Another Crypto Exchange HACKED (Cryptopia) – Bitcoin and Cryptocurrency News

it was just announced earlier today that another crypto exchange got hacked and this time crypto Pia but in reality we don't know when the next one's coming or which crypto change is gonna get hit so in this video I want to give you guys a short update on what's going on and really what you guys should do and how to protect yourself this is something that I've been saying for a while first of all if you must if you must keep your Kryptos on exchange at least do so on the bigger more trustworthy exchanges such as behind us and coinbase however do not do not try to trade or store on smaller unknown or shady exchanges because you are just putting yourself at extreme risk and we have seen this time and time again throughout 2018 we have seen many exchanges we've seen big rail lose almost 200 million dollars of nan-oh we have seen coin check lose almost 500 million in net and then we have seen other ones like zap and also decentralized changes such as Bank or also lose tens of millions of dollars your best course of action is if you're going to be storing your Kryptos because you want to trade or for whatever reason you want to store ice changes maybe there's no in convenient wallets then do so at least on the bigger exchanges but do not try to trade and store your cryptos on smaller unknown exchanges that are questionable because there's so many that's coming out every single day and that's because you don't want to lose all your funds you don't okay you put your hard hard-earned money into cryptos and now you're putting faith into someone else to actually safeguarding it and I mean think about it right with your fiat currency with your USD or Euros or Australian dollars or you just go walk into some shady bank and actually make a deposit or what do you rather go somewhere that you feel like it's safe right it's the same thing of crypto exchanges but if you guys want complete control over your crypto that you don't want to rely on someone make sure you store your Kryptos on a hardware wallet like a ledger or treasure or a mobile wallet or desktop wallet any kind of wallet that's off the exchanges and if you do that then you are in complete control of your Kryptos and then you don't have to worry about your funds being hacked or locked out on some exchange like crypto Pia today and that's pretty much it I want to give a big shout out to Simon who was one of my loyal followers he actually reported this to me this is how I got alerted he listened to my message and took off all his funds from Coto Pia so good for him now he does have to worry about his crypto is being stolen so that's it for this video guys I just want to let you guys know that crypto Pia got hacked today but who knows which exchange gets hacked tomorrow make sure you safeguard your own cryptos and if you must leave your cryptos on exchange at least do so on bigger well known exchanges and do not try and do not risk leaving your Kryptos I'm smaller unknown or shady exchanges because you're just setting yourself up for a huge loss that's it if you like this video make sure you hit the like and subscribe to the channel always appreciate it and I will see you guys later this week take care bye bye

19 thoughts on “Another Crypto Exchange HACKED (Cryptopia) – Bitcoin and Cryptocurrency News”

  1. If you don't have a Ledger Nano S yet, get it here:

  2. Биржа мошенники. Заблокировали аккаунт и украли 2500 долларов.


    New Zealand
    16 Jan 2019
    Cryptocurrency users try to reclaim funds from hacked exchange

    About 40 people have come forward to try and reclaim their investments with the New Zealand cryptocurrency exchange Cryptopia, which crashed this week after being hacked.

    Police have started investigating after millions of dollars of digital money disappeared from the online exchange, but people who made sizeable investments during the Bitcoin bubble fear their money may be gone for good.
    On 13 January, $US3.6 million ($NZ5.3m) was transferred from Cryptopia to an unknown digital wallet.
    The following day its website was down and concerned investors left in the dark, except for a brief statement that said there had been a security breach.
    It is not the first time digital currency investors have been anxious about money they were keeping with Cryptopia, which is similar to the way money is stored with banks.
    Christchurch lawyer Clive Cousins was approached early last year by investors who didn't know what was going on with their funds.
    "We were contacted initially by about three people, including a South African lawyer, who were complaining that they were having trouble transacting using their wallets and couldn't withdraw funds."
    Mr Cousins said a further 40 or so people have since approached him with an eye to launching a joint lawsuit.
    He said Cryptopia's success may have contributed to delays in processing transactions.
    In 2017 the company claimed to have 30,000 users around the world. This increased to 1.4 million by January last year.
    The lawsuit has stalled due to a lack of funding, but Mr Cousins said his clients still wanted to know what was happened to their money.
    Cryptocurrency consultant Josiah Spackman said one of the problems with Cryptopia was its focus on lesser known digital currencies, which meant not as many eyes were monitoring transactions as with currencies like Bitcoin.
    "Because they were often the exchange that people would go to for these lesser-known currencies – these up-and-comers – they got a bit of a reputation for that and they did in fact grow quite significantly from that.
    "Unfortunately, as a result they've had these other coins disabled. So once you purchase them you basically can't get them off the exchange."
    Mr Spackman said it could difficult to track down those responsible for the hack.
    "It is effectively like a bank holding the funds for thousands, tens of thousands, hundreds of thousands of users. And they are basically tasked with keeping it safe.
    "The problem is it's easier to hack a computer than to physically walk into a bank and take gold and silver."
    Police were today seen at Cryptopia's offices on Colombo St in the Christchurch suburb of Sydenham but no-one from the company could be reached for comment.
    Adrian Przelozny, from Sydney-based cryptocurrency exchange the Independent Reserve, said crypto exchanges were natural targets for hackers but attacks were becoming less frequent.
    "Smaller companies grew very quickly and they perhaps didn't have the controls in place to manage the amount of client funds they were holding."
    A Christchurch-based investigation team is being established and includes specialist police staff with expertise in this area.
    Police said they were liaising with relevant partner agencies in New Zealand and overseas.

  4. 99% internal attack… reason is they got greedy. they can afford to file bankruptcy. As an IT its easy to cover your tracks creating different scenario and leads to confuse investigation. Dont trust exchanges.

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  6. A good sign for safety of investors. Lesson to learn; do not invest in any coins without checking their background.

  7. This is another reason crypto struggles.. Why would any average Joe get involved when this happens. STSY AWAY FROM YOBIT THEY ARE SCAMMERS

  8. I wouldn't say cryptopia is necessarily a shady exchange, Just to give them the benefit of the situation this type of thing can happen to anybody.

    however never ever keep your funds on any Exchange… even Binance… store your sh*t in paper wallets, download a gui wallet… atleast have ownership of your keys..

    edit: I just watched the full video and you mentioned what I said above. well done. great video btw

  9. Cryptopia had a few that I liked exclusively listed. Seems like that is a reason not to follow those coins any more. So what do we do? Only buy coins that are offered on coinbase and binance? (Like we can trust THEM!?) I'm gonna stick to my BTC, XLM main holdings with a atomic wallet if I need privacy coins or other utilities.

  10. haha nice. the space only get safer like this. many coins are only on cryptopia. they are dead now. 🙂

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