Sad news one more price regulator in the shadow.
Of cource if it not the same person who hack all other exchanges.
Topic: Hackers on the rampage again, 59M $ Stolen - page 4. (Read 918 times)
Expectedly, after this hacked happens, the market will surly affected by this, because hackers ganna dump all those coins he hacked to collect money for real, this scenario can be a another warning to us to not store much expensive coins in exchange site, although it has a good security at the time you use, but after a days that security may be outdated or weak for the hackers, so hackers can do what ever he wants too.
Hackers typically don't dump the stolen coins immediately as the coins or proceeds can be easily locked by an exchange once the news spreads out. And the price falls not so much because of coins sold as on the news of the coins having been stolen. It is the market reaction to the hack. Anyway, shrewd hackers sell coins on margin even before the actual hack attempt as this allows them to multiply the spoil and reap profits before taking any action.
I recall two or three days before the Bitfinex hack someone had been massively shorting bitcoin on the order of millions of dollars. In that way the price went down prior the hack due to massive short positions. And after the hack bitcoin expectedly crashed which allowed those in the know (likely the hackers themselves) to monetize the hack and book insane profits apart from the loot as such.
Prepare yourself
DUMP is coming
That's why I don't want to store my asset too long on exchanger, we don't know how long this exchanger still safe. Also, the exchanger owner not guarantee will refund our asset if got stolen by hackers...
DUMP is coming
That's why I don't want to store my asset too long on exchanger, we don't know how long this exchanger still safe. Also, the exchanger owner not guarantee will refund our asset if got stolen by hackers...
Expectedly, after this hacked happens, the market will surly affected by this, because hackers ganna dump all those coins he hacked to collect money for real, this scenario can be a another warning to us to not store much expensive coins in exchange site, although it has a good security at the time you use, but after a days that security may be outdated or weak for the hackers, so hackers can do what ever he wants too.
These news and situation destroys the image of bitcoin to the public because of the hackers and scammers that have no conscience. Here's an another reason for the potential investors to not deal with crypto. Let's just be active and cooperate to prevent these kind of incident for each and everyone of us savings secured.
its show us that the exchanger is not safe than the blockchain system, so if we have much of cryptocurrencies, or bitcoin i think it will more safe if we save it in our blockchain wallet, like the hardware wallet or online wallet
This types of news break my heart! How many times we have to see exchanges hack accident in a year! I couldn't bear it anymore. In this year, more than 5 times exchanges got hacked. Bithumb hacked for two times, Bancor, and now this one, and yobit io! And some others exchange! More than 200 Million USD hacked from several exchanges in this year! How can crypto market grow? Are we not safe enough then?
I am sorry to read this keeps happening. If you want to avoid this, I strongly suggest you invest on AML BitCoin. AML BitCoin rests on a privately regulated public blockchain that facilitates AML-KYC compliance and identifies criminals associated with illicit transactions while maintaining and strengthening the privacy protections for legitimate users.
Si, this is the reason for the market down today! Such a bad luck we are. When the market just started growing, that time this bad news spoils everything once again!
Nope. No one else other than Zaif gives a shit. It's a piddling amount of money in the great scheme of things and the Japanese market rarely commands attention elsewhere anyway.
Si, this is the reason for the market down today! Such a bad luck we are. When the market just started growing, that time this bad news spoils everything once again! And, You are right, this is the main reason to not hold our coins in exchanges for a long time.
We still need innovations on cryptocurrncy security. It is serious for exchanges to be hacked. This is not good for cryptocurrency growth. How can blockchain technology be employed to tackle security issues in exchanges? Which technology can be employed to arrest this ugly trend? Improved security will help the growth of cryptocurrency.
there is no solution for it other than constantly improving the security measures
An exchange has to use cold storage and maybe multisig too. And for the hot coins, they have to use...insurance.
Of course, the security measures are important, but also the hardware is advancing and something secure now may not be so secure in a year. Hackers are advancing too.
Plus don't forget that bugs do happen. That's why among proper security, I think that exchanges should really use insurance.
Insurance comes with a price. And in case of crypto, as I'm strongly inclined to think, it comes with a double price. Regardless, if it was an inside job, then the "hackers" would be twice as motivated, first by coins they allegedly stole and then by the insurance indemnity they would be expected to receive from the insurance agency. Though, honestly, I can't imagine how you are going to insure your crypto reserves and what premiums you are expected to pay to an insurance company for the insurance provided as it is next to impossible to distinguish between fraud and "legitimate" hack in case of coins "missing".
Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.
https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y
I think if system security is not improved, crypto will be difficult to develop, because investment involves trust, trust that ensures investors safely invest in the investment they choose. This is one reason why not many believers invest their money in crypto. Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.
https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y
This is why one should not put a substantial amount of their investment in exchanges. Better yet, if you they are trading, choose the best exchange with the most secure ecosystem. Anyway, needless to say that those funds would not be returned to the owners. I'm curious to how this event will affect the market.
This is bad news, now there are a lot of hackers who attack cryptocurrency wallets, whether it's personal wallets or exchange wallets. therefore, we must guard our wallets carefully. and don't get hacked. I hope this news will not have a significant impact on the changes in crypto prices.
Where are you living at? Crypto hackers has been working hard for the last couple of years now. I think this is a old news already, couple days old so yes, there's no impact whatsoever, If Zaif just used cold storage/hardware wallets then this problem will not happened.
Another bad news for crypto market, it doesn't matter for hackers if it's decentralized or centralized exchange market. There should be something more safer, like hybrid of them.
there is no solution for it other than constantly improving the security measures
An exchange has to use cold storage and maybe multisig too. And for the hot coins, they have to use...insurance.
Of course, the security measures are important, but also the hardware is advancing and something secure now may not be so secure in a year. Hackers are advancing too.
Plus don't forget that bugs do happen. That's why among proper security, I think that exchanges should really use insurance.
I believe that this is going to be a game of cat and rat, there is no solution for it other than constantly improving the security measures. On the other hand, from a user point of view, it is always recommended not to hold more than 5 to 10% funds on any exchange or web wallet. Anyone having a private key is able to spend the funds associated with that wallet. We cannot be sure what kind of security precautions are being taken on the server side.
Cryptocurrency exchange hacked increased recently and it's randomly happened in japan. I'm scared to holding crypto in exchange because when i affected in hacking. 59$ million is a big deal for any exchange site. Zaif was a big exchange in japan and why it's security is not stronger like as Binance and Huobi.
Hacker will do anything if they want something, they look some mistake in exchanger's security and bypass access on it. That is why we user must careful to pick an exchanger. Or maybe don't save all money in 1 exchanger and use personal wallet.
Hyena is the dirtiest wild animal I just hate it. It is very dangerous; greedy; shrewd animal. It may or may not find it's own food but it is expert in snatching food of others even that of lion.
Hackers are the same bastards. Their eyes filled with greediness; shrewdness is always on the wealth of others. Not even innocent but even masters of the game become prey to these people.
If exchanges are hacked ; they need to ensure 100% security for investor's wealth. But if some wallet is hacked; then investor itself must be alert. Hardware wallets; writing passwords on paper etc may be safety measures.
Hackers are the same bastards. Their eyes filled with greediness; shrewdness is always on the wealth of others. Not even innocent but even masters of the game become prey to these people.
If exchanges are hacked ; they need to ensure 100% security for investor's wealth. But if some wallet is hacked; then investor itself must be alert. Hardware wallets; writing passwords on paper etc may be safety measures.
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