Bitcoin Forum

TLDR: Japanese exchange hacked, half a billion dollar worth of funds seem to be stolen


Update Jan. 26, 2:00 pm UTC: NEM Foundation president Lon Wong has appeared to confirm Coincheck was hacked, calling the stolen funds "the biggest theft in the history of the world."

Update Jan. 26, 3:00 pm UTC: Coincheck has reported the likely inappropriate transfer of $532 mln worth of XEM to the Financial Services Authority and the Police, according to Nikkei.

https://cointelegraph.com/news/japan-coincheck-exchange-freezes-all-withdrawals-as-up-to-723-mln-leaves-its-wallet

 :o

Truly sad news for all Nembers today.

wow! looks like it could be :( i can only ensure my part is tough but if exchange gets hacked not sure what can one say.

Hoping its a techincal glitch not a hack

https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals

The wallet of the hacker has been blocked for unloading, But I still feel this to be FUD, so nothing to be worried much.

This just shows us once again that the only safe way to hold your coins is to not have them on exchanges. I personally only hold coins/tokens that are compatible with Ledger hardware wallets. This simply allows me to sleep well. I am however really sad for all the people who lost their money.

That's unfortunate, that's why I never leave my coins into Cryptocurrency Exchange to avoid exchange hacks and attacks.
Those who had been lost their coins I hope they can recover and the Japanese exchange company will have to do something in return with their clients.
That's a lot of money from an easy effort of hacking.

yes, this is a really bad news and maybe the reason that most coins drop today, i heard the exchange will hold a confrence tomorrow, wish to see how will they do to this

Always transfer your funds into your personal wallet. I made the mistake of leaving on the exchanges before but not anymore.

How do you think this can effort on XEM price? How is this possible to block a wallet on a blockchain? Or nem is also not a blockchain like IOTA and XRP)?

It's a good thing that the wallet was frozen before the coins is passed into the attacker's external wallet.
Internal wallets are just temporary wallets therefore Cryptocurrency exchange do have still all the rights to freeze or subject to undo any terms of transactions.

Yet another exchange have been hacked. I'm not surprised anymore when i see a news about this because exchange are the number target of those hackers. but sometimes im thinking that., are those exchanges have really poor security? i dont think so. this is why im starting to think that when an exchange gets hacked it is an inside job. just like what i think when nicehash gets hacked last year.

ohh.. so that the reason why the withdrawal of coincheck today is on freeze?
hope this news will not affect the value of xem on the market.

Unfortunately it seems the value decrease has already been beginning
https://coinmarketcap.com/currencies/nem

Totally shocking for hodlers, yet good for those who will buy XEM for cheap

agree, i expect just a teknichel fault.
And if it really happened. Hopefully the perpetrators are caught and return the stolen funds

Does anyone else think that this will lead to severe over-regulation in the name of security? IMHO, the dynamics for crypto markets in 2018 are trending a bit more negative now.

That's a really very huge number 500 milion! . I think the price of nem after going on such a hack case will decrease significantly considerably.
that's it's a very reasonable logic in this case. better still see the market price nem now in the market. because it's a very natural thing when the wallet exchange is stolen. thank you for creating this thread and notice us!

I was wondering the huge dump on XEM. Didn't know why it has been dumped.
This is really bad and i hope this will not happen again.

Yikes! I keep most of my cryptocurrency in etherdelta and coinbase like an idiot. I guess I should start sending it to my electrum or exodus wallet to be safe.

How likely is it for MEW to get hacked?

Prepare for XEM to be dumped.
News always bring 2 sides, a benefit for some people and also a disadvantageous for the victims

Now that is something really serious. If things like this starts happening then cryptocurrency have a big flaw and then it won't become what all thinks it'll.

Shyett happens!
$500m is like 6% of Nem marketcap!

I just looked at the Coincheck CEO face and he was so deeply regret it. Exchanges really do need to doube or even triple their security, we cant let this happen again and again :'(

This is a very bad news, but the problem of security in this area must become a top priority, first the exchange must enhance their security measures, just so we can all be quieter

I don't get why hackers do this shit.  If we want to destroy the trust of crypto which I'd have to imagine most of them are FOR, why do something as short sighted and selfish as this?  Maybe it was NK? ???

How naive are you? Hackers don't care about the future or trust of crypto; they care about their profit.


I doubt if the wallet was frozen, all the reports I have seen is that the NEM was already sent to an outside wallet. Was probably an inside job by someone paid off. I doubt if will affect the long-term price of NEM. BTC has experienced many hacks in the past and the price declines have always been temporary.

No way that they can block the hacker's wallet. it's definitely already transferred to an external wallet controlled by nobody by the hacker. and if it was "frozen", talk about decentralization, am i right?

I also heard the news from the Japanese exchange Coincheck raised $ 600 million in the currency of XEM. They say that they may not have been taken, but it can be seen that they were taken away. The price of the token sagged on these news, it is possible that in an attempt to merge the stolen rate can drop for a while. In this case, it will be a good reason to buy a token at the bottom.

I was just about to post a question as to why crypto exchanges get hacked all the time but banks don't.  Then I googled and yes they get hacked all the time but I guess the media loves to cover these on a global scale more than banks.  Either way... that's a huge sum of money.

I'm not naive; it's a duh that even intelligent people can be selfish assholes.  It's stupid as hell and annoying when the overall digital community is pushing for mainstream adoption and this happens, especially from people who must be fairly intelligent.  It's completely counter intuitive and shortsighted to screw something up like this.  

Wha?... Oh.

"Coincheck has reported the likely inappropriate transfer of $532 mln worth of XEM to the Financial Services Authority and the Police..."

If this were true, no problem... the FSA and the Police would simply reverse the transfers.

Another C student is producing headlines.

So this might be a problem for those who has this coin,the coin continously dropped its price from the moment this news were released leaving most of the investors behind.This is why i dont really trust any exchanges to be my wallet because anything can happen,especially when you are holding large amount of BTCs the perfect place to hold your coins would still be in hardwallets.