Btc hack from Japani Exchange again or its a fud? - page 2.

promise444c5

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Quote from: SAHASAN on June 02, 2024, 05:33:01 AM

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/

Another drama with people's funds ....
Although CEXs has improved more in their security but still stands as a third party between people and their funds.
If this hacks are meant for FUD, then Bitcoin still stands with holders maintaining their holds, there's much more for a strong belief now... they keep their shits we maintain ours...

Mahanton

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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

DMM Bitcoin suffered one of largest hacks of a crypto platform
Exchange gathering cash to buy Bitcoin to make customers whole

This is my first time on hearing out that an exchange gathering cash to buy bitcoin or trying to recover it out.
Well its a good intiative but really that traumatizing situation for its users. This is why its never been that recommended to store
up your coins on an exchange.

"Not your keys, Not your coins" as always. Wink

CryptSafe

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I stumbled upon this news online via social media days ago but I doubted it. It was at night while listening to evening network news and it repeated again that was when I fully believed it because of the fact that I have heard remours alot which made me not to trust anything social media news.

For the first time I am hearing about such exchange based in Japan. For it not to be as popular as others, then it might possibly be a locally based exchange in Japan operating within the local laws of the Japanese government.

Of lately Crypto exchanges have suffered hack and huge amount of money stolen by the hackers. Although this is a small amount compared to the ones stolen from these big exchanges and from the looks, the hack of this exchange have no significant impact on the Crypto space which tells you that it is a small exchange compared to other big names in the industry. I believe the Japanese government would look into this and if they are lincensed, they would be held by law to do everything necessary within the confines of the law to making sure they compensate everyone the hack affected.

Faisal2202

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It's actually a real event, not something fake spread by the media outlets or some bigger communities to create fud in the market so people would start to buy or to sell. So I would say it's not wise to ask if it's fud because FUD means Fear, uncertainty, and Doubt. I have converted a detailed article on these terms you can find here ( Don’t Fall Prey to these Market Sentiments and Save your Bitcoin ).

Speaking of this hack, TBH I did not even know about it till reading this news, and I am almost 5 to 6 days late, so at the moment market is soaring toward $70k and many are predicting it to cross its ATH either in this hype. Maybe at that day people might have sold or bought BTC because of this news as news are always good source to make investments.

slaman29

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Quote from: Oshosondy on June 02, 2024, 06:52:10 AM

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.

Correct my friend. People keep screaming about hacks. FTX was the last time a big exchange hit the whole market but that was a bigger problem of fraud and money going missing because the owner invested all funds in gambles.

Even Mt Gox BTC being sold hardly creates any ripple effect anymore.

People keep thinking that one or two big players own BTC but the reality is they don't. It is so spread out, nobody blinks if someone dumps 1000 BTC anymore. That's 70 million USD. Nothing.

retreat

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Quote from: Oshosondy on June 02, 2024, 06:52:10 AM

-snip-
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.

In my opinion, this is because this exchange is not well known by the global crypto community, so it does not have a significant impact on the global bitcoin market. However it would be different if it happened on an exchange like Binance, Kraken, or other top exchanges, it would definitely raise concerns among users and cause a slight impact on the bitcoin market due to investors' doubts on the security of these exchanges. Even though these top exchanges have reliable handling if a hack occurs on their side, this will slightly affect the psychology of investors regarding the security of these exchanges and this can have an effect on the market.

jaberwock

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Quote from: adaseb on June 03, 2024, 11:58:10 PM

Very rare these days for a CEX to get hacked. Most have good security when it comes to cold storage. Even if an exchange gets hacked it’s usually the hot wallet and not much is compromised.

Now the bigger issue is the dex smart contracts. Usually every few weeks there is some exploit on some dex and. 9 figures worth of funds are stolen. This is why I don’t do any liquidity pools because the interest rate paid is not worth the risk of loosing 100% of your funds.

We are now with advanced technologies but I think hackers can also adapt with the change and it may not take long again for us to hear that a lot of CEX have been hacked. They can only do what you said there of storing most funds in the cold storage and hackers can't do anything with that anymore, no matter how hard they try since it was offline.

Despite of that issue in DEX, it seems that it doesn't stop the people from using them again and again, no wonder why we always hear those 9 figure hacks most of the time. Guess this is what they say that high risk is always equal to high reward and maybe many of them are still up by some percent so it's fine.

yhiaali3

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I heard the news about this exchange being hacked, but it seems that it is small and does not constitute any importance and I do not find much news about it.

The problem is not the hacking of this particular exchange, but the problem is these increasing day-by-day hacks of exchanges, central and decentralized services, and bridges related to Crypto. This has become a suspicious and attention-grabbing phenomenon.

Almost every few days we hear about a hack, so I'm surprised why? Is it the result of weak protection or the development of hacker capabilities? Or are there unknown reasons?

adaseb

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Very rare these days for a CEX to get hacked. Most have good security when it comes to cold storage. Even if an exchange gets hacked it’s usually the hot wallet and not much is compromised.

Now the bigger issue is the dex smart contracts. Usually every few weeks there is some exploit on some dex and. 9 figures worth of funds are stolen. This is why I don’t do any liquidity pools because the interest rate paid is not worth the risk of loosing 100% of your funds.

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Why would it be FUD is there is actual blockchain evidence that there is an outflow of funds from the exchange's wallets? The article even explains that the hacker split the stolen bitcoin in batches of 500 BTC to different addresses.

You can see for yourself - https://metasleuth.io/result/btc/1B6rJRfjTXwEy36SCs5zofGMmdv2kdZw7P?source=a60606a8-7ef1-49ff-9926-054af27ee9c0

mk4

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Quote from: SAHASAN on June 02, 2024, 05:33:01 AM

Re: Btc hack from Japani Exchange again or its a fud?

A lot of times newbies tend to think that there's some secret cabal that's FUDding bitcoin so they can "crash the price and buy lower" or something like that. Sometimes, bad news is simply just that — bad news. Not everyone is trying to FUD people out of their bitcoin holdings.

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Quote from: dzungmobile on June 02, 2024, 09:08:37 AM

The exchange name is DMM that is a strange one with me. It's my first time ever I heard about DMM exchange and searching with Coinmarketcap, Coingecko, I can not find it.

This is my first time hearing of this exchange as well, but they have handled the situation professionally because they have given their customers some guarantees, which will placate them.

The news would have been significant if stories about "hacks" were new, but they are not, hence no longer significant enough to cause FUD.

dzungmobile

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The exchange name is DMM that is a strange one with me. It's my first time ever I heard about DMM exchange and searching with Coinmarketcap, Coingecko, I can not find it.

I could miss something from searching result but I am sure DMM is not a top exchange as if it is a top exchange, it will appear on top of searching result.

Effects on the market with a hack from a small exchange, would be small, not big.

Exchange graveyard
List of hacked exchanges since 2011

boyptc

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Well, I think that the bull run has something to do with why there is not that much affection at all.

Hacks like this if happened on a bear market, you will definitely see a price reaction for Bitcoin and as well as the market.

And that will also spread fear all over the community and it will create a selling force that will lessen the demand and price.

Oshosondy

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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.

Coin_trader

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You should correct your total because you got me searching “japani” exchange that is non-existent which I thought an actual exchange.

Reading the news, Seems like a legit hacking incident besides there’s no point on creating a news about hacked exchange just to FUD because that’s not working anymore. And who the heck will create FUD by inventing exchange hack news? To dumb Bitcoin price? This strategy is very outdated. Cheesy

SAHASAN

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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/

Topic: Btc hack from Japani Exchange again or its a fud? - page 2. (Read 305 times)