Police in New Zealand are operating with international law enforcement to trace down hackers who reportedly stole over $16.1 million from local exchange Cryptopia, the police reported in a very press release February. 7.

Cryptopia, that suffered an attack starting January. 15 and lasting around fortnight, has lost funds from tens of thousands of Ethereum (ETH) wallets.

After confirming they were investigation the case January. 16, police discovered today that they're coordinating an international effort to track each the funds and perpetrators, in an exceedingly report attributed to Detective Inspector Greg Murton. “The taken cryptocurrency is being actively tracked by Police and specialists worldwide due to the nature of the cryptocurrency blockchains being publicly accessible,” Detective Inspector Murton commented, adding:

“Excellent progress is being made within the investigation and that we are operational with Cryptopia management and current and former workers who are providing valuable help.”

The report additionally notes that the “investigation is anticipated to take a substantial amount of time to resolve because of the complexity of the cyber environment.” Murton added investigations at Cryptopia’s New Zealand headquarters would conclude by the end of next week.

As Top Market Group reported, the hackers appeared desperate to liquidate the stolen funds, resulting in preventative measures taken by fellow exchange Binance once it emerged they were attempting to sell the coins on its platform.

At the identical time, commentators have voiced doubts over the effectiveness of the police operation, arguing the nature of the hack means that it's less likely to result in convictions.

“No one seems to possess a clue what's happening. However this hasn't set out of the blue,” local news outlet Stuff quoted Auckland University professor of commercial law, Alex Sims, as saying Feb. 5.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now