Cryptopia’s Lack of a Backup Database can Cost Users Another $2 Million16

There is never a shortage of controversy in the cryptocurrency world. Following its hack earlier this year, there have been a lot of questions regarding Cryptopia and how things would move on from there. So far, it seems little to no real progress has been made, and things are even worse than initially assumed. In a recent reveal, it became apparent the company doesn’t even have a backup of its hacked database, as that is controlled by a third party. That third party is owed some money by the exchange as well.

It is never good to see any cryptocurrency exchange go through a hack. In the case of New Zealand’s Cryptopia, said hack took place earlier in 2019. It is believed nearly $16m worth of funds has been stolen from the platform and its users. Recovering the funds has proven to be very difficult, if not entirely impossible. An official investigation is still ongoing, albeit the new information coming to the surface casts a dark shadow over the exchange and how it was run. Not a good sign for its customers, albeit it seems unlikely too many people hold out hope of getting their money back.

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