COINCHECK HACKED - Biggest hack in history [XRP&NEM]

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: d1ceplayer on February 08, 2018, 03:29:58 AM

Quote from: Silberman on February 03, 2018, 12:39:56 PM

Quote from: SirLancelot on February 02, 2018, 04:22:06 AM

Quote from: Poink on January 30, 2018, 12:53:52 PM

BREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. Says it is using its own capital to reimburse clients. Exact date of reimbursement not yet decided.

https://www.reddit.com/r/CryptoCurrency/comments/7tdg3y/breaking_coincheck_says_it_will_compensate_all/

Now that is something. My jaw dropped after reading out your comment because I think, it really takes a lot of guts and courage to do something like this. Huge respect for coincheck but honestly, I am a little bit confused. I wonder whether I should admire coincheck or doubt its kind caring nature.

How are they going to compensate such a big hack? Many question are coming from many corners of my mind. Have they caught the intruders? What is really going on here?

It is likely they are going to pay that out of their own pocket, after all exchanges earn a fortune so it is not like they are going to lose that much money, they realize that if they do not do that they are going to lose their customer base and that is going to be more costly in the long run, also this adds an assurance to the traders, if the exchange gets hacked and it is not your fault they have your back.

Since when have they become so noble and generous? And how the heck are the even supposed to compensate everyone’s loss? I don’t know but I am not having a very good feeling about this. I do understand that it is important to keep customer in their place but still, it is a very big move. Anyways, the good thing is, users are going to get back what really belongs to them.

It is not about being noble it is just a business decision, why do business give free stuff to their clients? Why banks give out some small gifts by opening an account with them? Why when you go to the supermarket you get free samples of the products? They are expecting that by doing that they will get more clients, it does not seem complicated to me.

d1ceplayer

sr. member

Activity: 686

Merit: 277

Quote from: Silberman on February 03, 2018, 12:39:56 PM

Quote from: SirLancelot on February 02, 2018, 04:22:06 AM

Quote from: Poink on January 30, 2018, 12:53:52 PM

BREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. Says it is using its own capital to reimburse clients. Exact date of reimbursement not yet decided.

https://www.reddit.com/r/CryptoCurrency/comments/7tdg3y/breaking_coincheck_says_it_will_compensate_all/

Now that is something. My jaw dropped after reading out your comment because I think, it really takes a lot of guts and courage to do something like this. Huge respect for coincheck but honestly, I am a little bit confused. I wonder whether I should admire coincheck or doubt its kind caring nature.

How are they going to compensate such a big hack? Many question are coming from many corners of my mind. Have they caught the intruders? What is really going on here?

It is likely they are going to pay that out of their own pocket, after all exchanges earn a fortune so it is not like they are going to lose that much money, they realize that if they do not do that they are going to lose their customer base and that is going to be more costly in the long run, also this adds an assurance to the traders, if the exchange gets hacked and it is not your fault they have your back.

Since when have they become so noble and generous? And how the heck are the even supposed to compensate everyone’s loss? I don’t know but I am not having a very good feeling about this. I do understand that it is important to keep customer in their place but still, it is a very big move. Anyways, the good thing is, users are going to get back what really belongs to them.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: SirLancelot on February 02, 2018, 04:22:06 AM

Quote from: Poink on January 30, 2018, 12:53:52 PM

BREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. Says it is using its own capital to reimburse clients. Exact date of reimbursement not yet decided.

https://www.reddit.com/r/CryptoCurrency/comments/7tdg3y/breaking_coincheck_says_it_will_compensate_all/

Now that is something. My jaw dropped after reading out your comment because I think, it really takes a lot of guts and courage to do something like this. Huge respect for coincheck but honestly, I am a little bit confused. I wonder whether I should admire coincheck or doubt its kind caring nature.

How are they going to compensate such a big hack? Many question are coming from many corners of my mind. Have they caught the intruders? What is really going on here?

It is likely they are going to pay that out of their own pocket, after all exchanges earn a fortune so it is not like they are going to lose that much money, they realize that if they do not do that they are going to lose their customer base and that is going to be more costly in the long run, also this adds an assurance to the traders, if the exchange gets hacked and it is not your fault they have your back.

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: Poink on January 30, 2018, 12:53:52 PM

BREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. Says it is using its own capital to reimburse clients. Exact date of reimbursement not yet decided.

https://www.reddit.com/r/CryptoCurrency/comments/7tdg3y/breaking_coincheck_says_it_will_compensate_all/

Now that is something. My jaw dropped after reading out your comment because I think, it really takes a lot of guts and courage to do something like this. Huge respect for coincheck but honestly, I am a little bit confused. I wonder whether I should admire coincheck or doubt its kind caring nature.

How are they going to compensate such a big hack? Many question are coming from many corners of my mind. Have they caught the intruders? What is really going on here?

imperatron

sr. member

Activity: 459

Merit: 250

Crazy to see ow big amounts are getting stolen in crypto. It really scares me whe I think about my funds!!! I hope you guys store your coins on a coldwallet to be safer against hacker! I mean no one here is holdng 500 million but hackers are also happy with small money!

iTradeChips

hero member

Activity: 1792

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Biggest hack indeed. I would now wonder how secure our funds are on exchanges. If only the exchanges fees are not downright ridiculously expensive, I would rather put all my coins on an offline wallet.

