In the tide of the digital age, the New Zealand Exchange is facing an unprecedented crisis. Recently, the exchange suffered a devastating hacker attack, which led to its application for bankruptcy protection. This news shocked the entire financial community and also triggered people's deep thinking about network security and digital asset management.

Hacker attack, the shadow of the digital age, is like an invisible sword hanging over the head of every digital trading platform. The experience of the New Zealand Exchange is undoubtedly a wake-up call, reminding us of the fragility of digital asset management. Hackers used advanced technical means to break through the defense line of the exchange and stole a large amount of user information and digital assets, causing huge losses to both users and exchanges. This is not only a technical challenge, but also a severe test of digital security awareness and emergency plans.

In this hacker attack incident, the response measures of the New Zealand Exchange were questioned. On the one hand, the exchange failed to take effective measures in time after discovering the abnormal situation, which gave hackers an opportunity to take advantage of it; on the other hand, there were obvious loopholes in the protection measures for user information and assets, and there was a lack of sufficient security protection measures. This lack of information security awareness and insufficient technical support has infinitely magnified the risk of hacker attacks, and ultimately led to the exchange's bankruptcy application.

As an important force in the field of financial technology, digital asset exchanges bear important responsibilities for digital asset management and trading. However, with the continuous development of technology and the increasingly cunning means of hacker attacks, the security protection system of exchanges urgently needs to be strengthened and improved. Only by strengthening technology investment, strengthening security awareness education and establishing a sound regulatory mechanism can we effectively prevent the risk of hacker intrusion and ensure the security of digital assets of users and exchanges.

Facing the New Zealand Exchange under the digital storm, we can't help but ask: Where is the future of digital asset management? How to strike a balance between information security and transaction efficiency? In the digital age, security and convenience coexist. How to seek breakthroughs between technological innovation and risk prevention? These issues will accompany us to the digital future and will also become important topics for us to think and discuss.

In this digital storm, the bankruptcy application of the New Zealand Exchange is undoubtedly a wake-up call, reminding us of the importance of digital security. I hope that through the lessons of this incident, more people can pay attention to digital security, promote the standardized development of digital asset management, and jointly protect the security and stability of the digital age. Let us join hands to jointly cope with the digital storm and open a new chapter in the digital future.

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Note: The above exchange logo is the official website registration link, and the text is the APP download link.

On May 26, according to Bitcoin Exchange Guide, New Zealand's Cryptopia Limited has filed for bankruptcy protection in the United States after losing $16 million in a hack in January this year. The company has more than 300,000 accounts from all over the world.

Event Review

On January 14, 2019, the New Zealand exchange Cryptopia tweeted that it had been hacked. According to an analysis by blockchain infrastructure company Elementus on January 20, the attack on the New Zealand exchange Cryptopia on January 4 may have lost up to $16 million worth of ETH and ERC20 tokens.

On February 7, according to a report by blockchain data company Elementus, of the cryptocurrencies stolen during the attack on the Cryptopia exchange, $3.2 million worth of cryptocurrencies have been liquidated by hackers through various means.

On February 27, the previously stolen cryptocurrency exchange Cryptopia tweeted to update the investigation process and said that it is continuing to assess the impact of the January hack. At present, the worst-case scenario is that 9.4% of the total assets are stolen.

On March 4, Cryptopia said it planned to reopen the website, but it was delayed due to various problems.

On March 5, New Zealand exchange Cryptopia tweeted: "The read-only website will be launched today. The website will show the user's account balance as of January 14."

On March 19, New Zealand exchange Cryptopia tweeted that the platform has resumed trading in 40 trading pairs and is working to expand the scope of recovery.

On May 14, it was reported that Cryptopia has been out of service for more than 48 hours, and the platform's social media channels Twitter and Discord have not been notified. At present, it seems that the suspension of service may be related to its liquidation process.

On May 26, New Zealand exchange Cryptopia filed for bankruptcy protection in the United States.

Latest developments

According to Coindesk, CoinFirm analysis said that hackers are transferring about $16 million worth of cryptocurrencies stolen from New Zealand exchange Cryptopia to multiple independent wallets.

At 9:43 am on May 20th, Beijing time, the address starting with 3fbaa transferred 30,790 ETH to the unknown wallet of d96ba. After inquiry, it was found that the address starting with 3fbaa was marked as "Cryptopia
Hack" by Whale_Alert. At the same time, two other addresses received a total of 1,000 ETH, and another 10 ETH were transferred to a deposit address and then transferred to a hot wallet of Huobi.

At about 2:00 am on May 21st, Beijing time, another 30,788 ETH were transferred to multiple new wallets.

At 17:42 pm on May 21st, Beijing time, the address starting with 0x338fd transferred 500 ETH to EtherDelta.

After 4 months, the hacker began to sort out the stolen money and went to the exchange to cash out. So far, PeckShield has monitored a total of 510 ETH flowing into the exchange, and the remaining ETH is still controlled in multiple independent hot wallets of the hacker.

Exchange bankruptcy

Speaking of exchange bankruptcy, there are actually precedents, such as the infamous "Mentougou Incident" in history. In the Mentougou incident, hackers stole nearly 750,000 bitcoins from users and 100,000 bitcoins from the exchange. In the end, Mt.Gox exchange filed for bankruptcy in February 2014.

Five years later...

On March 20, 2019, the Tokyo District Court of Japan issued a report on the "Mt.Gox Incident". The creditor applied for compensation of 1,167,841.7 bitcoins, which the court determined to be 938,476.2; applied for compensation of 1,363,351.4 bitcoin cash, which the court determined to be 938,476.2; applied for compensation worth 170.66 billion yen, which the court determined to be 10.2 billion yen. With the amount determined by the court, Mt.Gox has fallen into serious insolvency. For the victims of the Mentougou incident who have been waiting for 5 years, it seems that there will be an end.

Although the Tokyo District Court's verdict has been announced, for users, it seems that they have missed too much in the past five years. They missed the 100,000 Bitcoin in the bull market and also missed the best time of their lives.

Compared with the difficult road of rights protection of the Mentougou Exchange, the road of rights protection for users of the New Zealand exchange Cryptopia is full of more uncertainty.