Cryptopia Liquidation Hack - Revision history

Azoundria at 18:51, 2 May 2023

2023-05-02T18:51:08Z

← Older revision		Revision as of 12:51, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Cryptopia2.jpg\|thumb\|Cryptopia]]It seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract.		[[File:Cryptopia2.jpg\|thumb\|Cryptopia]]It seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract.

	This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.		This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.<ref name="cryptosec-442" /><ref name="newsdotbitcoin-443" /><ref name="cryptoinvestor-444" /><ref name="cryptopiarescue-445" /><ref name="investontrend-446" /><ref name="citytelegraph-447" /><ref name="yahoofinance-448" /><ref name="stuffnewzealand-449" /><ref name="slowmisthacked-1160" />
	<ref name="cryptosec-442" /><ref name="newsdotbitcoin-443" /><ref name="cryptoinvestor-444" /><ref name="cryptopiarescue-445" /><ref name="investontrend-446" /><ref name="citytelegraph-447" /><ref name="yahoofinance-448" /><ref name="stuffnewzealand-449" /><ref name="slowmisthacked-1160" />

	== About Cryptopia ==		== About Cryptopia ==
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	!Description		!Description
	\|-		\|-
	\|February 15th, 2021 ~~12:00:00 AM~~		\|February 15th, 2021
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			This type of breach can be prevented through moving funds into an offline multi-signature wallet, which is controlled by trusted and trained individuals.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~This type of breach can be prevented through moving funds into an offline multi-signature wallet, which is controlled by trusted and trained individuals.~~

	== References ==		== References ==
	<references><ref name="cryptosec-442">[https://cryptosec.info/exchange-hacks/ The Complete List of Crypto Exchange Hacks - CryptoSec] (May 10, 2021)</ref>		<references><ref name="cryptosec-442">[https://cryptosec.info/exchange-hacks/ The Complete List of Crypto Exchange Hacks - CryptoSec] (May 11, 2021)</ref>

	<ref name="newsdotbitcoin-443">[https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process – Security Bitcoin News] (May 10, 2021)</ref>		<ref name="newsdotbitcoin-443">[https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process – Security Bitcoin News] (May 11, 2021)</ref>

	<ref name="cryptoinvestor-444">[http://www.cryptoinvestor.news/news/bitcoin/2021/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process - Crypto Investor News] (May 10, 2021)</ref>		<ref name="cryptoinvestor-444">[http://www.cryptoinvestor.news/news/bitcoin/2021/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process - Crypto Investor News] (May 11, 2021)</ref>

	<ref name="cryptopiarescue-445">[https://www.cryptopiarescue.com/post/cryptopia-hacked-again Cryptopia Hacked Again] (May 10, 2021)</ref>		<ref name="cryptopiarescue-445">[https://www.cryptopiarescue.com/post/cryptopia-hacked-again Cryptopia Hacked Again] (May 11, 2021)</ref>

	<ref name="investontrend-446">[https://dev.investontrend.com/2021/02/20/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process] (May 10, 2021)</ref>		<ref name="investontrend-446">[https://dev.investontrend.com/2021/02/20/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process] (May 11, 2021)</ref>

	<ref name="citytelegraph-447">[https://citytelegraph.com/news/2627/cryptopia-crypto-exchange-robbed-hackers-withdrew-45-thousand-worth-of-crypto-assets/ Cryptopia crypto exchange robbed : Hackers withdrew $ 45 thousand worth of crypto assets \| City Telegraph] (May 10, 2021)</ref>		<ref name="citytelegraph-447">[https://citytelegraph.com/news/2627/cryptopia-crypto-exchange-robbed-hackers-withdrew-45-thousand-worth-of-crypto-assets/ Cryptopia crypto exchange robbed : Hackers withdrew $ 45 thousand worth of crypto assets \| City Telegraph] (May 11, 2021)</ref>

	<ref name="yahoofinance-448">[https://finance.yahoo.com/news/cryptopia-exchange-currently-liquidation-gets-091901379.html Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report] (May 10, 2021)</ref>		<ref name="yahoofinance-448">[https://finance.yahoo.com/news/cryptopia-exchange-currently-liquidation-gets-091901379.html Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report] (May 11, 2021)</ref>

