Bitcoin Forum

Another exchange Got hacked. Coincheck is one of the largest Japanese exchanges!  $534m has been hacked.

Source: http://www.bbc.co.uk/news/world-asia-42845505

It's another huge warning  to take  your crypto  out of exchanges. 

Hardware wallet is the best bet. But like me if you find hardware wallet less user friendly then go for desktop wallet such as Exodus and Electrum.

Yes its a biggest hack in the history of hackers . 700mil$ that is so wonder :)
but markets are stable now .

Remember mtgox when they hacked all markets go down for 90% and nobody buy bitcoin :(
for now they steal 500mil nem and we just have 8-9% price down by nem only.

So its not so bad for us now :)

While this is horrible, CoinCheck is taking a completely different approach compared to its predecessor (for the largest hack, MTGOX) CoinCheck is actually going ahead and paying out .82 cents on every dollar for people who had money in their exchange. Even though it's horrible that these people lost money, at least they're getting something back at the moment -- And maybe in the future, you'll get the entire part of what you left in their exchange. This is close to what btfinex did, so it's POSSIBLE.

Sad, but people will only gain knowledge by losing their money -- DONT KEEP MONEY IN YOUR EXCHANGES.

I understand that Coincheck are reimbursing all their users, so they don't suffer. That means Coincheck is going to eat the loss. How this will affect them long term is anyone's guess. The best outcome is if they can find the theives and get the coins returned. The worst case scenario is they eat the losses and struggle for the next few years to make the money up thorough fees.

I believe its also the biggest theft of anything, anywhere, ever.

And kudos to CoinCheck for reimbursing the lost funds... I heard 90% of it was their own.

Reimburse the affected customers is the best move right now. Because it will restore faith in the exchange and in the meantime allow Coincheck to keep making money via trading fees. It's a win-win for everyone.

Yes Indeed. Coincheck really did set up a milestone! This is the first exchange that is reimbursing the affected users. Well done Coinchek!

Hmmm, this is a bit weird and a bit scary.
If they say that 90% of the coins were actually owned by them it means this exchange hold around probably 5-10% of all the coins ...not a nice view.
But it would mean the entire "reimbursement" plan is not big either and it's cut to 1/10.

I smell something fishy about this "hack"...just like the others.


No, they are not the first. Bitfinex managed to reimburse its users also.

how can it be the biggest exchange when majority of people haven't even heard of it before? not to mention that according to all the exchange rankings that i have seen so far based on volume they aren't even among top 10 as far as i can remember!

i am also smelling a fish here :D
specially since the number is too big (indicates possibility of fake volumes) and then talk of reimbursement as if nothing has happened (indicating possibility of a fake hack).

yes, coincheck hack was one of the biggest news at that time.

Hack, not exchange.
Biggest in terms of the value of the coins.


If you ask 100 people in my country what is Costco or Tesco probably 1 of them will know the answer (and I'm from Europe)

Stop looking at the fake volume on CMC, they started a lot of deals with 3rd parties in Japan including physical stores after the hack and got bought by a serious investor so it might be that the "hack" was actually a real hack.

Since they started reimbursing the money (at the value of the hack, and the value decreased a lot since then), the FSA gave them their license and ok, seems like I was wrong about them a year ago when I too screamed fishy!!!