That means the exchange is not that secure for their users; it's just that easy for a hacker to steal 4500 bitcoins. The question there is whether the money obtained from the platform will be returned to its users.?
Actually, this time there was news on Bitcoin about the hacking issue during the bull run. I'm just not sure if the hacker really intended to do this so that if there is a dump in the price of bitcoin, the hacker's stolen bitcoins will be used to buy bitcoins.
Topic: Btc hack from Japani Exchange again or its a fud? (Read 305 times)
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
It's not a FUD, and it's such a refreshing thing to see too that people aren't easily swayed by attacks on bitcoin like this anymore, there's more people that values the long-term game with bitcoin, they know that the hack and the stolen bitcoins are going to be investigated and the culprits will have a hard time finding a way to cash in their haul so pretty sure that they're going to get it back eventually.
Well, it's not an easy job. This is a crypto world, and it's hard to keep a trace of cryptocurrencies. If a hacker can hack an exchange, they know where to sell their crypto and what to do before they sell it. Nowadays, it's easy to use a mixer, which makes it complicated for agencies to trace Bitcoin. Hackers mostly use the exchange to protect their privacy and then move their funds to exchanges to sell them.
The Japanese exchange did not rely on any law enforcement, and they did not say that they recovered their lost Bitcoin. They announced that their customers will get 100% refund just because they want to keep their reputation good.
It's not a FUD, and it's such a refreshing thing to see too that people aren't easily swayed by attacks on bitcoin like this anymore, there's more people that values the long-term game with bitcoin, they know that the hack and the stolen bitcoins are going to be investigated and the culprits will have a hard time finding a way to cash in their haul so pretty sure that they're going to get it back eventually.
Other than that, keep your bitcoins safe, don't store it in the exchange that you're using unless you want to risk doing something like using a hot wallet because you don't want to spend so much on transaction fees.
Other than that, keep your bitcoins safe, don't store it in the exchange that you're using unless you want to risk doing something like using a hot wallet because you don't want to spend so much on transaction fees.
I know its hard to believe but there can be exchanges that are popular to a certain country and aren't found on those popular listing websites. Well, it's been proven and been on several media that they have been actually hacked. Not an unnecessary FUD but a real thing that has happened.
I understand why exchanges from third-world countries might not make it onto CoinMarketCap and CoinGecko, but the same shouldn't apply to those in Japan. If you have any insights into why they're not listed on those platforms, I'd be interested to hear them. I believe these charts help establish the credibility of exchanges.I think he's just asking and that's only for the sake of argument and discussion. He has given a link to a reference and it's from coindesk which is also one of the most popular sources globally for crypto news.
I understand what he is talking about. I know he said this just for the sake of the argument and the discussion. I also said that we don't know what will happen or what will happen there. We don't know the truth. Only the company may know the truth, but I don't think they are lying. Of course, an exchange doesn't want to ruin its reputation, but we cannot deny that it may want to promote its service badly.
As we know, negative promotion works much better than positive promotion. However, the exchange said they would refund their users, and if this happens, it is good for them. Unfortunately, we still keep our money in exchanges, which we should avoid, and store our money in our noncustodial wallets.
These type of "hack" news do not really matter that much in the crypto world, it is quite normal and ordinary. Look at the whole FTX and Luna stuff that happened a few years back, those made people lose billions in total, and yet we break over ATH again after that, which means that we are not really worried about those as a market.
I am not saying they are unimportant, just saying that it doesn't make sense to keep worrying about those things constantly, just doesn't make sense in the end at all, it is what everyone keeps thinking about. I believe that the best thing to do would be just ignoring whatever you can, and just considering how things could change very fast and we should worry about everything normally that impacts at that moment.
I am not saying they are unimportant, just saying that it doesn't make sense to keep worrying about those things constantly, just doesn't make sense in the end at all, it is what everyone keeps thinking about. I believe that the best thing to do would be just ignoring whatever you can, and just considering how things could change very fast and we should worry about everything normally that impacts at that moment.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
I think he's just asking and that's only for the sake of argument and discussion. He has given a link to a reference and it's from coindesk which is also one of the most popular sources globally for crypto news.
