Cryptopia Sheds Light on the Amount of Funds Stolen by Hackers

More than six weeks have passed since the Christchurch-based exchange was hacked, with plenty of speculation about the severity of the situation.

Subsequently, more information about the event began to reach the surface. Analytics and compliance company Elementus estimated that the stolen cryptocurrencies were worth around $16,000,000, less than 20% of which was in Ethereum. Seeing a number of tokens and coins in a situation where a significant portion of their market cap was in possession of hackers expectedly led to price crashes, Dentacoin being particularly affected.

The report also marked the beginning of speculation regarding the ability of the exchange to recover from the loss of funds and continue operating.

Month and a half after the event, Cryptopia have taken to Twitter to further shed some light on the situation. As can be seen by the message, the worst case scenario, judging by their calculations, is that 9.4% of the total funds held by the exchange have been stolen.

In addition, the exchange has reassured its customers that the rest of the funds are being moved to individually secured wallets, and announced that a read-only version of the exchange should be live by Monday.

And while the much-needed transparency was certainly welcomed by many in the community, investors’ trust might prove difficult to reclaim.