Poink

full member

Activity: 350

Merit: 122

BREAKING: Coincheck says it will compensate all losses to its NEM holders at a rate of 88.549 JPY ($0.81) per each coin. Says it is using its own capital to reimburse clients. Exact date of reimbursement not yet decided.

https://www.reddit.com/r/CryptoCurrency/comments/7tdg3y/breaking_coincheck_says_it_will_compensate_all/

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: ?? on ??

It's so scrary. No exchange is really safe. I think we should store the coins in the personal wallet on our computer. Unfortunately for those who are stolen

It has been mentioned many times that no exchange is safe, no matter how good is their security they are big targets and sooner or later they are going to lose money to hackers or to their own employees, if you are a day trader then you have no option but to have your funds there but if you are a holder you will be better by having a hardware wallet or a paper wallet.

logicgate

sr. member

Activity: 994

Merit: 252

Quote from: akitha on January 27, 2018, 02:41:34 AM

I think there something at the back of this. Maybe hack or not if you are using like this big exchange you should not put or store your coins in the exchange. and also heard that 100K xrp were transferred to a private wallet?HMMM

These big hacks are not as simple as they appear to be and most of the times, the company or the insiders are involved in such a crime. I have firm believe on this. But I like the advice to not keep the coins at exchange or it should be more than one. My sympathies are with those who suffered from a great loss. But whoever has got hands on those 100 ripples, going to be a millionaire in future.

oaks05

hero member

Activity: 770

Merit: 501

nem says they wernt using multi sig contracts that they offer to protect the coins meaning they had poor security there own fault.

zerocoolvn

newbie

Activity: 12

Merit: 0

This is such bad news. I hope investors could somehow get their money back.

nuskill

full member

Activity: 238

Merit: 102

well wondering that it is another japanese exchange?

seems Nem gonna take a beating for that instead of the exchange. But looking back...MT gox CEO is now insanely rich too for cheating all his costumers.

Guess thats the new way if the exchange does not earn quick enough.

akitha

member

Activity: 742

Merit: 10

I think there something at the back of this. Maybe hack or not if you are using like this big exchange you should not put or store your coins in the exchange. and also heard that 100K xrp were transferred to a private wallet?HMMM

JeffBrad12

hero member

Activity: 2926

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: huzurkan on January 26, 2018, 05:26:26 PM

I do not understand how they are hacked. I think someone is hacking inside. cold wallet hacking must be difficult. i do not believe them.

There is no a lot of explanation about that, but it seems this hack already planned from inside. How the security can be broken by the hacker. coincheck previously stated that if the funds go to the somewhere and it's untraceable.

How more centralized exchange site goes crap this time.
I was expecting about the Japanese official will try to investigate it with some police in the future.

viramarket

full member

Activity: 262

Merit: 100

Apparently hacked their wallets are not on stock,and what third-party.Now the hackers are very actively hunting for such large whales as a stock exchange.

huzurkan

hero member

Activity: 1064

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Proof-of-Stake Blockchain Network

I do not understand how they are hacked. I think someone is hacking inside. cold wallet hacking must be difficult. i do not believe them.

muhdatha

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Merit: 11

Betrium 🎾 Worldwide Betting Exchange

Quote from: Renzarra on January 26, 2018, 03:54:33 PM

https://news.bitcoin.com/coincheck-halts-operations-amidst-hacking-rumors-after-723-million-withdrawn/

It's still wild wild west out there. On exchanges they don't care enough about security.
I expect to see some kind of insurance model from exchange in future because of this attacks.
Bank insurance is something good. That insurance could be and probably will be paid by us in some smaller percentage,
but it would be safer than now.

It will be so unprofitable to insure big crypto exchange.

As you know almost every month one or two of thay hacked.
May be in future when insurance companies try to calculate his profit and fees for it.

holden.commodore

full member

Activity: 287

Merit: 101

I begin to think that is the destiny of all exchanges to be hacked, soon or later.

Renzarra

newbie

Activity: 33

Merit: 0

https://news.bitcoin.com/coincheck-halts-operations-amidst-hacking-rumors-after-723-million-withdrawn/

It's still wild wild west out there. On exchanges they don't care enough about security.
I expect to see some kind of insurance model from exchange in future because of this attacks.
Bank insurance is something good. That insurance could be and probably will be paid by us in some smaller percentage,
but it would be safer than now.

muhdatha

member

Activity: 168

Merit: 11

Betrium 🎾 Worldwide Betting Exchange

Quote from: shursight on January 26, 2018, 03:19:58 PM

False.

They did not stole Ripple, only NEM.

Quote from: holden.commodore on January 26, 2018, 12:09:05 PM

Tokyo based cryptocurrency exchange "coincheck" just confirmed that they had more than 500 million dollars stolen in Ripple and Nem cryptocurrencies.
China and shouth korea is ok, but what happens when Japan starts to face issues regarding crypto?

And that was because of their lack of security, not because they just were hacked.

Maybe that was some kind of "exit" scam like may other exchanges did before in order to say that they were "hacked" while they stoled all that money.. Yeah, right, just a "hack"..

Maybe you're right.
It's unbelievable.. if so huge sum were stolen by hackers. If so they are genius but it seems to me ... perhaps some of the staff can help they. Anyway when you have so huge funds you must spend more sum to IT security..... even this forum spend money for security bounty.

Topic: COINCHECK HACKED - Biggest hack in history [XRP&NEM] (Read 437 times)