Bitcoin Forum

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 the overall level of education in Bitcoin is rising. Seems like finally, it is getting through their rather thick skulls of newbies that the failure of exchanges trying to keep coins safe isn't relevant to bitcoin's security. But still in 2018 there's tons of people that when they read these headlines, think that exchange hack = "bitcoin hack". There's still a lot of work to do when it comes to that, but slowly we'll get there. And as education level rises, these news will have less of an impact as they would understand there's no reason to play along with the panic selling of these news anymore.

Bitcoin anonymity is for hackers, scammers and criminals, terrorists also. They will run away after the crime.

Hi, everybody. Hackers will always attack any system. Especially cryptocurrency exchanges where there is so much money.

This is the problems that need to be resolve to the fullest solutions. Its sad to say that another exchange again that has been stolen a million dollars by the hackers. 59M$ was a huge amount again in this business, I wish that exchange resolve the problems of their client users as well, though it will affect their business which may cause to collapse their exchange too.

It is very a pity that this happens. Almost every month hackers hack into some exchange. But I do not think that these hacks can somehow influence the market. I do not see any connection.

This is a bad news for Crypto, Exchange needs to take security measures for its members!
In the past there have been quite a lot of similar cases, hopefully things will improve!

Hackers still find ways to steal funds.That's very surprising.When we see a completely invulnerable exchange. Don't want to lose their money

This is one of the reason not many people trust investing their money on crypto.
So, people who just brave to risk their money who involved in crypto.
If the system security will not improce, crypto will hard to develop i think

therefore now we all must always be vigilant and keep our assets that are very good and safe so that it is difficult to hackers steal our bitcoin all

yes, most people take exchange as personal wallet were they can store coin. Like i always say it 100% risk to leave fund on any exchange because u don't the full control of it. many exchange owner are weak in the part of security. just pray the customers get compensate too because is every frustrating when you get hacked.

Yeah, that was a nice slide and then quick rebound as I happily bought back what I had sold just a few hours before. Regarding the news, there is nothing out of the ordinary and shouldn't be. Bitcoin will remain what it is no matter how regulated its environment is. It can be stolen and having been stolen means irrecoverable and irrevocable loss in the majority of cases. In case of fiat you can always trace the footprints and fingerprints left by the thief, with bitcoin you have only the blockchain and coins from which you no longer have the keys.

To solve this issue we need fully decentralized exchanges designed and implemented on the protocol level. But that requires strong coordination and cooperations between many coins. Given that there is no agreement even inside bitcoin camp as otherwise there wouldn't have been bitcoin cash and similar projects, such coordinated effort doesn't look very likely as everyone hogs the covers.

The way security breach happens in crypto space makes me wonder if this is the only economy that money is being traded. I have not heard that the forex market that can boast of huge amount of activities enough to swallow the entire crypto capitalization gets hacked. Although, the effect might not be felt on the price of bitcoin in general but it will surely send a bad signal to those reading and those willing to come in that the market facilitators cannot put something as simple as security in place to forestall things like this despite the amount of security that blockchain itself presents.

Just like I usually maintain, hackers will not stop making efforts it's the responsible of exchange owners to ensure that the security apparatus is kept safe for the benefit of their investors and until they are being held responsible for such deficiencies they won't take their duty serious.

I don't think issues relating to hacking of exchanges will reduce in the nearest future. I personally don't think it's right leaving crypto on exchanges for long periods

Why is this perceived as a problem? Money is also being stolen from banks!

exchanges should use latest technology for saving from hackers. legitimacy of bitcoin will also decrease the percentage of crime of stolen btc as government would implement punishment on stolen of btc.

That's exactly the approach everyone should take. I always withdraw coins right after buying, and I only hold USD on exchanges for short periods. If I'm cashing out for a while, that money sits in my bank account.

