Binance Able To Freeze Hacked Crypto From Cryptopia

| Publish date: 01/18/2019
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Binance Cryptocurrency Exchange

Just earlier this week, the cryptocurrency world was shocked following the hack involving the digital currency exchange Cryptopia. It reportedly suffered from a significant security breach, which gave hackers the opportunity to run away with around 19,390 Ethereum. Interestingly, Binance was successful in foiling the transaction coming from the hacker.

Authorities Jumpstarted Investigation

Following the incident, the New Zealand authorities announced their decision to immediately jumpstart the investigation. However, the police acknowledged the fact that the aforementioned hack is quite a “complex” matter.” That is why they want to consider all possibilities, as this would help in expediting the case.

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According to the official report, the hack saw Cryptopia losing between $2.5 million and $3.5 million worth of Centrality (CENNZ) and Ether (ETH). While it is true that the police have decided to refrain from releasing an official figure, it confirms that the amount involved is “significant.” Other reports also suggest that the New Zealand authorities have already deployed a massive investigative team to the company’s Christchurch premises.

Binance Freezes Hacked Funds

As per the words of Hacken, a blockchain security company, the hack was first noticed as soon as the aforementioned funds were transferred directly from Cryptopia’s tagged wallet. Fortunately, the firm’s quick discovery of it has greatly helped in preventing a substantial part of the proceeds from being hacked.

Basically, the CEO of Binance named Changpeng Zhao announced that the digital currency exchange was successful in retaining some of these exploited funds. Zhao also questioned why these hackers insist on forwarding stolen funds directly to Binance.

Zhao posted on Twitter and revealed that the exchange was able to freeze the funds from the Cryptopia hack. In what may appear to be a mockery, Zhao question the hackers’ way of exploiting the amount. For him, social media will be there to report the incident right away; hence, they were able to freeze it. In other words, it was more of a high risk move from the exploiters.

The Investigative Team

As of press time, the New Zealand authorities have sent teams and processed that they believe would help in solving the case. The Investigative Team, in particular, is composed of members from Canterbury CB and the country’s High Tech Crime Unit, which is a specialized cybercrime division.

Mentioning that all possibilities must be taken into consideration, the authorities are also looking at the likelihood of Cryptopia being involved in the hack. However, the police said that this is not necessarily the conclusion. They are merely looking at every possible angle.

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