Topic: Effects of hacked Japanese exchange on market - page 2. (Read 394 times)
I'm not sure it was mentioned but the name of the hacked exchange is coincheck ,one of the biggest japanese exchanges .
Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
when someone hacks an exchange plattform the market isnt immediatelly affected, only as soon as the hacker starts selling those stolen tokens,
for example if he sells them for US dollars, as many as possible instead of some over time,
the price then can dump down quickly,
since in many markets, those "nem" token were traded beforehand with other token and those defined their value by those nem token, those token then also lose some value
regards
Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
when someone hacks an exchange plattform the market isnt immediatelly affected, only as soon as the hacker starts selling those stolen tokens,
for example if he sells them for US dollars, as many as possible instead of some over time,
the price then can dump down quickly,
since in many markets, those "nem" token were traded beforehand with other token and those defined their value by those nem token, those token then also lose some value
regards
This is a serious challenge for the world crypto. Another sign that it is necessary to strengthen information security and data protection. It is a pity that this happened in the world of blockchain, which is the standard of cybersecurity. What an irony ...
Short term effect of this hack is that many traders will make use of this bad news to sell the market but the more informed investors will know that the fundamentals of the crypto industry is not affected. This means that the selldown will only reach a certain point and then valued investors will buy the cheap crypto back.
Nowadays I think that the selldown is not caused by panic selling but by short term traders who want to profit so they sell at the same time when there is bad news. This selldown when a bad news had just appeared will deter buying activity in the short term especially newbie buyers. So market will crash down. Then we see these traders buying back at cheaper prices.
This is how the big boys are playing the market.
We will see these volatility in the market until more regulation gets placed on the crypto industry. In the meantime, we can just enjoy the thrill of ups and downs and do not panic cos the sky is not falling.
Nowadays I think that the selldown is not caused by panic selling but by short term traders who want to profit so they sell at the same time when there is bad news. This selldown when a bad news had just appeared will deter buying activity in the short term especially newbie buyers. So market will crash down. Then we see these traders buying back at cheaper prices.
This is how the big boys are playing the market.
We will see these volatility in the market until more regulation gets placed on the crypto industry. In the meantime, we can just enjoy the thrill of ups and downs and do not panic cos the sky is not falling.
Apparently, the stolen NEM is going to be burned, leaving the hacker with nothing.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.
NOTE: This message was originally not posted by me, but instead by someone who compromised my account. I have deleted the content.
As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.
But it did not affect their users, the platform was hacked and they only lost money for that.
Probably only a few users lost their money, but they need to understand that they can not keep their money on an exchange, that is the most risky thing that you can do, specially on cryptos.
As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.
Japan one of strong economic in the world and their investment in crypto more than dollar i think because there is not banned bitcoin.
And now in english? Yes, Japan is a major part of the cryptocurrency market of that's what you are trying to say. If you mean dollar= the US? AFAIK cryptocurrencies aren't banned in the US, only investing in ICOs right?
This is the greatest hack in the history of crypto.
Japs are sleeping now though, so maybe we have yet to see them dump?
Japs are sleeping now though, so maybe we have yet to see them dump?
Japan one of strong economic in the world and their investment in crypto more than dollar i think because there is not banned bitcoin. News from China and Japan everytime destroyed cryptomarket calm.
There is a certain degree of price correlation across all cryptocurrencies, so it is unsurprising that a large drop in any single currency will result in an overall negative shock. In general, tokens and un-mineable coins are much more susceptible to price volatility because their actively traded volume is a much smaller percentage of their total supply. For instance, BTC and ETH are only down less than 3% today on Coinmarketcap, while tokens like TRX and XRP are down almost 10%.
All the time there is a reason to dump. Whenever bitcoin is about to go up some thing happens and it falls till 10k. It is good at least there is a strong support point at 10k usd so it doesnt fall below 10k usd.
Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
Actually I was just about to open a thread about the hack, but you beat me to it.
Of course this will cause a uproar to the every volatile market again. As we can see the market is going red again. Too bad after we have just started recovery this kind of event happened.
I guess we should be expecting another bloodbath in the next couple of days. Although its just NEM that we have seen being lost here, but I'm sure that we should expect something worst here. Let's see how it goes in the next couple of days. Crossing my fingers.
The market is already slowly healing from the tiny dip, and I personally don't expect any bigger dips in the upcoming days, unless there happens something in Asias market.
No, the entire market is on a dip moment right now, it seems that the social media and all the other kind of stuff is trying to push the price to go down
Just be quiet, do not sell anything if you are thinking about doing it.
The price is going to go up again once that everything recovers (if there are good news after all)
That's true. Panic selling will only worsen the situation and will not make you much profit. It's basically a hold or die situation I guess. Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
Just be quiet, do not sell anything if you are thinking about doing it.
The price is going to go up again once that everything recovers (if there are good news after all)
Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
Actually I was just about to open a thread about the hack, but you beat me to it.
Of course this will cause a uproar to the every volatile market again. As we can see the market is going red again. Too bad after we have just started recovery this kind of event happened.
I guess we should be expecting another bloodbath in the next couple of days. Although its just NEM that we have seen being lost here, but I'm sure that we should expect something worst here. Let's see how it goes in the next couple of days. Crossing my fingers.
This is sad news. Really sorry when people lose their savings because of cyber criminals. Can the blockchain technology be used to protect the networks?
NOTE: This message was originally not posted by me, but instead by someone who compromised my account. I have deleted the content.
So far I haven't seen any major movements on the market, there was some sort of a small 'dip' earlier today, the altcoin market cap went down from $360b to $330B but it quickly recovered, so I'd say that the hack had an impact but it wasn't as big as some people predicted, though we'll see how things do down this weekend.
Good news is that the wallets holding the stolen XEM/NEM have already been flagged so if the hackers try to sell it using an exchange, then it'll be pretty easy to catch them.
Good news is that the wallets holding the stolen XEM/NEM have already been flagged so if the hackers try to sell it using an exchange, then it'll be pretty easy to catch them.
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