As cryptocurrency gets bigger and bigger, the targets on the backs of exchanges grow. Just as exchanges aren't scaling their infrastructure to customer demand, they aren't devoting enough resources to security. The Coincheck hack this year really hammers that point home.


Technically, it reduces available supply because the stolen coins are difficult to sell on exchanges or spend through payment processors. That could actually drive the price up. :P

Not just bitcoin but the whole market is prone for this thing, and this is why government is regulating this market. This is a bad news for a cryptomarket again, and maybe can affect the market later on but hopefully not since we are just starting to pump.

This isn't just bad for the investors who lost money, but the crypto in general. Is has already received negative press from previous hacks and this is just making matters worse. It will scare newbies away at a time when we need new blood

There are many problems with exchanges that are very susceptible to hacker attacks, this is very detrimental to many people and certainly frightening for all users, it is very unsafe if you want to keep it for a long time in a very dangerous exchange, the most effective is to use a personal wallet and keep it keep rising, must be repaired as soon as possible so that it is safer in the crypto world, a problem that the government does not want to happen if after adopting the crypto as a whole.

hacking always be a major problem in decreasing bitcoin and market conditions are getting worse.

this year many exchanges hacked by hacker, market manipulation, and fake trading volume values dominate exchanges that have bad services.

This is really not good for the community and the whole community and could drop the price of the coins once again, I don't know if there is an inside job here but the exchange security is still a big concern, this is one of the reason why you should not leave a big portion of your coins to any exchange, the risk is to high like what happen here.

Wea are all aware how hackers became unstoppable these days. As the security for bitcoin is being in a mill of strengthening,  same goes by the people who keep on looking forward in stealling bitcoin. These people make other people risk takers.

Yeah this is bad, at this critical times where btc is trap in bear market then comes this bad news, it certainly going to make the price become worse, and at this state we actually need fresh funds but this news will make the negative impression for the investors, something need to be done to fix the exchanges security, there has been too many successful hacking from exchanges

Hackers now are trying to rule the forum as if they can manage to hack all accounts that has full of credits in there. We should be aware everytime, maybe somebody who is knowledgeable makes a forum thread on how to deal with hackers, how to be aware, or how to avoid them. That idea seems to help so many people here.

On these days, hackers want to stole our crypto in exchanger. Its much safe if we store our coin or token in our own wallet. But i am believe exchanger will increase their security.

I think the anonymity of bitcoin is prome to hackers.
And mostly,  I will employ all exchangers security tech to please tightening up there security. This hacking is happening on the detriment of the users and not on the detriment of the exchangers CEO

OMG! How is it possible?
In any case 59.7M $ is very huge amount.
I think they will compensate losses to customers.

Hackers are one of the most negative influences to stop the growing of Bitcoin as a global currency. I dont know why they think that they can run away with something like that when we can clearly know where they are transferring the tokens and other details.

this is very bad news for the crypto world, I think the exchange must take immediate action and steps for the security of its users, because a case like this has happened several times, hopefully this will be the last and not happen again in the future.

The problem with all these hacks is that it puts people off, especially traditional investors and newbies into investing in the crypto markets. New people whenever they hear of hacks get very scared and this needs to be resolved and exchanges must be held accountable for what is going on in their back yards. I also believe that many of these exchange hacks are done from insiders to be honest, or someone inside who knows someone form outside. It's too tempting for an employee earning a grand a month to want to steal millions and do ti through some hacker friend. Most young folks want fast and easy money nowadays without having worked for it.

this once again proves the failure of the protection of large wallets, not the bitcoin code itself

New like this happens a lot and there's not much we can do about it. hacks happen, yes it is bad press but there not much we can do,execpt keep on supporting bitcoin and crypto in general.