	<ref name="stuffnewzealand-449">[https://www.stuff.co.nz/national/crime/124249161/assets-worth-62000-allegedly-stolen-from-liquidated-company-cryptopia Assets Worth 62000 Allegedly Stolen From Liquidated Company Cryptopia] (May 10, 2021)</ref>		<ref name="stuffnewzealand-449">[https://www.stuff.co.nz/national/crime/124249161/assets-worth-62000-allegedly-stolen-from-liquidated-company-cryptopia Assets Worth 62000 Allegedly Stolen From Liquidated Company Cryptopia] (May 11, 2021)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref></references>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref></references>

Azoundria at 17:52, 17 February 2023

2023-02-17T17:52:20Z

← Older revision		Revision as of 11:52, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}}
			{{Unattributed Citations}}

	[[File:Cryptopia2.jpg\|thumb\|Cryptopia]]It seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract.		[[File:Cryptopia2.jpg\|thumb\|Cryptopia]]It seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract.

	This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.		This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.
			<ref name="cryptosec-442" /><ref name="newsdotbitcoin-443" /><ref name="cryptoinvestor-444" /><ref name="cryptopiarescue-445" /><ref name="investontrend-446" /><ref name="citytelegraph-447" /><ref name="yahoofinance-448" /><ref name="stuffnewzealand-449" /><ref name="slowmisthacked-1160" />

	== About Cryptopia ==		== About Cryptopia ==
Line 27:		Line 29:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 49:		Line 50:
	\|-		\|-
	\|February 15th, 2021 12:00:00 AM		\|February 15th, 2021 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $45,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 73:		Line 70:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 84:		Line 81:

	== References ==		== References ==
	[https://cryptosec.info/exchange-hacks/ The Complete List of Crypto Exchange Hacks - CryptoSec] (May 10)		<references><ref name="cryptosec-442">[https://cryptosec.info/exchange-hacks/ The Complete List of Crypto Exchange Hacks - CryptoSec] (May 10, 2021)</ref>

	[https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process – Security Bitcoin News] (May 10)		<ref name="newsdotbitcoin-443">[https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process – Security Bitcoin News] (May 10, 2021)</ref>

	[http://www.cryptoinvestor.news/news/bitcoin/2021/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process - Crypto Investor News] (May 10)		<ref name="cryptoinvestor-444">[http://www.cryptoinvestor.news/news/bitcoin/2021/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process - Crypto Investor News] (May 10, 2021)</ref>

	[https://www.cryptopiarescue.com/post/cryptopia-hacked-again Cryptopia Hacked Again] (May 10)		<ref name="cryptopiarescue-445">[https://www.cryptopiarescue.com/post/cryptopia-hacked-again Cryptopia Hacked Again] (May 10, 2021)</ref>

	[https://dev.investontrend.com/2021/02/20/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process] (May 10)		<ref name="investontrend-446">[https://dev.investontrend.com/2021/02/20/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process] (May 10, 2021)</ref>

	[https://citytelegraph.com/news/2627/cryptopia-crypto-exchange-robbed-hackers-withdrew-45-thousand-worth-of-crypto-assets/ Cryptopia crypto exchange robbed : Hackers withdrew $ 45 thousand worth of crypto assets \| City Telegraph] (May 10)		<ref name="citytelegraph-447">[https://citytelegraph.com/news/2627/cryptopia-crypto-exchange-robbed-hackers-withdrew-45-thousand-worth-of-crypto-assets/ Cryptopia crypto exchange robbed : Hackers withdrew $ 45 thousand worth of crypto assets \| City Telegraph] (May 10, 2021)</ref>

	[https://finance.yahoo.com/news/cryptopia-exchange-currently-liquidation-gets-091901379.html Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report] (May 10)		<ref name="yahoofinance-448">[https://finance.yahoo.com/news/cryptopia-exchange-currently-liquidation-gets-091901379.html Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report] (May 10, 2021)</ref>

	[https://www.stuff.co.nz/national/crime/124249161/assets-worth-62000-allegedly-stolen-from-liquidated-company-cryptopia Assets Worth 62000 Allegedly Stolen From Liquidated Company Cryptopia] (May 10)		<ref name="stuffnewzealand-449">[https://www.stuff.co.nz/national/crime/124249161/assets-worth-62000-allegedly-stolen-from-liquidated-company-cryptopia Assets Worth 62000 Allegedly Stolen From Liquidated Company Cryptopia] (May 10, 2021)</ref>

	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}} CryptopiaIt seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract. This exchange or platform is based in New Zealand, or the incident targeted pe..."

