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More Funds Were Stolen From Cryptopia but Max Galka Police Refute this Claims

In the second week of 2019 news of a hacking incidence at Cryptopia torn through the public domain reaching every crypto enthusiast. And as the cryptocurrency community was coming into terms with the hacking incidence, reports have emerged that the same hackers are still in control of Cryptopia and have transferred additional funds.

According to Max Galka Elementus CEO, the hacker took control of coins mined from different pools and stole Ethereum from 17,000 wallets holding approximately $260,000 worth of ETH under the noses of the police. Since the first hacking incidence, the police have been carrying out investigations to uncover the truth behind the loss of $16 million. When reached for a comment, Greg Murton Detective Inspector handling the case refuted Galka claims and said no other coins have been transferred from Cryptopia platform.

However, according to Galka’s blog post, at first it seemed like Cryptopia was transferring the remaining cryptocurrency to a secure address. But when the cryptocurrency in question was deposited into the same address used in the first hacking incidence, it clearly showed the hacker is still in control of Cryptopia systems. He/she had access to the whole system and was able to see tokens mined were being deposited into the platform’s wallet. And without hesitating the hacker transferred the funds to the same address used before. While reports have emerged from Galka’s stating otherwise, Cryptopia administrators haven’t come out to issue any statement concerning the hacking incidence. Moreover, according to Galka, the first incidence led to the exchange losing $23.2 million.

Funds Frozen

Although the funds were transferred from Cryptopia exchange, they were frozen once they hit Binance exchange a few days after the January 15th hack. And with the funds from the second hacking underway to whichever exchange the hackers choose, authorities urge the exchanges to freeze the funds. Apart from that, the police continue to pitch camp at Cryptopia’s offices in Sydenham. And are calling on their counterparts overseas to lend a hand when called upon by their officers. But at the moment their investigation is gaining traction. Since the incidence happened, they have gathered positive Intel which will lead to the tracing of addresses used and where the funds have been transferred to. Due to the anonymity nature of digital coins, it’s unlikely the hacker identity will be known.