This won't impact much to the market price as it had plummet down to its ground but if it does, it going to be a good thing for those who are waiting for the price to drop again. Its been a constant reminded to everyone here in the forum not to put more coins in your exchange as there is no secure way as long as its accessible in the internet page. Hackers will find a way.

hackers are the first problem in bitcoin this is the biggest problem and reducing our bitcoin. we should keep our bitcoin from rampant hackers over many accounts.

if you have a large number of assets on the stock exchange and lost it, then this is your problem because at the moment the exchanges are very unreliable

There is no man system, even though he is a large company there are still hackers who want to try to break into their system. The bigger a company, the greater the security risk. And in this case, Zaif might miss a gap in their system that they did not realize.

Maybe this is the reason why every country must issue regulations for cryptocurrency.So that every event like this occurs.There is a guarantee that the public funds will be returned

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.

Zaif was one of the first Japanese exchanges to be regulated. Japanese regulation costs the exchanges hundreds of thousands of dollars per year and is sounds pretty onerous. That doesn't appear to have stopped this.

There's no way any country would guarantee crypto funds. Why should they? What they should do is enforce competence.

Hello,

It is really huge amount and I'm again surprised by this kind of amount that hackers could steal from exchanges. If this kind of exchange have so much money, just a part of course, how could they don't spend the required one to securize their exchange. It is not so easy to fight hackers because they always find new solutions but i really think that they don't enough take care of their security.

I reall yhope that the customer will be refund because it is not their fault.

Every new day somewhere gets hacked and it will not going to stop it seems that way. I don't understand the hackers. How would they can live with stealing other people moneys? Do they have heart? They are some kind animals for me because i would never forget if i steal something from someone, and i felt very bad forever..

The cryptocurrency is anonymous. The hacker steals the cryptocurrency of the exchange and can easily become a legal currency!
There are loopholes in the regulation of cryptocurrencies, so hackers like to attack the exchange to steal a lot of cryptocurrencies!

This exchange hacking is endless I thought it will never happen again because this should be the first concern of these exchanges, people now will be very choosy trading and storing their coins/tokens to these exchanges, could be another inside job, japanese people are known to be good when it comes to security.

I don't think any exchange will assure us of zero tolerance towards security breaches. It is the sole risk of the investor to deposit an amount in the exchange. As you said, it is the best if we don't deposit a huge amount of money in any exchange. Even if we want to then it would be better if we just deposit it and make the trade and then move it back to a secure wallet where we own  the private key of the wallet.

You can't stop hackers, but you can protest yourself to become a victim.
That especially refers to exchanges who have the duty to implement maximum protection and take care of security features. Everyone is vulnerable but you have to do your best for prevention.
Still I don't think this will affect the price.

I don't know whether the news is true or not. what is clear when the price of bitcoin drops, there is always bad news coming about bitcoin. but in the end bitcoin will recover as before. My advice is not to sell your bitcoin now, because they want it.

That is why I have been saying that leaving funds in cryptocurrency exchange is very risky.. because sometimes security is one of the major problem, so we have to try our best, moreover this can't just affect the Market, for the past three to four months now the Market has been in bearish.

You can now have multisignature addresses, which means you need a few persons to collude in order to pull off a successful inside job. Multisignature addresses massively lower the possibility for this attack vector as it requires more than one key to authorize a Bitcoin transaction but it is a not a panacea, either. Two years ago over 100k bitcoins had been stolen from Bitfinex despite the fact that they even used a third party to check the transactions. Ultimately, it is bitcoin's nature, the irrevocability of its transactions, which is its major advantage and major disadvantage at the same time, depending on which side of the fence you are on.

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.

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.  

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.

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.

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.

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.

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.

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.

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.

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".

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.

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.

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.

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.

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?

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

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.

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.

Prepare yourself
DUMP is coming  :o

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...

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.

Sad news one more price regulator in the shadow.
Of cource if it not the same person who hack all other exchanges.

Every sensible person knows that storing our funds on an exchange is easily one of the dumbest moves ever and it is way safer to secure our funds through a hardware wallet like Trezor or through desktop wallets in this case.

