On January 14, Cryptopia send an update through Twitter. Unscheduled maintenance has rarely been done in the past by the exchange, and immediately made many people begin to ask what was happening to the assets in their accounts. Roughly 18 hours later, Cryptopia was forced to release a statement regarding the hack:

It was barely 24 hours later that individuals investigating the known wallets through the blockchain were able to alert Binance to stolen funds being transferred to their exchange. CZ then responded letting everyone know about the asset being frozen. In the days after that, other exchanges followed suite, announcing the intention to also freeze any funds that come from flagged addresses.

Between January 21-28 we had many more revelations. Elementus released 2 separate reports detailing wallet movements and assets lost.

During this time the New Zealand police released statements saying good progress is being made in the case and the exchange should be opening soon. Both of these statements will be proven premature later.

On January 28 it was discovered the hackers continued to drain 17k wallets that were assumed to be safe. This netted the hackers almost $180k on that day despite law enforcement being involved at that point.

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