There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
Most of us is surely worried to hear this kind of news. Big amount is at stake if the root cause of this incident is not found. A robbery incident in banks isn't trully new but as the security has been improved to minimize sunch incidents. Thus, I am hoping that this case will be investigated thoroughly and improvements on the system will be in placed to prevent recurrence. 
Topic: Coincheck confirms hack (Read 260 times)
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
I believe that thru all this blockchain technology someone should make a fraud police or something similar in the blockchain because those guys should be punished, they should not be able to make a fast-food account any more.
I think XEM will provide the refund of the investors/traders of Japananese which means that the fund is totally secure in wallet not in an exchange. this is how the community are willing to give commitment of somebody's loss.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
Damn, this crypto hacking stories are getting more and more frightening everyday! How the hell do these hackers even pull off something like this? This is like so cool and very disturbing at the same time. lol. But seriously though, don't you think that the way it was done was pretty similar with the others? I really am starting to think that all these hacking were done by the same group of hackers. And maybe, just maybe, some if not all, of these exchanges are somewhat in on this scheme. I don't know guys, but I really smell something fishy going on about all these hacking.
I just don´t believe any of those exchanges and companies that say that they are hacked. I think that they are simply running away with the coins and the saying they were hacked. I would love to see some people hit the jail to stop this shit.
I agree with your statement. Recently when each project started to disappear they would launch hacked information to get rid of the market, which is no different than a form of fraud. I think there should be a policy to manage such projects in order not to harm the cryptocurrency market. 
I just don´t believe any of those exchanges and companies that say that they are hacked. I think that they are simply running away with the coins and the saying they were hacked. I would love to see some people hit the jail to stop this shit.
Isn't this the same very Japanese exchange which were hacked of 400 million XEM due to the carelessness of them regarding their hot wallet,as they couldn't afford to use an hardware wallet to secure their user's wallets. Pathetic this is. This is why people mustn't consider exchanges as wallets and store money in them. But they are refunding their uses, so lucky users.
That's why never store your coins on any exchanges because you lose control of your private keys.
Only use paper wallet or hardware wallet for cold (offline) storage.
Coincheck said they used hot wallets to store crypto that is the absolute worst way to store any crypto.
They are run by total idiots.
Yeah using hot wallets was a huge mistake, many casinos use both a hot wallet with a low percentage of the funds and another wallet in cold storage with most funds that way even if they are hacked only a small portion of the funds will be lost, I cannot wait for exchanges to fall and being replaced either by decentralized exchanges or by atomic swaps which will come with the LN, I suppose this was the reason the miners and some exchanges fought so hard against segwit but fortunately they lost that battle and will lose the battle against the LN as well. Only use paper wallet or hardware wallet for cold (offline) storage.
Coincheck said they used hot wallets to store crypto that is the absolute worst way to store any crypto.
They are run by total idiots.
It now looks like the police have a suspect:
https://www.japantimes.co.jp/news/2018/02/11/business/japanese-grilled-coincheck-cryptocurrency-theft/#.WoB2ofynzIU
https://www.japantimes.co.jp/news/2018/02/11/business/japanese-grilled-coincheck-cryptocurrency-theft/#.WoB2ofynzIU
Quote
A Japanese man has been questioned in connection with last month’s massive theft of digital tokens from cryptocurrency exchange Coincheck Inc., a source close to the investigation said.
The police learned that the man converted a small amount of the missing NEM coins into another form of cryptocurrency called litecoin through a site on the darknet, which can only be accessed through special anonymity software, the source said Saturday. The man was aware the NEM had been stolen from Coincheck.
About ¥58 billion ($533 million) worth of NEM was stolen on Jan. 26, with more than ¥500 million worth of it likely to have since been converted into bitcoin and other cryptocurrencies, according to data security experts.
The NEM was split up and dispersed to several digital addresses.
The Metropolitan Police Department’s cybercrime division, which questioned the man on a voluntary basis, suspects several people were involved in converting the stolen NEM and is monitoring darknet sites and NEM transactions to identify them, the source said.
The police learned that the man converted a small amount of the missing NEM coins into another form of cryptocurrency called litecoin through a site on the darknet, which can only be accessed through special anonymity software, the source said Saturday. The man was aware the NEM had been stolen from Coincheck.
