Topic: [2019-07-12] Japanese Exchange Hacked for $32 Million in Cryptocurrency - page 2. (Read 379 times)
July 13, 2019, 01:50:58 PM
Not again but actually im aint surprised anymore for these exchange hacks everynow and then.Just wondering why Korean and Japanese exchange do always been targeted out? Does this mean they have weaker security or just really prone to inside jobs of its employees?
July 13, 2019, 12:43:02 PM
I think this is to small amount of money to cause any negative changes to the market, especially because this is not some well known crypto exchange. Binance hack of 7000 BTC few months ago had almost no negative effect, so it seems that people do not fall so easily under the influence of the bad news.
Problem for crypto exchanges is in fact that most of them keep too much coins in hot wallets, and that is invitation for hackers. Japan is have strict rules for crypto exchanges, but consider all the hacking which happen there, some things are obviously just a dead letter on paper.
Problem for crypto exchanges is in fact that most of them keep too much coins in hot wallets, and that is invitation for hackers. Japan is have strict rules for crypto exchanges, but consider all the hacking which happen there, some things are obviously just a dead letter on paper.
The wound of Mt. Gox still didn't fully heal and every time an exchange gets hacked, there are people who start to worry that it will cause a price crash, but the recent history shows that Bitcoin today is big enough to ignore such problems. Fiat doesn't crash when a bank is robbed (and there are some pretty big hacking cases when millions got stolen), so why should Bitcoin crash, especially when the sums are small compared to all the coins in circulation.
July 13, 2019, 12:34:18 PM
Maybe at some point. But what people do know that this will happen? It's still on the exchange. They are keeping the funds. They should have made a better security.
Uh, there have been dozens of hacks in the last couple of years if we include other countries. It should be known that exchanges aren't immune to hacks, and hackers especially at these prices are trying their best to get in.Also, better security is better until it no longer is. If an exchange adds important changes to enhance their security today, it might be outdated tomorrow and therefore vulnerable.
The best is to not rely on an exchange for storage purposes. Buy a sub $100 hardware wallet and you can store most of the top crypto currencies. This is how hacks will no longer impact your holdings.
July 13, 2019, 11:56:57 AM
There are already so many incidents of security breaches in exchanges.
I wonder why people still save their cryptos in exchange wallets and they don't store them in any hardware wallet of something away from exchanges. For so many times, hacks have happened and will continue to happen.
I wonder why people still save their cryptos in exchange wallets and they don't store them in any hardware wallet of something away from exchanges. For so many times, hacks have happened and will continue to happen.
July 13, 2019, 09:44:52 AM
Well, the exchange should cover what they lost. If not, traders are screwed. Some exchanges that are backed and lost the funds were closed and never recovered and so as the traders fund. That's sucks because it's suppose to be their responsibility to take care of the funds but end up losing it because of negligence of their responsibility.
And we as traders, we have a responsibility to check whether the exchange is safe enough and credible enough to use. Do they have insurance policy if ever some incidents like this happen?
Maybe at some point. But what people do know that this will happen? It's still on the exchange. They are keeping the funds. They should have made a better security.
And we as traders, we have a responsibility to check whether the exchange is safe enough and credible enough to use. Do they have insurance policy if ever some incidents like this happen?
I don't think we should blame the people that are working in these exchanges. Cryptocurrency is relatively new and exchanges are a big target because they are not as secure as banks it's very hard to maintain security in this environment.
Of course we should. We should also blame people letting their coins sit in an exchange if they aren't trading. After everything that happened in Japan I wouldn't trust a single exchange there.
July 13, 2019, 09:19:23 AM
It not that it is Japanese or Korean.
It is that they have lots of liquid coins . So they are targets.
No exchange is truly “safe” from hacks.
Inside jobs abound. Many times two insiders are all that is needed.
I keep coins in trezor and in core wallets. And very little in exchanges .
Say 10 to 1 ratio.
It is that they have lots of liquid coins . So they are targets.
No exchange is truly “safe” from hacks.
Inside jobs abound. Many times two insiders are all that is needed.
I keep coins in trezor and in core wallets. And very little in exchanges .
Say 10 to 1 ratio.
July 13, 2019, 09:03:54 AM
I don't think we should blame the people that are working in these exchanges. Cryptocurrency is relatively new and exchanges are a big target because they are not as secure as banks it's very hard to maintain security in this environment.
Of course we should. We should also blame people letting their coins sit in an exchange if they aren't trading. After everything that happened in Japan I wouldn't trust a single exchange there.How many Japanese exchanges have been hacked now in a fairly shorty period of time? 5? Something is fundamentally wrong with how these people think an exchange should be operated. It's mind boggling.
These guys clearly don't know how to handle the responsibility of making sure people's funds are safe. I'm sure the only thing they focused on were the profits that they were generating.
July 13, 2019, 08:41:45 AM
I don't think we should blame the people that are working in these exchanges. Cryptocurrency is relatively new and exchanges are a big target because they are not as secure as banks it's very hard to maintain security in this environment.
Yes we should.
Look at the Coincheck hack. They lost hundreds of millions of dollars' worth of XEM because ALL of it was in a hot wallet. This is a coin that actually has multi sig built into it yet they couldn't be bothered to use it.