I understand what he is talking about. I know he said this just for the sake of the argument and the discussion. I also said that we don't know what will happen or what will happen there. We don't know the truth. Only the company may know the truth, but I don't think they are lying. Of course, an exchange doesn't want to ruin its reputation, but we cannot deny that it may want to promote its service badly.
As we know, negative promotion works much better than positive promotion. However, the exchange said they would refund their users, and if this happens, it is good for them. Unfortunately, we still keep our money in exchanges, which we should avoid, and store our money in our noncustodial wallets.
4,502.9 BTC ($305 million) was stolen from the Japan exchange
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
There is something wrong about this story because such amount of wallet can't be a hot wallet, I have never heard of that exchange and that means they don't have much liquidity that much and that kind of Bitcoin should only be kept in a cold wallet, storing this amount of Bitcoin in a hot wallet means they don't care much about security of their custody if such amount of Bitcoin can be stolen over night, it doesn't make any iota of sense but proper investigation should help.
I also don't understand what comes next to the mind of scammers. Who steal such amount of Bitcoin when you can't spend it, the transaction will never step a foot on any exchange because it will be reported and even some exchanges should be aware of it by now since it has gotten to a media platform like Coindesk. The hacker would just be moving coins and wouldn't be able to spend, this is what physics means when you do zero work, noting is achieved here.
This way the hacker gets to keep millions of dollars for themselves for no repercussion, while the exchange despite losing a great deal of reputation over the incident can reduce their losses, so it would not surprise me if such an agreement was possible between the two parties.
Almost one week since Japanese exchange hacked but not giving bad significant with bitcoin price keep stable without large of correction, 4,502.9 BTC ($305 million) stolen can't make market dump or bitcoin getting correction after the official of DMM Bitcoin exchange will guarantee with the amount stolen and costumer not get panic yet with their fund. I think its the same issues what happening before on Kucoin exchange after SEC Commission investigate and their market keep operation well for member withdrawing or deposit their fund.
During exchange not collapse and running well with withdrawal feature I don't think bring negative impact to make bitcoin getting down, I believe with Japanese exchange hacked and the owner keep guarantee the member fund make them not panic for selling their bitcoin assets will make price drop later.
During exchange not collapse and running well with withdrawal feature I don't think bring negative impact to make bitcoin getting down, I believe with Japanese exchange hacked and the owner keep guarantee the member fund make them not panic for selling their bitcoin assets will make price drop later.
Whether it is a FUD or real, we have to be aware of a situation like this knowing that we are prone to such events. We may hear more stories like this in the coming days until exchanges strengthen their security.
Everything is still okay like nothing hack happens in the crypto market.
Everything is still okay like nothing hack happens in the crypto market.
The exchange hack was 3 days ago but bitcoin price has not been affected till now. We are not in the days of Mt. Gox exchange again that a single exchange has 70% of the total bitcoin. We have hundreds of exchanges now and such news is not affecting the crypto market anymore.
Although the main reason is that the is not a common a exchange like Binance. But if Binance or a very common exchange is hacked, the effect would be almost insignificant also. Bitcoin will drop just little in price and increase again.
That never happens because this exchange is small and has no influence in the market unlike Binance, Kucoin, and other big exchanges where big investors are there. It won't create panic selling because it is not worth it either. I believe that people have learned already from not keeping their funds in exchanges so hearing another exchange hack stories won't weigh that much to trigger panic and worries that may cause price drops. Although the main reason is that the is not a common a exchange like Binance. But if Binance or a very common exchange is hacked, the effect would be almost insignificant also. Bitcoin will drop just little in price and increase again.
Actually, it is my first time to hear such exchange. Maybe, this is their local exchange. Though the amount is considerably huge already but it is not huge enough to make the bitcoin market swindle. It is true, exchange hack these days doesn't dictate the crypto market anymore. It may have a slight impact in the market, but it will go back to where the market was.