Exchanges can always get hacked no matter how sophisticated their security is at the end of the day since hackers will always find a way. New and upcoming exchanges are especially prone to such attacks which is why they need to be extra careful.

Coins can be stolen from hardware wallets too. If you can restore the private key in case such a wallet malfunctions, it pretty much means anyone else can potentially do that too. It is just a matter of time until a major hack occurs. Money from desktop wallets is stolen every other day, you just don't hear about that just like you don't hear about every car wreck in the world, though thousands people get killed in car accidents monthly. If you want to be 100% safe, you should use a paper wallet.

Of course it does, also the insurance company has to be pretty open and tech oriented. And it may even have certain safety requirements.
But a proper exchange should really afford that.
0.2% of so much crypto traded each and every day... it's a lot.



As I wrote, I don't expect any insurance company have the skills to deal with crypto. Extremely few actually do (I may have read of 1 or 2...).
I really think that a properly made exchange can find out if there was a hack or inside job. Only the one with lousy security cannot find the difference imho.

News like these make me think about keep bitcoins in exchanges. Big or small any exchanges are in danger of hacking by some crafty people. This case makes stay away people from bitcoin. I hope something like that will never happen again.

No, it won't impacting the market with that amount of btc. In the first place, the hackers are not smart if they immediately dump the whole btc because it means they will get cheap. This kind of event makes me wonder if storing our coins in the exchange wallet is safe or not.

Crypto is based on the blockchain technology which relies on the principle of decentralization and since there is a decentralization of power, there are some responsibilities too and the prime responsibility is associated with maintenance of security measures while handling the crypto funds. Not every exchange has the same approach towards security measures and hence the responsibility comes to square one that is on the user.

Yes, until they use the wrong mixer service or until one of these services reveals their identity. The governments and counter security agencies are not sitting on their hands, they employ highly skilled hackers too, to stop these people.

This is why I find it stupid that hackers would want to hack these exchanges, not knowing what services they can trust and what not. Just imagine what will happen when these hackers find out that all tx's can be traced. <somewhere in the future>  ::)

I remembered some hacking issues before in myetherwallet, this has something to do affecting the price in the market. And that resembles this issue, it may somehow affect the movement of the price but just a little effect on the market.

I think Japanese exchange shall demodel the security of their system and shall think of the other way not to repeat this kind of hack.

Well this is totally truth. People tend to generalize and in this case it's really bad to do so.

It's truth that like you say those news will have less impact, it's like news of a bank being stolen. What will happen? The only ones who should be worried about their money should be the ones who had money inside the place, not everybody who holds the same currency - Which is of course have no logical reason behind it.

It's a shame, since there is people who try really hard to educate themselves to be able to trade with good or decent benefits. The security in exchanges needs to severely improve or the coins of everybody should have some kind of protection.

Monacoin is really a big hole. In this market, there is always hacker attacks and what makes me feel normal. I only worry about the $ 59 million. I hope the hackers will not waste it and make the market red.

There's something wrong for Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency to be hacked for that big amount. There's must be an inside job in the system that they easily penetrate it and stole big amount. These people really don't know how to become rich in a good way. That amount is too big for the exchange market pay their costumer and i hope this will never happen again.

But can they really? I don't know the premiums but if this kind of insurance is actually possible, they should be pretty steep for a regular exchange, given the "free" nature of bitcoin. There are a helluva lot of exchanges out there, and obtaining insurance may instantly render them uncompetitive. As far as I know only Coinbase has some insurance (correct me if I'm wrong on this) but exchanges like Bitfinex haven't.


For us, the end users, it won't make any difference in the end. Anyway, I've seen plenty of exchanges hacked, and no one got caught, be it an inside job or otherwise.

There is nothing surprising in this. Many exchanges are poorly protected and hackers use this. I think in the future this can happen with many exchanges. I think it's bad.

