealand exchange announced that the company decided to appoint David Ruscoe and Russell Moore from Grant Thornton New Zealand as Cryptopia liquidators.
As for the stolen funds, it seems that the $16 million is not going to stay in its current address for long. Although it remains unclear what exactly is happening to this ether migration, detected by the CoinFirm, as it moves from wallet to wallet.
Think we missed something? Let us know in the comments section below