2023-01-25T20:42:52Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}} thumb|CryptopiaIt seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract. This exchange or platform is based in New Zealand, or the incident targeted pe..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/cryptopialiquidationhack.php}}

[[File:Cryptopia2.jpg|thumb|Cryptopia]]It seems fairly certain that the funds were not stored in a multi-signature wallet, and may even have been connected to an online system. It's possible that only a portion of the tokens were taken since the others were locked into a staking contract.

This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.

== About Cryptopia ==
"Controversy still surrounds a liquidated New Zealand cryptocurrency exchange, which allegedly got hacked again. Adding to the $30 million stolen in 2019, Cryptopia reports that it was the target of another theft incident on February 1, 2021." "Cryptopia’s liquidators were appointed in May 2019 to start the process of shutting down the crypto exchange."

"Cyber fraudsters withdrew $ 45,000 worth of crypto assets from the New Zealand bitcoin exchange Cryptopia, which has been in the process of liquidation since 2019." "Liquidator Grant Thornton New Zealand said it hadn’t authorized the movement of funds and that it is investigating the incident, according to an email seen by Stuff." "The news comes soon after Grant Thornton finally started allowing former users of the exchange to enter claims to retrieve their assets."

"The wallet belongs to Stakenet and is under the control of Cryptopia’s liquidators, Grant Thornton. Per the findings, the dormant wallet was holding around $1.96 million worth of XSN, Stakenet’s native token." "According to Stuff.co.nz, the hackers took around NZD 62,000 ($45,000) worth of cryptocurrencies from the troubled exchange. The alert first came from Stakenet, a U.S.-based blockchain firm." "An email, seen by Stuff, from Grant Thornton’s Tom Aspin to Stakenet said it was investigating the transaction, which was not authorised by the liquidator." "Grant Thornton did not respond to requests for comment. It is understood the liquidator has contacted police about the alleged theft." "As of press time, they haven’t addressed the recent alleged hack publicly." "The incident is under investigation."

This exchange or platform is based in New Zealand, or the incident targeted people primarily in New Zealand.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Cryptopia Liquidation Hack
!Date
!Event
!Description
|-
|February 15th, 2021 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
This type of breach can be prevented through moving funds into an offline multi-signature wallet, which is controlled by trusted and trained individuals.

== References ==
[https://cryptosec.info/exchange-hacks/ The Complete List of Crypto Exchange Hacks - CryptoSec] (May 10)

[https://news.bitcoin.com/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process – Security Bitcoin News] (May 10)

[http://www.cryptoinvestor.news/news/bitcoin/2021/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process - Crypto Investor News] (May 10)

[https://www.cryptopiarescue.com/post/cryptopia-hacked-again Cryptopia Hacked Again] (May 10)

[https://dev.investontrend.com/2021/02/20/troubled-nz-crypto-exchange-cryptopia-suffers-another-hack-in-the-midst-of-liquidation-process/ Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process] (May 10)

[https://citytelegraph.com/news/2627/cryptopia-crypto-exchange-robbed-hackers-withdrew-45-thousand-worth-of-crypto-assets/ Cryptopia crypto exchange robbed : Hackers withdrew $ 45 thousand worth of crypto assets | City Telegraph] (May 10)

[https://finance.yahoo.com/news/cryptopia-exchange-currently-liquidation-gets-091901379.html Cryptopia Exchange, Currently in Liquidation, Gets Hacked Again: Report] (May 10)

[https://www.stuff.co.nz/national/crime/124249161/assets-worth-62000-allegedly-stolen-from-liquidated-company-cryptopia Assets Worth 62000 Allegedly Stolen From Liquidated Company Cryptopia] (May 10)

[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)