I think we should look more on the effect, in the past the market is still not big so the amount stolen really affects the market.
Today, it seems like there is a little effect or just temporary as I saw the market rebounding again and bitcoin will be great again, just relax, it's exchange sites fault, people are more educated now.
Topic: MtGox vs CoinCheck (Read 167 times)
While the percent of coins lost is smaller, the value is still eye popping and respresents the largest crypto hack to date. This on top of the fact that we know these exchanges are targets for hackers and yet they still employ weak cybersecurity protections or make stupid crypto decisions like housing all customer funds in a wallet that apparently required a single signature to access. To the extent the drop in price is directly attributable to this hack, it's because we still have inept operators causing massive harm to customers.
No matter how strict the regulations might be, they won't stop hackers. Japan seems to have the most regulated cryptomarket in the world. There you would have to pay an insane amount of money to obtain a license if you wanted to start a cryptobusiness, be it an exchange or some other legal cryptoenterprise. I hope that regulation proponents will rethink their stance because government regulation doesn't add much to security, if anything at all.
This time NEM was stolen, not bitcoin.
There are not so many trading pairs involving NEM, mainly you can trade NEM against bitcoin.
I assume if somebody tries to sell those coins, it would mainly effect the NEM price, and not the rest of the crypto currency world.
There are not so many trading pairs involving NEM, mainly you can trade NEM against bitcoin.
I assume if somebody tries to sell those coins, it would mainly effect the NEM price, and not the rest of the crypto currency world.
All the people here continue to talk about a MtGox "hack".There are many evidences that the MtGox owners had manipulated the bitcoin price back in 2013 and finally,they stole the bitcoins.Why the people continue to believe that this was a hack?Anyway,around 523 million NEM coins are stolen from Coincheck.This hack should affect the NEM coin price,not bitcoin price.
I have read the the total effect of this is very little compared to Mt Gox. About .25% of the total market cap. Although the price is higher than the Mt Gox the effects of it is lesser.
I have to say that it has contributed a small impact to the current price. I just check right now but I was quite surprised to see bitcoin above $11300 still. Maybe there are really a lot of investors today that are still willing to shed money to the market eventhough there's a report of a hacked.
During that time, it was only Mt. Gox who is the dominant exchange that why the hacked took a toll on bitcoin price. But since crypto has emerge from the ashes of the hack and exchanges popping up globally, the Coincheck incident will not have a drastic impact to the markete price as compare to the Mt. Gox heist.
As many of you maybe remember and the rest of us have only heard about MtGox infamously lost over 850,000 bitcoin back in 2014 worth at the time somewhere in the region of $400m. Today it was announced that CoinCheck was hacked and lost an amount 'greater' than that, somewhere in the region of $500m.
But just how really do these news stories compare and add up. Back when MtGox happened the market cap was sitting at around $8bn so that means around 16% of the market cap was lost in value. As of writing the market cap is at around $550bn putting CoinCheck's loss at just under 1% of the total market cap.
On news of this hack the price fell somewhere in the region of 10%, of course you can argue there are other factors at play but a 10% drop because 1% of funds were hacked does seem like the work of FUD in a market which is still uncertain following recent FUD around regulation in South Korea and China.
But just how really do these news stories compare and add up. Back when MtGox happened the market cap was sitting at around $8bn so that means around 16% of the market cap was lost in value. As of writing the market cap is at around $550bn putting CoinCheck's loss at just under 1% of the total market cap.
On news of this hack the price fell somewhere in the region of 10%, of course you can argue there are other factors at play but a 10% drop because 1% of funds were hacked does seem like the work of FUD in a market which is still uncertain following recent FUD around regulation in South Korea and China.
During that time, it was only Mt. Gox who is the dominant exchange that why the hacked took a toll on bitcoin price. But since crypto has emerge from the ashes of the hack and exchanges popping up globally, the Coincheck incident will not have a drastic impact to the markete price as compare to the Mt. Gox heist.
While the percent of coins lost is smaller, the value is still eye popping and respresents the largest crypto hack to date. This on top of the fact that we know these exchanges are targets for hackers and yet they still employ weak cybersecurity protections or make stupid crypto decisions like housing all customer funds in a wallet that apparently required a single signature to access. To the extent the drop in price is directly attributable to this hack, it's because we still have inept operators causing massive harm to customers.
As many of you maybe remember and the rest of us have only heard about MtGox infamously lost over 850,000 bitcoin back in 2014 worth at the time somewhere in the region of $400m. Today it was announced that CoinCheck was hacked and lost an amount 'greater' than that, somewhere in the region of $500m.
But just how really do these news stories compare and add up. Back when MtGox happened the market cap was sitting at around $8bn so that means around 16% of the market cap was lost in value. As of writing the market cap is at around $550bn putting CoinCheck's loss at just under 1% of the total market cap.
On news of this hack the price fell somewhere in the region of 10%, of course you can argue there are other factors at play but a 10% drop because 1% of funds were hacked does seem like the work of FUD in a market which is still uncertain following recent FUD around regulation in South Korea and China.
But just how really do these news stories compare and add up. Back when MtGox happened the market cap was sitting at around $8bn so that means around 16% of the market cap was lost in value. As of writing the market cap is at around $550bn putting CoinCheck's loss at just under 1% of the total market cap.
On news of this hack the price fell somewhere in the region of 10%, of course you can argue there are other factors at play but a 10% drop because 1% of funds were hacked does seem like the work of FUD in a market which is still uncertain following recent FUD around regulation in South Korea and China.
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