Cryptopia to Report on Alleged Losses of the Hack

Exact amount isn't official reported yet, team said "worst case 9.4% of our total holdings was stolen"
27 February 2019   524

Cryptopia said that in the worst case scenario, as a result of the hacking that took place in January, it lost a maximum of 10% of all its funds.

We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen. Please keep an eye on our page for further updates today.

Cryptopia @Twitter

At the same time, they didn’t name exactly what amount the exchange could lose in dollar terms.

Additionally, the administration of Cryptopia reported that it was preparing to resume work, ensuring the security of each wallet separately. In this regard, the exchange to ask to refrain from making deposits on the old addresses.

Cryptopia exchange was hacked in mid-January, havinglost, according to the data of the analytical company Elementus, $ 16 million. Soon, the same company reported that another $ 3.2 million had been stolen from Cryptopia.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   1187

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.