The AurumCoin (AU) website recently released a notice stating that the Cryptopia exchange attack took away all the AU coins from its Cryptopia wallets. Surprisingly, the exchange did not recognize any traces of hack or attack. According to AurumCoin, it lost around 15,752.26 AU from its wallets.
One of the largest crypto exchanges in New Zealand, Cryptopia lists a wide range of coins with many small altcoins preferring this platform to start business operations.
AurumCoin declares 51% cryptopia exchange attack
AurumCoin, the first distributed open-source crypto supported by gold in a statement on its official website said that it suffered a 51% cryptopia exchange attack. According to experts, when nefarious actors take control of the hashing power of a network it leads to a 51% attack. If this happens, theoretically it would grant the hackers complete control of the confirmation of transactions thereby reversing transactions, stopping new transactions and double spending coins.
The statement on the AurumCoin’s site further says, “Aurum coin network is not the responsibility of anyone same as Bitcoin network, it is open source distributed cryptocurrency. What’s worse is that cryptopia exchange does not admit it. This is not the way to solve this problem.” Despite losing so much AU from its cryptopia wallets the AurumCoin remained tight-lipped about it until now, surprising cryptoanalysts and traders.
Cryptopia unwilling to take any action
Prior to this attack on AurumCoin, Verge and Bitcoin Gold also suffered from 51% attacks with their respective networks facing disruption in 2017. Whenever such an incidence occurs, the major concern is to trace the missing coins and how to address the situation and move forward. Even though the incidence of hacking seems to be real, Cryptopia is still unwilling to do anything to resolve the issue in its entirety. Even though the company is not denying the incident, it is neither accepting that there is a problem.
This unwillingness from the company is creating a huge problem for the users who are not seeing any success in their efforts to reclaim their lost funds.