This is news that is not good for the crypto world, and we as Bitcoin users must be more aware of it. In this case Exchange needs to take security measures for its members to avoid losing more.

I think the security of crypto wallets is guaranteed. but instead the big exchanger stolen from hackers. if this continues, crypto market conditions will worsen.

True and I hope we have learned from the recent hacks that had happened with exchanges. Never, ever leave anything huge in an exchange. Just the exact amount for trading will be good. Profits should always go back to a cold storage.

Since they are being regulated by their government I dont think this is one of those inside jobs that had happened with other exchange.
A little movement might happen after a week or two, the market doesnt react that instant.

If you are a big-time trader, you have to keep your funds on an exchange. If you keep only "what you can afford to lose", you will earn dust. It is possible to minimize your risk exposure by using margin trading, where you hold only amounts sufficient to keep up with the margin requirements and add more when the price moves against you and consequently withdraw the excessive amounts immediately if the price moves in your direction. But apart from the risk you are looking to minimize and which is still there, at the same time you expose yourself to the risk of an abrupt price move when your position will be liquidated by the exchange. Besides, you will also have to pay interest on borrowed coins.

I don't agree. There's a big difference. It doesn't matter if the hackers are caught. What it does matter is that your funds are restored in a reasonable time.
And this is important for the exchange too. Bitfinex gave the money back to the users, hence it's still in business. For example Mintpal didn't refund. Do you know or remember Mintpal?

This is sad news for that person. All the people should aware of hacking issue and make some security setup with this.
Hacking is happening in the regular intervals.This made the new investors to get some fear.The new investors must aware of hacking issue of cryptocurrency and make some security setup to his wallet to avoid hacking.

I haven't heard much of them as I hadn't been their client. I was and am a client of Bitfinex, even though I withdrew my funds a few months before the hack, which happened in early August 2016, less than a month after the halving. In this way, I wasn't affected by the hack. If an exchange reimburses the stolen money, they are good and all that, but it doesn't change anything for us with respect to whether it was an inside job or an external hack. I suspect what you say is called "non sequitur". If our money is stolen it doesn't matter who did that. Returning the money or reimbursing the losses is another matter.

And while we are at it, there is a dude with a nickname TradeFortress who stole (or was stolen from) thousands of bitcoins belonging to lots of users. And he is still active here, at least was last time I checked, promising to return the money.

This will bring alot of negativity and also make investors have a feeling of their investment not having enough security this willscare them away and its bad for the crypto business i just pray that the perpetrators of this act can be apprehended

I did not know how they can easily get what they want because worker needed only to keep the pricate information that they have so that they will not be scam or hacked.

I am already tired of these hacking stories. They are out to bring down cryptocurrency. I am equally surprised that these big exchanges are falling victim of hacking from time to time. Don't they update their security?  They make good money from fees so I wonder why they can't fortify their security from time to time.

Hacking cryptos is a very common thing. Luckily I have the only coin in the market that cannot be hacked. 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.

I came across this news on my news feed some days ago but I never pay much attention to it, this is another sad news but hoping that the market will not react to this negatively for long. This why we are always advice not to leave huge deposits on exchange as they are most times the target of hacker's hope we all lean from this and the customers involved should be duly compensated with time.

Every crypto user is prone to attack by hackers. one just need to protect his wallets as much as possible.

Such occurance has been happening over the years and it's shameful to still hear about it happening today. Exchanges should employ multiple level signature to eliminate such occurance and the question of refunding those affected should be up for debate, the exchange has to do just that.

Exchanges at a time when there are still many security breaches, we need to have security regulators to help traders get protected from hackers. The development of Crypto made the exchange become a piece of cake that many people pay attention to, and everyone wants to get this piece of cake.

It's nice knowing we're fully and gradually moving past the zone of the market being affected by hack news. Exchange should improve on their security base or better still add another layer to their security measures. Measures like cold wallet storage that way hacks will be minimized.