About ¥58 billion ($533 million) worth of NEM was stolen on Jan. 26, with more than ¥500 million worth of it likely to have since been converted into bitcoin and other cryptocurrencies, according to data security experts.
The NEM was split up and dispersed to several digital addresses.
The Metropolitan Police Department’s cybercrime division, which questioned the man on a voluntary basis, suspects several people were involved in converting the stolen NEM and is monitoring darknet sites and NEM transactions to identify them, the source said.
Coincheck has officially announced that it will refund all affected traders of the hacked NEM coin. I think this is good news from that angle.
Well, it does'nt matter they can refund it because they are one of the largest crypto currency exchange site in Japan and they have a lot of customers who really trust there company as well. They really protect there reputation of campany for us to make them better for the comings. Upgraded the digital security for fully secured exchange site.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
We'll see a lot of these kinds of hacks for years to come, probably. I wouldn't be surprised if we hear about at least one of these per month as long as Bitcoin remains above $1,000, especially considering the sheer reward of the action if they are successful with their theft. There's simply not a good enough reason to not try and hack an exchange for those who know what they're doing in those kinds of sectors, and in most cases, they won't get caught if they cover their tracks enough.It's a sad fact that hacks do occur these days, but there's always a chance that it will taper off one day. That's what I am hoping for, overall.
It's very alarming that these hacks are occurring around the world. And it's mainly targeting cryptocurrency since it's a fast growing economy. It can be bad but let's just hope that with each of these hacks the exchanges learn from them and create effective counter measures for the future of cryptos.
Coincheck has officially announced that it will refund all affected traders of the hacked NEM coin. I think this is good news from that angle.
This hackers are really hurting the crypto market. This is one of the reason why some people do not trust crypto currency. I think exchanges should really ramp up on security because if this continue more people will lose trust on crypto trading.
The impact will be low because the poorly designed exchange was hacked. Blockchain has remained intact. We are all witnessing major breachings from the hackers but to put an end to this hacks exchanges must be secured properly and also investors should be taught about the cold storage and what benefits can it bring. With the properly secured crypto both in exchange and in the cold storage hackers can only try...
This Hack had happened a long time before when we have been seeing bizarre value adjustment of the considerable number of coins. It hadn't generally influenced the cost of the coins in the market.
It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.
This is the risk we are facing in cryptomarket, though its clearly a hacked on exchange system I can still see affect on altcoins in general specially with NEM. Its more like an inside job or what, but thins thing should be investigated, of course investors should know the exact details of this thing. Well hope in the future, we will be having a greater system and security.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now?
It is really unfortunate to see a major exchange being hacked and this is the greatest loss we have till now and from what i hear the exchange is to be blamed for this big loss and NEM was not responsible because they did not take advantage of the security measure they had to take when they were holding these kind of amounts. 
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
This is already alarming. And I am thinking...is the security system being implemented right now not enough to deter all of these intelligent hackers as they keep on coming on and victimizing exchanges. The thing is that since there is really a big incentive waiting these hackers are dedicating their great skills, time and money to get into a big exchange and take the coins they can. Now, since we are dealing here with cryptocurrency, once the coin is transferred to another wallet decentralization means that they are already gone for good (unlike with PayPal, I would say!). There must be a solution to this malaise otherwise we might as well go back to the mountain and forget about cryptocurrency.
It's always risky to store cryptocurrency on exchanges
The best practice is not to unless you are using it for regular trading purposes
Hopefully there aren't any other major exchanges who use such insecure methods for storing NEM
The best practice is not to unless you are using it for regular trading purposes
Hopefully there aren't any other major exchanges who use such insecure methods for storing NEM
Are details of these hacks ever publicly disclosed? I might be bordering on conspiracy theory here, but I feel like hacks like these are always inside jobs. Whether management is involved or not, though, I don't know, and I'd rather not accuse them of hacking themselves.
Stories like this are bad for crypto overall. It's hard not to rely on exchanges, so everyone handling crypto must deal with them at some point. That means everyone is at risk. You can mitigate it by not storing your coins at exchanges, yes, but the better solution is for exchanges themselves to tighten their security.