Hackers will always find the vulnerabilities of these trading platforms. Of course, they know, there's money in it. So that of course is their main motivation here, to extract money from these platforms.
4,502.9 BTC ($305 million) was stolen from the Japan exchange
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
There is something wrong about this story because such amount of wallet can't be a hot wallet, I have never heard of that exchange and that means they don't have much liquidity that much and that kind of Bitcoin should only be kept in a cold wallet, storing this amount of Bitcoin in a hot wallet means they don't care much about security of their custody if such amount of Bitcoin can be stolen over night, it doesn't make any iota of sense but proper investigation should help.
I also don't understand what comes next to the mind of scammers. Who steal such amount of Bitcoin when you can't spend it, the transaction will never step a foot on any exchange because it will be reported and even some exchanges should be aware of it by now since it has gotten to a media platform like Coindesk. The hacker would just be moving coins and wouldn't be able to spend, this is what physics means when you do zero work, noting is achieved here.
I know its hard to believe but there can be exchanges that are popular to a certain country and aren't found on those popular listing websites. Well, it's been proven and been on several media that they have been actually hacked. Not an unnecessary FUD but a real thing that has happened.
I understand why exchanges from third-world countries might not make it onto CoinMarketCap and CoinGecko, but the same shouldn't apply to those in Japan. If you have any insights into why they're not listed on those platforms, I'd be interested to hear them. I believe these charts help establish the credibility of exchanges. 
Whether it is a FUD or real, we have to be aware of a situation like this knowing that we are prone to such events. We may hear more stories like this in the coming days until exchanges strengthen their security.
Everything is still okay like nothing hack happens in the crypto market.
Everything is still okay like nothing hack happens in the crypto market.
The exchange hack was 3 days ago but bitcoin price has not been affected till now. We are not in the days of Mt. Gox exchange again that a single exchange has 70% of the total bitcoin. We have hundreds of exchanges now and such news is not affecting the crypto market anymore.
Although the main reason is that the is not a common a exchange like Binance. But if Binance or a very common exchange is hacked, the effect would be almost insignificant also. Bitcoin will drop just little in price and increase again.
That never happens because this exchange is small and has no influence in the market unlike Binance, Kucoin, and other big exchanges where big investors are there. It won't create panic selling because it is not worth it either. I believe that people have learned already from not keeping their funds in exchanges so hearing another exchange hack stories won't weigh that much to trigger panic and worries that may cause price drops. Although the main reason is that the is not a common a exchange like Binance. But if Binance or a very common exchange is hacked, the effect would be almost insignificant also. Bitcoin will drop just little in price and increase again.
4,502.9 BTC ($305 million) was stolen from the Japan exchange
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
If this news is legit and the exchange was hacked really that it would have impacted the BTC price. Ive heard that it happened almost three days before and since then we can't see the fluctuations in BTC price that should be expected after this type of incidence.https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
It can happen some days later when the hackers will manipulate using the stolen BTc. Let's wait and watch but this questions the security of big exchanges.
As you also said , many days have passed and we still have not had any significant correction from bitcoin, which shows that during the bull season , news like this does not make people too scared and people don't care either .
Even banks and government websites can be hacked at any time , so you cannot expect centralized exchanges to be absolutely perfect . You should also not compare and assume that storing on personal wallets is safer than storing on exchanges. That's not wrong, but you need to understand that no hacker will take the time to attack your bitcoin wallet while your assets are very small. Meanwhile , centralized exchanges are always the top target of hackers because they hold a huge amount of money. What matters is whether they will be responsible to their users or whether they will deny responsibility. (I'm just giving reasons why exchanges are more vulnerable to attacks than personal wallets, Im not encouraging or advising anyone to store bitcoins on centralized exchanges.)