A hack of that size is not going to have any kind of effect in the markets, however it leaves a very bad impression to anyone that is looking to invest in cryptocurrencies for the first time and in many people like us that have been in the market for a very long time, in a way I understand that it is impossible to avoid being hacked because hackers have all the time of the world to try to find any kind of vulnerability in the system that exchanges use to protect the coins of their clients.

But at the same time if the exchanges do not find a way to limit the damages caused by hackers it is likely that they are going to slowly lose the confidence of the people and if they do not have the confidence of the people then it's very likely that they will be eventually replaced by decentralized versions of themselves.

I just knew that the exchange was hacked, and this is the one reason I never save my crypto on exchanges.
I think $59M is very-very big amount, I hope every exchange increases security and use Two Factor Authentication (2FA).
And i hope nothing like this anymore  ;)

I think it's bad. In this case, Exchange needs to implement security measures for its members to avoid losing more. If this continues, the cryptographic market conditions will worsen.

I dont think this case will effect bitcoin market. This was exchange fault for very lack in security measurements. They should make a more tight security when it involve a high money. This is an example why we should not trust exchanges too much. im hope investors that losing their money wil get their money back.

I dont understand why so hard storing funds on cold storage.
Exchange dont need pay everyday so much moneys to their customers

I think the operation of Chinese hackers is also a peril for electronic users in general and bitcoin in general

wow, i think that's a huge amount and it can impact the market. Our market is having a lot of security holes and that's really a bad thing. We need the SEC and the government to participate in this market. We need to be protected and prevent unscrupulous people from stealing money from others.   >:(

I believe that this is the problem about having our own security decisions,ever since i enter trading i never store my precious coins in an exchangers instead i bring them back in my wallets after having some transactions because i know that exchangers are more vulnerable from hacking issues

And it keeps me think sometimes that is this really a case of hacking?Or inside attacks?Who knows how we trust this exchagers as they can just make an issue but the truth is they are the one who really hacked the sites?Well i might be wrong but maybe right also

Till date we all are aware with the status of bitcoin that there are millions of people around the world who are investing into bitcoin and the reason being that they feel that the investment in which they are investing is the safe place as bitcoin promises to provide safest and the most confidential transactions as it does not involve any third party seizure and provides user anonymity but this thing is misused by some hackers as they stole bitcoin as bitcoin transactions does not involve any third party seizure.

i learned from mtgox even i never believed bitcoin was easy to hack, i always said it could be done only as a FUD or indeed there was an insider who stole it

Exchanges are like the biggest security hold in crypto its so bad that they centralize so much currency in one place its just asking for it.
we need better decentralized exchanges

Really sad to hear that, I was thinking to they encrypt the private keys or do they store them directly into the database. God damn, it was never a better time in history to be a skillful hacker. Nice would be if the exchanges would fake hackers attack just to get this kind of money :P

Things like this are going to keep happening, it is inevitable what you need to do is to try to find a way to minimize the risks to yourself, and this is relatively easy if you are a trader that holds his coins for several weeks or months, you do not really need to leave your coins at the exchange, you can deposit your coins, make your trades and then withdraw your coins to an address that only you control.

I know that a lot of people do not like to do this because it takes a lot of time and it takes fees, but when the exchange in which you trade your coins is hacked that is when you truly appreciate all the effort that you made, you need to remember that when you deal with huge amounts of money it takes a lot of time to multiply it but it only takes one mistake to lose at all.

Exchanges are highly targeted by hackers since there are alot of money in there. Therefore, it is really important not to store any coin or token in exchange for the long term.

That's not the first case of hackers, so I don't think that have much impact on the market. Banks and some fintech company somtimes get hacked like that. Anyway, we should be on the alert all the time because hackers always tend to attack crypocurrency exchange system which contains lots of money.