Stories like this are bad for crypto overall. It's hard not to rely on exchanges, so everyone handling crypto must deal with them at some point. That means everyone is at risk. You can mitigate it by not storing your coins at exchanges, yes, but the better solution is for exchanges themselves to tighten their security.
It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.
Even if its a general problem, its one too many for crypto currency banks gets hacked but not the frequency that we see them. The number of banks and their branches in one country can be more than the entire crypto currency exchange sites that we have in the market yet we don't hear they get hacked everyday and even if they get hacked, its always a vulnerability that is always addressed immediately, the customer does not even know because nothing is happening to his money.
The reason is because no one is holding those people responsible for them to even have the audacity to confirm they are hacked its like a way our for someone who declared himself bankrupt because he does not want to pay his debtor and by so doing, he gets a free pass and until when accountability is required from the promoters of crypto services, this will continue to happen.
For real ? Always hacking systems everywhere maybe ill just pull out my funds on coincheck
Hmm this isnt good
Hmm this isnt good
It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.
What was the last bank that has hacked for more than $500 million dollars? If something like that were to happen, the funds would be insured and customers would not experience a loss because banks are regulated. This doesn't exist in the Bitcoin world. It's unbelievable that there are startups that still take customer funds and don't have adequate security. Bitcoin is not as secure as fiat, and people want to pretend like it is.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
Yes. You will see many hacks. Crypto isn't as secure as it would be ideally.
Should we be scared of it? I think not. Although the amount that had been hacked is bigger than Mt Gox the percentage of it is very small to affect the market.
This hackers are really hurting the crypto market. This is one of the reason why some people do not trust crypto currency. I think exchanges should really ramp up on security because if this continue more people will lose trust on crypto trading.
Definitely, its unacceptable that exchanges can afford to have loose ends on the security matter. It's not that complicated to have a secure running system, it is all about the administration team and their decisions about their exchanges, which sometimes are unfortunately the wrong decisions.
On the bright side, most exchanges have politics in place for extreme events like this or flash crashes which compensate customers. To which extent is, once again, in the hands of the exchange, but it is still a measure meant to bring back some of that lost trust. Of course, most of the exchanges won't ever have to use these compensating policies, the primary goal being security on a respectable exchange.
As an alternative, a ledger nano s is a mandatory tool for most cryptocurrency holders, permitting to store certain alt coins on top of the most popular cryptocurrencies.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
Hold your own keys is always the lesson.
This hackers are really hurting the crypto market. This is one of the reason why some people do not trust crypto currency. I think exchanges should really ramp up on security because if this continue more people will lose trust on crypto trading.
These hacking stories are very distributing and do as much damage to the industry as all of the scam ICOs. Unfortunately, a lot of newer investors store their crypto in exchanges instead of secure locations. The process from purchasing crypto to secure storage for the average non-specialized individual needs to be streamlined to allow the average person to purchase crypto easily and effectively. Until the market matures and this happens we will unfortunately see more stories like these.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
This is sad there was a time where it seemed like we got a hack every few weeks and with all the interest that bitcoin is generating due to the high price it may be possible those days are here once again, not only from hackers willing to do anything in order to get money but also from governments that may try to attack exchanges so they can reduce the image of crypto among the world population.
This Hack had happened weeks before when we have been seeing unusual price correction of all the coins. It hadn't really affected the price of the coins in the market.
Hmmmm. Sounds like I should just quit my job and start hacking crypto exchanges for a living.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
They also apparently immediatly addressed the situation on their twitter stating that they'll compensate users through undecided means yet. Most of the divulgued losses are NEM coins so far, and i've read that some ripple funds have also been moved apparently from Coincheck since the hack.
So chances are that the biggest losers from this event will be Coincheck themselves for losing trust of customers, and of course NEM prices will most likely be affected and slide a bit back down from the incredible run up that's been observed by NEM.
That's why never store your coins on any exchanges because you lose control of your private keys.
Only use paper wallet or hardware wallet for cold (offline) storage.
Coincheck said they used hot wallets to store crypto that is the absolute worst way to store any crypto.
They are run by total idiots.
Only use paper wallet or hardware wallet for cold (offline) storage.
Coincheck said they used hot wallets to store crypto that is the absolute worst way to store any crypto.
They are run by total idiots.
It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.
There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/
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