Even as hacked crypto exchange Cryptopia goes into liquidation, the thieves who cleared at least $16 million in ethereum appear to have begun moving the stolen crypto into multiple wallets.
In January Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Although the company never disclosed the amount, independent analytics firms estimated that a hacker or hackers made off with over $16 million in ethereum and other tokens.
On May 15 the exchange shut down trading and posted a message regarding liquidation:
"Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. ...
“Given the complexities involved we expect the investigation to take months rather than weeks.”
Image courtesy of CoinFirm
Now, according to an analysis by Coinfirm, the hackers are moving that cash into separate wallets, including two CoinDesk found that were directly connected to Huobi.
Screenshot from Etherscan
As of about 2pm EST on May 20 another 30,788 ETH moved into a new set of wallets.
While there is no telling what exactly is happening to this ether as it moves from wallet to wallet, it's clear that the $16 million isn't going to sit still for long.
Cryptopia image via Shutterstock.
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