Cryptopia Hack Explained - A Short Summary

Cryptopia is the first crypto exchange to be hacked in 2019. Many in the crypto community, including Bitcoin supporter WhalePanda, stressed that the exchange had become irrelevant and therefore there should be no strong impact on the prices of most crypto currencies.

He also added that it was somewhat "unusual" that the attack took place during a bear market in which small exchanges were struggling to stay afloat, suggesting that the possibility of an insider job could not be ruled out.

As mentioned earlier, the market has not yet responded, but with Cryptopia's size, the impact on the price should remain manageable. Cryptopia mainly functions as an Altcoins exchange, where almost every coin or "shitcoin" is listed without significant volume.