$500 million go missing in largest cryptocurrency hack ever - News

hiddenmist

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Quote from: anushkasachith888 on January 28, 2018, 03:13:36 AM

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

It is the exchange fault and not the NEM coin. The exchange didn't put XEM in a cold storage which is a basic protocol of every exchange in the market. That is why you must do a habit not to put all your holding in an exchange if you don't want to get lost all your investment.

NoSkyLimit

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Activity: 171

Merit: 50

Crypto will save my kids!

Are this hacks ever gonna stop? This will cause a flash crash to bitcoin price if this didin't happend already. Nubit can be right , this could be an inside job and it will not be the last one as more and more cash is flowing into cryptos , people get tempted to steal so I really really hope that in the next years some realy tough rulles will put this people behind bars.

walemil

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Exchanges are main target of hackers and for this reason, people should learn not to leave their cryptocurrencies on exchanges. You must return them to your main wallet. So many people are losing huge amount of money to hackers and it seems the trend may not end on time.

freightjoe

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Quote from: anushkasachith888 on January 28, 2018, 03:13:36 AM

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

Yes, they are unstoppable - and as more people begin to properly worry about their money, they go out of crypto again

Kildin11

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Activity: 140

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the most serious problem! even cold wallets can not provide 100% protection of the crypt. I think projects that specialize in data protection will be very much in demand at the present time. you know what I mean?

buternasek

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Activity: 336

Merit: 12

hackers again hackers again, a term I often hear
they always make the act, they hack whatever they want, break into the security system and steal the assets in it. we can only minimize that
don't never click on a link that is not clear source, or open a strange message in your gmail

magicmeyk

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That's a lot of money. Exchanges should improve their security weekly or monthly for them to secure all the money inside it.

anushkasachith888

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Activity: 546

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Quote from: Oast-btc on February 13, 2018, 04:20:19 AM

My advice is nobody should leave his/her asset in the exchange except for short term trading and that won't be much reducing your loss

But I think most of people keep their coins in exchanges instead hardware wallets, I guess many people don't know how to do it either...

anushkasachith888

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Quote from: Veterock on February 12, 2018, 06:08:28 PM

As i've heard, the Japanese have already paid off their debts to the victims. Very reliable exchange!

but not the full amount right?: only 80%

Oast-btc

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My advice is nobody should leave his/her asset in the exchange except for short term trading and that won't be much reducing your loss

freightjoe

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Activity: 238

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Quote from: anushkasachith888 on January 28, 2018, 03:13:36 AM

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

we see it again and again. Security in the crypto world is extremely poor

bitman33

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Coins should be insured on all exchanges to protect against hacking.

allycn

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Exchanges should only be used for that ... to exchange the currency. Once the transaction is completed you should move your cryptocurrency to a safer wallet (offline, hardware, etc.). Sure, moving back and forth is an extra fee to pay, but I prefer that than risking my investment (I doubt every exchange will be willing to refund the lost currency).

Veterock

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As i've heard, the Japanese have already paid off their debts to the victims. Very reliable exchange!

anushkasachith888

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What if a exchange just pretend as they were hacked but really not. then they can take money and run away, no one would blame them, because they were hacked by bad hackers. I just thought in that way when I was thinking about this incident ...

Tim2412

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Quote from: Bolt Brownie on January 28, 2018, 11:40:34 AM

It's bad news for the exchange, but I think the way things are being handled will boost more confidence within the crypto markets. The exchanges, unlike MtGox is trying to solve the problem. They will not close doors, and they will refund it's customers with their own funds. The NEM team was quite fast as well, and did the exchange a big favor, by "placing" a track system on the coins, so that the hackers can't do anything with them. Right now, from what I've read, they can't really trade the coins for any other alt, or fiat, so they are stuck with tainted coins.
I hope that everything ends up well for the exchange and it's customers, and what started as a bad event, will bring trust to crypto.

That exchange has already done so much profit from trading and listing fees they must refund the members who lost their NEM out of their own pocket.

Bolt Brownie

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Betting Championship betking.io/sports-leaderboard

It's bad news for the exchange, but I think the way things are being handled will boost more confidence within the crypto markets. The exchanges, unlike MtGox is trying to solve the problem. They will not close doors, and they will refund it's customers with their own funds. The NEM team was quite fast as well, and did the exchange a big favor, by "placing" a track system on the coins, so that the hackers can't do anything with them. Right now, from what I've read, they can't really trade the coins for any other alt, or fiat, so they are stuck with tainted coins.
I hope that everything ends up well for the exchange and it's customers, and what started as a bad event, will bring trust to crypto.

asdlolciterquit

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can someone explain me how this is possible for an exchange that have 2fa active? they have managed to steal the privete keys itselfs?

Dudeperfect

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As long as you are holding your funds in your offline wallets where no one can access your wallet without your permission then it is completely fine but there are some people who keep their funds on the exchange or web wallet or anything where internet is enabled and they lose their funds.

It is not about the trust on web wallet or exchange service providers, but it is about the security of which we might not have any idea at all. Where we are a part of the crypto world in which we are responsible for our actions and we shouldn't blame anyone else in such cases, definitely exchanges should maintain the highest security but it is the responsibility of the users too of holding their funds in a secure manner.

kahc

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Quote from: Carlsen on January 28, 2018, 10:50:36 AM

Somehow I don't understand the price developements in the world of crypto currencies anymore
500 million NEM get stolen and their price increases 10%. I would have imagined that the opposite would happen.
Maybe that has something to do with the refund the exchange promised. They buy up all the NEM and that increases the price.

It doesn't matter, is was not a weakness on NEM itself.
The circulating supply still stays the same, so no reason to have any impact on the market cap.

Topic: $500 million go missing in largest cryptocurrency hack ever - News (Read 340 times)