Stolen Cryptopia funds land on Huobi
PeckShield Inc. monitors the movement of the funds
Liquidators say Cryptopia owes over $4.2m

Shortly after a security company discovered that some parts of the stolen Cryptopia funds have landed on Huobi, liquidators reports have revealed that the exchange is owing over $4.2 million.
PeckShield Inc., a leading blockchain security company with the goal of increasing security, privacy, and usability of current blockchain ecosystem, highlighted how hackers moved the funds to different exchanges before transferring it to Huobi.
In January, around $16M funds in Ethereum and some other tokens were carted away on Cryptopia . Few months after, the funds are being moved by hackers to different exchanges.
As contained in a security data extracted from PeckShield Digital Asset Tracking and Recovery (DATAR) system, the hackers have moved 4,787 ETHs to Huobi with the remaining 26,003 ETHs waiting in the hacker’s wallets.
Analysing the fund paths, PeckShield’s security exerts revealed that the funds were moved to different addresses for a while. They try to move some funds to discover the best laundering paths.
At some points, the hackers used EtherDelta , a decentralized exchange (DEX), to move some funds using fake trades in a bid to avoid tracking.
When the hackers saw how cryptocurrency is doing in the market, they moved 5,000 ETHs into five different addresses within 16 hours.
Each address contains around 1,000 ETHs. When the hackers intend to launder some funds, they first initiate a fake trade on EtherDelta. After that, they then moved the funds to exchange using a lone address.
At the moment, the funds have landed on Huobi, and PeckShield is working with Huobi to get the laundered fund frozen by the exchange.
Around 4,787 ETHs are lying in Huobi exchange with 26,003 ETHs still in the hackers’ addresses.
Cryptopia Liquidators Report Indicates Exchange Owes over $4.2m
Liquidators have reported that Cryptopia is owing around $4.2 million to creditors which include its former employees.
As revealed from a report from Grant Thornton, Cryptopia is owing 69 unsecured creditors amounting to $2.1m, secured creditors are owed over $1.4m, with a deficit of $2.5m.
While investigation is still ongoing, Liquidators discovered Cryptopia is owing employees around $318,000 for unpaid salaries and holiday pay, it also owes employee $271,808 unsecured debt.Before liquidation, Cryptopia has 2.2 million users and around 37 staff.
The post Cryptopia Hacked Funds Land on Huobi As Liquidators Report Reveals Exchange Owes Over $4.2m appeared first on Today’s Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News .


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