Bitcoin Forum

Just saw the news

Japanese cryptocurrency exchange Coincheck, one of the largest in the country, was the victim of a massive hack resulting in a loss of 523 mln NEM coins, worth approximately $534 mln.

here is the source of this news.
https://cointelegraph.com/news/coincheck-stolen-534-mln-nem-were-stored-on-low-security-hot-wallet

I heard this kind of news several times

is there any way to protect your crypto currency?

someone could help me?

Ouch! Just goes to show that our coins are not safe on the exchanges, only leave what you need to trade with. Everything else should be stored in a private wallet to which you have the private keys to. Unless of course you are unable to secure a wallet and have no private computer. Every week there seems to be news of someone getting hacked  :-\

come on, it is a serious question

hacked wallet is the problem every investors don't want to face

it's gonna be some way to prevent it.

I don't know why there are so many people there when discussing merit system

but they suddenly disappear when we really need some help.

I am sincerely asking this question and really wanna discuss about it.

are they busy to find merits?????

Umm Crypdon have a good answer to your question?
Just don't store your coins on a exchange, if the exchange gets hacked there is a big chance the hacker has access to your private keys and you don't. Also, if you're holding your coins in a private wallet (so not on an exchange) don't download fishy programs that might steal your coins out of your wallet.

omg 534 mln$


i bet the hacker is now dancing

like this

https://www.youtube.com/watch?v=UG7zLhEWanc

 ;D

Thank you for your help.
but these kind of news happend several times and hackers earned everytime
if people know the risk of putting coins in exchange, why they still doing that?

If you are eager to stash the coins on the exchange at least try to be unique in your actions. First, of all try to set unique email for the account on the exchange you will use and also make sure you put the long pass that is hard to guess for some bot system that the hackers are constantly using.
Try to diversify your portfolio among exchanges because this way it will be a harder for the hackers to steal all your portfolio that is stashed( also very unlikely). If you will be trading tokens on Ethereum try some decentralized exchanges because you will have the power over your portfolio with your private keys and it won't be stored on an exchange. Also if you have a large amount of the coins stashed on some exchange try to keep the balance of it in the anonymity because the more of the people know about your balance it is likely that you will be the one of the targets when the exchange is attacked. Try to take precautions even if you cant protect the funds from fully sophisticated hacker attack. One more advice; try to find reputable exchange site that has a hard security that has a hard breachable system. This way you will feel more secure even if the most secure way would be to stash your coins in the hardware wallet after the trade.

Be smart and take precautions! Good luck in the trading!

That's really a massive amount to be lost.In any case,you have to avoid leaving your funds on exchanges.To be safe get an offline hardware wallet such as ledger etc to keep ur funds in it,you will be much more safer.

if the hacker decides he wants US dollar, he can quickly make that token worth 0 USD

not nice to know as a nem holder, these hackers have a completely different mental assoiation with those token than those "investors" and "holders"

Yep, though he could get caught before his dump if he moves is coins too fast. Blockchain is transparent.

 ::) trading bot.... people holding nem are now basically living under a guilotine, better sell...

[/quote]Because they are trying to avoid the big fees on the decentralized exchange which gives a better security to our amount. Basically it used p2p transaction and it's not send our fund to the hot wallet like what already happened if you are sending your money to the centralized exchange site.

How centralized exchange has a lot of demand rather than decentralized exchange site. They are thinking if that was easy to use rather than dex.

Digital money is a lot of risk! Trade and withdraw to personal wallets as soon as possible to secure your assets! Hold on exchange a sufficient amount!

Exchanges are not taking security measures quite seriously. They could give the insurance for their our holdings. It is expensive, but something is need to be done.
For example I would rather give my 0,1% or of every transaction to maintain their insurance policy than to see my account empty.

 mt.gox belonged to japan. it was hacked. I do not trust the japan anymore. they may be doing it knowingly. we need to stay away

Demn,that is bad news...every day negative new for crypto market...

I read that Tokyo-based cryptocurrency exchange Coincheck disclosed Friday it had been hacked and lost about ¥58 billion ($532 million) worth of its holdings, sending clients into a panic about the fate of their virtual assets.

this hackers stolen a lot of cryptos and now? they just sell them? or hold and?...

In addition, every exchange in possession must be a different password or use Google Authy.
Must raise awareness

This is just sad. Lots and lots of exchange sites have been hacked. We have to be very vigilant in putting our money on exchange sites and letting in sit there. A paper or hardware wallet is the best to keep your investments. I hope this will become a lesson to other exchanges outt there to protect it from attacks like these. Many exchanges have gone bankrupt because of such attacks.

Far East stock market has bad news in recent days. This is neither the first nor the last theft.
This stock market was known. Stock markets should be more careful.

The saddest thing is that exchange does not guarantee the safety of funds of its depositors. And when you attack it all goes to the scammers. And because of this, now we can observe a decline in the value of the NEM coin is 16.5%

An update: they are compensating people who lost coins:

https://twitter.com/ynakamura56/status/957275354527232000


And here is the coincheck announcement in Japanese from their blog:

http://corporate.coincheck.com/2018/01/28/30.html