And according to the latest news, they are raising capital to buy bitcoin to compensate the victims.
https://www.coindesk.com/business/2024/06/05/crypto-exchange-dmm-bitcoin-to-raise-320m-to-pay-back-hack-victims/
4,502.9 BTC ($305 million) was stolen from the Japan exchange
https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
If this news is legit and the exchange was hacked really that it would have impacted the BTC price. Ive heard that it happened almost three days before and since then we can't see the fluctuations in BTC price that should be expected after this type of incidence.https://www.coindesk.com/business/2024/05/31/japanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack/
It can happen some days later when the hackers will manipulate using the stolen BTc. Let's wait and watch but this questions the security of big exchanges.
Back to the OP. Why do you think it's fraud? I would imagine it as a fraud attempt only if they tell their customers that they are not going to refund them.
I think he's just asking and that's only for the sake of argument and discussion. He has given a link to a reference and it's from coindesk which is also one of the most popular sources globally for crypto news. I don't mean to sound disparaging, but it's hard to believe that an exchange with over 4,000 Bitcoin in its wallet wouldn't show up on CoinMarketCap or CoinGecko. Well-known Japanese exchanges are performing well, and there's no reason for a reputable exchange to remain hidden unless it has been hacked. This seems like unnecessary FUD.
I know its hard to believe but there can be exchanges that are popular to a certain country and aren't found on those popular listing websites. Well, it's been proven and been on several media that they have been actually hacked. Not an unnecessary FUD but a real thing that has happened. hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
You should correct your total because you got me searching “japani” exchange that is non-existent which I thought an actual exchange.
That is because of his local language. Most of the people in Bangladesh call Japanese as "Japani". LOL
Back to the OP. Why do you think it's fraud? I would imagine it as a fraud attempt only if they tell their customers that they are not going to refund them. But the exchange already announced that their users will get a 100% refund. As far as I heard, the exchange hackers are also suspected to be Japanese.
In another sense, it could be a fraud attempt as well. It could be a marketing strategy. First, move the funds somewhere else and there will be news, and they will have some exposure. Then promise that they will refund 100% funds to their users. This could be a fraud in this sense. But, we never know the truth.
The Bitcoin price infact increased after this hack was reported in the media. This only suggest that the crypto market is no longer prone to such news. Earlier a hack on a crypto exchange would bring the bull market. There can be other factors too that is pushing the Bitcoin price upwards. I did try to find whether it is known exchange or not and found it to be not that known exchange.
Every hack that happens can easily be verified through news from different crypto news media and websites. All it takes you is a few minutes of your time.
So, with this hack, if it's new then it will be all over the crypto websites publishing this kind of sudden attack and hack.
Since it is there and published and I have seen some, it's not a FUD because FUD is something that is not true and yet the media published it without even verification.
So, with this hack, if it's new then it will be all over the crypto websites publishing this kind of sudden attack and hack.
Since it is there and published and I have seen some, it's not a FUD because FUD is something that is not true and yet the media published it without even verification.
I don't mean to sound disparaging, but it's hard to believe that an exchange with over 4,000 Bitcoin in its wallet wouldn't show up on CoinMarketCap or CoinGecko. Well-known Japanese exchanges are performing well, and there's no reason for a reputable exchange to remain hidden unless it has been hacked. This seems like unnecessary FUD.
Did tend to make up some search in relation to this and found this one.
Hacked Japan Exchange to Raise $320 Million to Buy Bitcoin
https://www.bloomberg.com/news/articles/2024-06-05/hacked-japan-exchange-to-raise-about-320-million-to-buy-bitcoin-btc
That bloomberg paywall suck big time!Hacked Japan Exchange to Raise $320 Million to Buy Bitcoin
https://www.bloomberg.com/news/articles/2024-06-05/hacked-japan-exchange-to-raise-about-320-million-to-buy-bitcoin-btc
I did not read the whole article to know everything about the planned fund rasing, but the bits I read suggest that they are looking to raise funds from a group of companies so that they can buy back bitcoins for the affected customers.
I wonder how exactly this works. How will the group of companies benefit from the whole deal?
Jump to: