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.
Topic: $500 million go missing in largest cryptocurrency hack ever - News - page 2. (Read 340 times)
January 28, 2018, 10:50:36 AM
January 28, 2018, 10:45:50 AM
Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
Is this news confirmed? So are you saying that they are going to refund around $400 million to the users, who lost their funds? It is a brave move, but I really suspect that they have that much funds remaining with them. Another question is about how the hack happened. Were they stupid enough to store $500 million worth of coins in a single wallet?
I bet this is some kind of a inside job, or maybe the staffs with access to wallet got compromised.
This would never have happened if they used multi-sig wallet.
Hopefully lessons learned, and they start using multi-sig wallet for all cryptocurrencies.
January 28, 2018, 10:43:42 AM
That's crazy to see that Japanese exchange has been involved on the biggest thefts, but Japan remains to be a crypto friendly country. Japan still impress me for that, if the same thing would happen some others countries, that would be a complete disaster.
Indeed,Japan does impress everyone.That's what makes them unique and it's one of the Superpowers in the world.One of the striking features that can be found in them is their sheer hardwork and "never give up" attitude.Japan is a country which is prone to many natural disasters,but they all have accepted their habitat and have adapted to it very beautifully.In our country we look upto their hardwork and people's love for their country.They never fail in finding resolutions to their problems.I am sure that Japan will find a way to stop these hackers.
January 28, 2018, 10:34:28 AM
Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
Is this news confirmed? So are you saying that they are going to refund around $400 million to the users, who lost their funds? It is a brave move, but I really suspect that they have that much funds remaining with them. Another question is about how the hack happened. Were they stupid enough to store $500 million worth of coins in a single wallet?
January 28, 2018, 10:30:42 AM
Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
January 28, 2018, 10:25:47 AM
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.
i think the community is used to these hacks by now because i don't really see much drama related to this. although it is an altcoin which was stolen not bitcoin but there could have been a lot of drama if it was a couple of years ago.
and it is not as bad for "crypto world" as you may think. it once again proves what we have already known, that the centralized exchanges should die soon and be replaced by decentralized ones.
hopefully Lightning Network and Atomic Swap make this happen faster.
January 28, 2018, 10:20:58 AM
i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
How it can keep you from losing your coins on the exchange? Nohow. To hack into your account very expensive. It can hack only if you'll allow it. Breaking of the exchange more profitable. We are talking about big money. You can attract more hackers. So using all these precautions will not protect you from losses. change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
January 28, 2018, 10:15:05 AM
Yes, bad news, but we should understand that in digital world everything is hackable, it is not easy thing to hack crypto, but it is possible. So it is also one of the related risks.
January 28, 2018, 10:13:23 AM
i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
Yes, these measures are good but still hackers are very active these days and they even have the mechanism to break the passwords and 2fa.
My recommendation is not to reveal your email in public sites as hackers might attempt to first hack email and then get access to exchanges where you have made accounts.
Also make sure you do not put extra money in online exchanges and withdraw the unused money to your local wallets.
January 28, 2018, 10:11:20 AM
Sounds like Coincheck is accepting fault and covering their customers coins for the price it was trading at. It was a big loss but also an important lesson learned, exchanges have tools to keep things like this from happening and coin developers have made it easier for exchanges to implement these security features. I think Coinccheck will be practicing them from now on.
January 28, 2018, 10:02:58 AM
You should never put your tokens online. That is the only rule that we should all live by. If it is online the hackers will mine.
January 28, 2018, 09:56:33 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.
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.
I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.
Indeed, exchanges aren't safe. You can protect you by 2FA, strong passwords, but you can't protect Exchange wallet, this is their job. Here, it failed because they stored their coins on hot wallets, instead of cold wallets. I would suggest to move your coins before waiting another hack news, if you don't trade them
Currently, you cannot determine if an exchange is safe, the only way is through audits and even, can you trust this audit ?
The best way to protect you is by moving your coins on hardware wallets or offline wallets. If you want to trade, keep the minimal amount on the exchange.
Decentralized exchanges will change this by the way. These exchanges store no funds, so there's nothing to hack, and security will come back on user's hands
January 28, 2018, 09:45:56 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.
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.
I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.
January 28, 2018, 09:41:34 AM
That's crazy to see that Japanese exchange has been involved on the biggest thefts, but Japan remains to be a crypto friendly country. Japan still impress me for that, if the same thing would happen some others countries, that would be a complete disaster.
In fact I don't consider it as fragile, as all these token will be currently unusable for the hacker. Exchanges can track these tokens and block them if they reach an exchange. This will maybe change once decentralized exchange will come out. Currently, this hack even had a positive impact on NEM valuation. Exchanges are fragile, but crypto aren't.
Almost all hack have been possible because of human errors (this one included)
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
In fact I don't consider it as fragile, as all these token will be currently unusable for the hacker. Exchanges can track these tokens and block them if they reach an exchange. This will maybe change once decentralized exchange will come out. Currently, this hack even had a positive impact on NEM valuation. Exchanges are fragile, but crypto aren't.
Almost all hack have been possible because of human errors (this one included)
January 28, 2018, 07:55:10 AM
This is why people should never store their funds in an exchange
January 28, 2018, 07:23:13 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.
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.
Every criptocurrency exchange and every wallet could be hacked. So the best way is hold your coins at different exchanges and wallet. For ex., I use 4 criptocurrency exchanges and 10 different wallets
January 28, 2018, 07:18:34 AM
i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.
change passwoord regulary and if they hack one you still have all others.
Changing your password is good for your own digital currencies but if we are talking about hacked exchange, even if you are regularly changing it, it will not help.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
Crypto Currency is not fragile, the exchange is. If cryptos needs an improvement, it will not be on the security but on it's transaction speed and fees.
If you are using a centralized exchange, you are also at risk, no exception, poloniex, bitfinex, binance.. all can be hacked in the future. Exchange is for trading not to hold your coins.
That is the reason we need to be careful. Don't let your exchange hold your coins, just use them if you will be just selling your coins, don't save it there.
January 28, 2018, 07:10:04 AM
The total Market cap of this coin is $9 545 759 999, it is about 5% from total amount, to my mind it wil not make so huge influence on total currency value
January 28, 2018, 04:04:59 AM
If you are using a centralized exchange, you are also at risk, no exception, poloniex, bitfinex, binance.. all can be hacked in the future. Exchange is for trading not to hold your coins.
January 28, 2018, 04:02:08 AM
i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
change passwoord regulary and if they hack one you still have all others.
it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news
I think this year a solution on this matter will rise. I think we should be able to hold our coins on hardware and trading to be just like gold is traded, hope u got my idea ..
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