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Author Topic: Japanese exchange Coincheck has been hacked  (Read 117 times)
alyssa85
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January 29, 2018, 01:02:53 PM
 #21


I start to wonder how could a high security exchange site be hacked? Aint it an inside job? or maybe they team was behind it and just blame hackers for that certain matter to make the public confusd?. Well we dont know the real story until it is investigated but NEM on other exchange sites i think would drop or will also lock the address. Because where would they sell it if all exchange would canel their NEM account?

The latest information coming out is that Coincheck "delayed maintenance of their cold wallet". Not sure what that means, it's Japanese-speak. Some are suggesting that they didn't have a cold wallet and didn't set one up for NEM, which seems incredible to me. I would have thought that when listing a coin, pretty much the first thing they do before opening trading is to set up both cold and hot wallets.

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January 29, 2018, 04:55:36 PM
 #22

Their hot wallet has been compromised and hackers gain access to it. No one can tell on how they are hacked and coincheck will never tell a single word on how it all happened.
O, I would say that they will have to tell this single word Smiley Following this article from Reuters
Quote
The FSA said it ordered Coincheck to submit a report on the hack and measures for preventing a recurrence by Feb. 13.
Coincheck will be lawfully obligated to spill some beans, how much of this report will be released to public knowledge is another question.
It's funny how mainstream media focuses on failures, crypto related news are usually bad news Roll Eyes

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March 04, 2018, 02:05:26 PM
 #23

Some more info on Coincheck:

https://coinjournal.net/japanese-cryptocurrency-exchanges-set-self-regulatory-body/

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Immediately following the hack, Japan’s FSA issued a business improvement order to Coincheck and ordered the company to submit a report on the hack, including measures that would be taken to prevent a reoccurrence.  The FSA also conducted an on-site inspection of the exchange to ensure that users’ funds were properly safeguarded.

On February 13th, when Coincheck re-enabled yen withdrawals, a total of 40.1 billion yen ($373 million) were withdrawn from the exchange in just 24 hours.

Coincheck has promised to reimburse its customers affected by the hack, however, the company has not yet stated how or when it will do so. Coincheck’s COO, Yusuke Otsuka, said in a press conference, “We have the funds, but we are making individual checks so there are no problems (with repayments).”  Given the size of the hack, and the drastic capital flight off of the exchange, doubts abound about the company’s ability to repay its affected users in a timely manner.

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March 04, 2018, 04:42:41 PM
 #24

Here is the article in Japanese:

https://news.yahoo.co.jp/byline/yamamotoichiro/20180126-00080895/

Here is a reddit thread about it:

https://www.reddit.com/r/CryptoCurrency/comments/7t3rff/one_of_japans_biggest_exchanges_hacked_62_billion/

And here is the Financial Times:

https://www.ft.com/content/c9771c32-0284-11e8-9650-9c0ad2d7c5b5

It looks like 62 billion yen ($570 million) worth of XEM/NEM have been stolen. They've halted trading and withdrawals of NEM.
So much for the japans exchange site their reputation is certainly not on the rise that's for sure! Their reputation sure got rekt this time and will probably loosen up after that thing or two issues about their exchange sites.

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March 04, 2018, 07:18:08 PM
 #25

The good thing about them though is that they are actually willing to compensate those who had lost money due to the hack.

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