Video has emerged of Hobart's William Crowther statue being cut down from its foundation.

The footage, posted to social media on Thursday shows two people dressed in black, one spray painting "what goes around" and "decolonize" on the statue's plinth while the other cuts down the statue from its ankles with a hand-held cutting device.

The video appears to be posted crym.earth, self-described as a "network of resistance against colonial exploitation… a fight to stop the climate crisis and take back power from the bastards who loot our planet".

Crym.earth said the video was provided anonymously with the following statement:

"On the lands where one of the truest and most brutal attempted genocides was committed against the Tasmanian Aboriginal people, it is unfathomable that the colony would continue to celebrate racist butchers like Crowther whilst continuing to sweep it's ongoing colonisation under the rug," the statement read, The Australian reports.

"We can't erase history, but we can tear down the horrible colonialists who have disgraced it until we wake up to the reality of colonisation on this continent."

The divisive statue of the colonial-era surgeon and former Tasmanian premier - who mutilated the corpse of Indigenous Tasmanian man William Lanne to steal his skull - was cut from its plinth overnight on Tuesday, just hours before the Tasmanian Civil and Administrative Tribunal (TASCAT) were due to announce a decision on an appeal against its removal.

It came after an initial attempt was made earlier in the week, with images circulating online of the statue's leg cut partway through.

The day after the statue's toppling, TASCAT dismissed an appeal that the statue's removal would detract from the heritage of Franklin Square after the Hobart City Council voted to have it removed last year.

"The proposal will change the monument and its appearance by removal of the statue and placement of an adjacent sign," TASCAT president Malcolm Schyvens said.

"That may be regarded as having some negative outcome historically, visually and aesthetically, but there are also positive resulting impacts.

"An understanding of the change will be fostered through the appropriately sited and scale temporary signage, which is intended to be replaced in time with permanent signage."

Video: ABC.

Members and supporters of the Tasmanian Aboriginal community have been longtime advocates for the statue's removal.

After being toppled earlier this week, Tasmanian Aboriginal Centre campaign manager, Nala Mansell said the Tasmanian Aboriginal community has been "fighting" for its removal for decades.

"I'm not endorsing what's happened but I think it goes to show that the people of Tasmania are people who understand right from wrong (and are) saying 'enough is enough,'" Ms Mansell told the ABC.

"We've been fighting for decades for it to be gone.

"Good on them for taking that action and doing what needed to be done a long time ago."

Following its toppling, Hobart Lord Mayor, Anna Reynolds said the statue would be continued to be cared for by Council.

"At the moment, the statue is being stored in a safe place, and we will continue to care for it," Ms Reynolds said, via the ABC.

"Our goal will be to reunite the feet with the rest of the statue and certainly care for it and preserve it in a respectful manner, which was always the decision of the council.

"We will get expert advice on that from a conservator."

Tasmania Police said in a statement it was aware of the footage, with investigations into the alleged vandalism continuing.

"Police are continuing to investigate the matter. At this stage, no charges have been laid."