Coincheck HACK. World's biggest ever digital currency 'theft'

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: Red-Apple on January 15, 2019, 07:21:29 AM

how can it be the biggest exchange

Hack, not exchange.
Biggest in terms of the value of the coins.

Quote from: Red-Apple on January 15, 2019, 07:21:29 AM

when majority of people haven't even heard of it before? not to mention that according to all the exchange rankings that i have seen so far based on volume they aren't even among top 10 as far as i can remember!

If you ask 100 people in my country what is Costco or Tesco probably 1 of them will know the answer (and I'm from Europe)

Stop looking at the fake volume on CMC, they started a lot of deals with 3rd parties in Japan including physical stores after the hack and got bought by a serious investor so it might be that the "hack" was actually a real hack.

Since they started reimbursing the money (at the value of the hack, and the value decreased a lot since then), the FSA gave them their license and ok, seems like I was wrong about them a year ago when I too screamed fishy!!!

bitfocus

member

Activity: 532

Merit: 15

yes, coincheck hack was one of the biggest news at that time.

Red-Apple

hero member

Activity: 1470

Merit: 655

how can it be the biggest exchange when majority of people haven't even heard of it before? not to mention that according to all the exchange rankings that i have seen so far based on volume they aren't even among top 10 as far as i can remember!

i am also smelling a fish here Cheesy

specially since the number is too big (indicates possibility of fake volumes) and then talk of reimbursement as if nothing has happened (indicating possibility of a fake hack).

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: nutildah on January 27, 2018, 09:52:19 PM

I believe its also the biggest theft of anything, anywhere, ever.

And kudos to CoinCheck for reimbursing the lost funds... I heard 90% of it was their own.

Hmmm, this is a bit weird and a bit scary.
If they say that 90% of the coins were actually owned by them it means this exchange hold around probably 5-10% of all the coins ...not a nice view.
But it would mean the entire "reimbursement" plan is not big either and it's cut to 1/10.

I smell something fishy about this "hack"...just like the others.

Quote from: btcwish1 on January 28, 2018, 01:24:00 PM

This is the first exchange that is reimbursing the affected users. Well done Coinchek!

No, they are not the first. Bitfinex managed to reimburse its users also.

btcwish1

full member

Activity: 401

Merit: 108

Quote from: maxxdxx on January 28, 2018, 01:08:46 PM

Reimburse the affected customers is the best move right now. Because it will restore faith in the exchange and in the meantime allow Coincheck to keep making money via trading fees. It's a win-win for everyone.

Yes Indeed. Coincheck really did set up a milestone! This is the first exchange that is reimbursing the affected users. Well done Coinchek!

maxxdxx

full member

Activity: 199

Merit: 100

Reimburse the affected customers is the best move right now. Because it will restore faith in the exchange and in the meantime allow Coincheck to keep making money via trading fees. It's a win-win for everyone.

nutildah

legendary

Activity: 2982

Merit: 7986

I believe its also the biggest theft of anything, anywhere, ever.

And kudos to CoinCheck for reimbursing the lost funds... I heard 90% of it was their own.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

I understand that Coincheck are reimbursing all their users, so they don't suffer. That means Coincheck is going to eat the loss. How this will affect them long term is anyone's guess. The best outcome is if they can find the theives and get the coins returned. The worst case scenario is they eat the losses and struggle for the next few years to make the money up thorough fees.

squatz1

legendary

Activity: 1666

Merit: 1285

Flying Hellfish is a Commie

While this is horrible, CoinCheck is taking a completely different approach compared to its predecessor (for the largest hack, MTGOX) CoinCheck is actually going ahead and paying out .82 cents on every dollar for people who had money in their exchange. Even though it's horrible that these people lost money, at least they're getting something back at the moment -- And maybe in the future, you'll get the entire part of what you left in their exchange. This is close to what btfinex did, so it's POSSIBLE.

Sad, but people will only gain knowledge by losing their money -- DONT KEEP MONEY IN YOUR EXCHANGES.

BitcoinMint.US

sr. member

Activity: 284

Merit: 251

Yes its a biggest hack in the history of hackers . 700mil$ that is so wonder

but markets are stable now .

Remember mtgox when they hacked all markets go down for 90% and nobody buy bitcoin Sad

for now they steal 500mil nem and we just have 8-9% price down by nem only.

So its not so bad for us now

btcwish1

full member

Activity: 401

Merit: 108

Another exchange Got hacked. Coincheck is one of the largest Japanese exchanges! $534m has been hacked.

Source: http://www.bbc.co.uk/news/world-asia-42845505

It's another huge warning to take your crypto out of exchanges.

Hardware wallet is the best bet. But like me if you find hardware wallet less user friendly then go for desktop wallet such as Exodus and Electrum.

Topic: Coincheck HACK. World's biggest ever digital currency 'theft' (Read 243 times)