There is no cause for alarm. As a cyber expert, I can tell you that the exchanges are secure enough for us all. Exchanges can learn from this news and increase their authentication, though. However, I suspect a foul play from insiders, in this case of the Japanese Exchange Zaif attack.

I hope that in the future someone can think of an excellent method to solve this problem. This really worries everyone and make Bitcoin less attractive as an investment. I'm so done with hackers!

things like this that scared a lot of people, I think we also need to form a security team to protect all exchanges and crypto. and I'm sure everyone agrees with this even though they have to pay money for this security.

Each exchange implements their own security and they do this according to their abilities and their budget so it's impossible to make a general statement about the security of exchanges, at best you could make an a statement about the particular security of an exchange and nothing more, however it doesn't matter the level of security exchanges implement when the hack most of the time is done by a person inside the organization.

This is why many people are losing faith in exchanges and want decentralized exchanges to become more popular and to have bigger volume because in a decentralized exchange you are always in control of your private keys unlike what happens with centralized exchanges.

This is true? There is a great deal of information that suggests that this is just a trap to legitimize Bitcoins of an organization that becomes their own. There is also a lot of information out there that is a way to market down with bad news.

I don't believe it at all, even often I hear that a lot of bitcoins are hacked in exchange, of course this can be a news that gives panic to everyone and there is also the possibility of insiders doing theft, that old players know that bitcoin will rise drastically in the year that has been determined, so just consider this a mere joke ...

I'm not sure whether this is true or just a joke that wants to make us panic and fear. do not believe easily if there is no proof and do not be too thought about if there is bad news about crypto because it will affect your mind. we must always believe in our own thoughts.

I am so glad I have AML BitCoins because I know my investment will not be stolen.

All this time, what has always been a target by hackers is a place for cryptocurrency exchange. Starting from Japan until South Korea was the target of theft, which was worth millions of US dollars. But it is not impossible that hackers are eyeing purses containing crytocurrency if the owner is off guard ... The question is, if theft continues to occur it is not impossible for confidence in cryptocurrency to decline.

The security system is of particular concern to ensure the comfort of every Bitcoin owner and that exchange should guarantee that. Hackers will always lurk and try to steal at every place, both in exchange and in the account of each bitcoin owner. For this reason, it is necessary to increase the security that is good enough in every exchange that exists, and every bitcoin owner must also be able to maintain the security of bitcoin they have in order to avoid the theft of bitcoin from every bitcoin owner.

You're right, the safety of our coins depends on us. It is necessary to choose only reliable, proven wallets and keep the minimum number of coins on the exchange, and it is better not to keep them there at all.

This is a real threat nowadays. Scammers and hackers are looking for a new modern ways to do their illegal ways and just to steal money from the innocent holders. We should have the initiative to protect our coins and token especially if you hold a big amount of it. But as this evolution of fraud, the protection of the exchanges and wallet are getting tough also, but as usual they have to experienced event to double their security. Just be aware of what we are doing online.

The main advantage of bitcoin is that it is concentrated on the Internet, but it is also its main disadvantage, because smart hackers can get to it. But in our power to do everything to prevent this from happening-it is enough to choose a good hardware wallet and do not trust anyone with your passwords. I do just that and for the past few years my coins are completely safe.

Hackers are really a serious threat to your investment, and you should try to protect your cryptocurrency as much as possible. On this forum suggest a lot of good wallets, for example, I use Trezor as it has a very good reputation. And of course, do not keep your coins on the exchange, as this is the most vulnerable place to store.

Hackers are increasingly rampant, as evidenced by the fact that they have stolen the money of many investors on various trading floors. Sophistication and a variety of tricks can help hackers steal money in your wallet easily if you are not careful. So I want the investor to be careful and keep his wallet safe.

Absolutely this is bad news for crypto' improve right hacker also trying to get hacker our wallet with using anyone system.but basically I know Exchanger wallet need to good security and safety because always hacker can be attacks Exchanger wallet.so keep your work and be careful.