Even if they'd spent $90 on a Trezor it would've been prevented but it was clearly preferable to lose $500 million instead.
July 13, 2019, 08:34:03 AM
Problem for crypto exchanges is in fact that most of them keep too much coins in hot wallets, and that is invitation for hackers.
There were many exchanges that had not only the hot wallets hacked but also the cold wallets,only Binance cold wallets resisted the hacks I believe.I suspect some , if not many of the hacks were inside jobs
If an exchange cares about security inside jobs shouldn't even be possible, they should be the first secuirty measure to implement before caring about external hackers..When I was a little girl I was told repeatedly that Asians were all competent and efficient and stuff yet Japan and Korea have become the world capital of hacks.
I don't think we should blame the people that are working in these exchanges. Cryptocurrency is relatively new and exchanges are a big target because they are not as secure as banks it's very hard to maintain security in this environment. 
July 13, 2019, 08:25:51 AM
never happened before and now again ....
what is sad it is not even surprising anyone anymore
hacks or "hacks" happen nearly every month and even the countries like Korea and Japan are not exempt
I suspect some , if not many of the hacks were inside jobs , but the security issues stands - I would not hold any substantial amount of coins at any exchange anymore
this was a lot of coins too and we could see them stolen coins dumped elsewhere and the price go down because of that
what is sad it is not even surprising anyone anymore
hacks or "hacks" happen nearly every month and even the countries like Korea and Japan are not exempt
I suspect some , if not many of the hacks were inside jobs , but the security issues stands - I would not hold any substantial amount of coins at any exchange anymore
this was a lot of coins too and we could see them stolen coins dumped elsewhere and the price go down because of that
July 13, 2019, 06:53:16 AM
When I was a little girl I was told repeatedly that Asians were all competent and efficient and stuff yet Japan and Korea have become the world capital of hacks. I thought the extremely expensive and comprehensive Japanese licencing was partly about satisfying the people who issue them that this wouldn't happen?
I'd be very curious to know what places like Coinbase and Gemini are doing that these places are not.
I'd be very curious to know what places like Coinbase and Gemini are doing that these places are not.
July 13, 2019, 06:44:42 AM
News about cryptocurrency exchange platforms being hacked aren't sensational anymore. 
This happens really often and the smaller exchange platforms don't have the money(or simply don't want to invest)to upgrade their security.It's weird that most of the hacked exchanges are from Japan and South Korea,two of the most technologically advanced countries in the world.
This happens really often and the smaller exchange platforms don't have the money(or simply don't want to invest)to upgrade their security.It's weird that most of the hacked exchanges are from Japan and South Korea,two of the most technologically advanced countries in the world.
July 13, 2019, 05:58:06 AM
I think this is to small amount of money to cause any negative changes to the market, especially because this is not some well known crypto exchange. Binance hack of 7000 BTC few months ago had almost no negative effect, so it seems that people do not fall so easily under the influence of the bad news.
Problem for crypto exchanges is in fact that most of them keep too much coins in hot wallets, and that is invitation for hackers. Japan is have strict rules for crypto exchanges, but consider all the hacking which happen there, some things are obviously just a dead letter on paper.
Problem for crypto exchanges is in fact that most of them keep too much coins in hot wallets, and that is invitation for hackers. Japan is have strict rules for crypto exchanges, but consider all the hacking which happen there, some things are obviously just a dead letter on paper.
July 12, 2019, 03:35:39 AM
Bitpoint, a licensed cryptocurrency exchange based in Japan, has been hacked for $32 million in crypto assets.
That's about 2750BTC worth... Did the hackers actually get to cash out and it maybe was part of the cause that made Bitcoin go under 11k, or we can expect another drop these days?
It saddens me to see that each and every exchange need to get hacked first in order to get their security really good...
July 12, 2019, 02:30:39 AM
https://www.coindesk.com/japanese-exchange-bitpoint-hacked-by-32-million-worth-in-cryptocurrencies?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20
Bitpoint, a licensed cryptocurrency exchange based in Japan, has been hacked for $32 million in crypto assets.
According to a CoinDesk Japan report on Friday, Bitpoint halted all services including trading, deposit and withdrawal of all crypto assets on Friday morning after it noticed irregular withdrawal from its hot wallet on Thursday.
It is not yet clear at this stage which types of assets were lost, the exchange offered trading for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin and XRP.
The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
The news marks the latest breach of a Japanese exchange. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked for $60 million worth of cryptocurrencies.
Earlier last year, Coincheck was also breached, resulting in more than $520 million worth of cryptocurrencies being stolen.
Bitpoint, a licensed cryptocurrency exchange based in Japan, has been hacked for $32 million in crypto assets.
According to a CoinDesk Japan report on Friday, Bitpoint halted all services including trading, deposit and withdrawal of all crypto assets on Friday morning after it noticed irregular withdrawal from its hot wallet on Thursday.
It is not yet clear at this stage which types of assets were lost, the exchange offered trading for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin and XRP.
The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
The news marks the latest breach of a Japanese exchange. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked for $60 million worth of cryptocurrencies.
Earlier last year, Coincheck was also breached, resulting in more than $520 million worth of cryptocurrencies being stolen.
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