COINCHECK HACKED - Biggest hack in history [XRP&NEM]

[holden.commodore]

Tokyo based cryptocurrency exchange "coincheck" just confirmed that they had more than 500 million dollars stolen in Ripple and Nem cryptocurrencies.
China and shouth korea is ok, but what happens when Japan starts to face issues regarding crypto?

[nightmanisrightman]

Source? That seems like a huge hack and in order to believe the biggest hack in history I need some sort of source on it. Insane if it happened, bullocks if it didn't.

[Monkey1]

This is the problem with Coincheck. But I think the losses will be met because it is the Japanese exchange.

[slaman29]

All I can find online is news of Coincheck suspending trading since today, but no real explanation. The speculation seems to be hackings, but we should wait for the announcement tomorrow.

Ripple and NEM were the biggest losers, but it doesn't make sense a hack would cause them to drop. Shouldn't they basically go higher (in the end) if hacked crypto is taken out of circulation? I'm guessing it would be easy to track and blacklist them.

NEM I can sort of get since it has a lot of Japan backing, but surely the investors there know this is a hack on an exchange and nothing to do with bad security in crypto itself?

[Silberman]

Source? That seems like a huge hack and in order to believe the biggest hack in history I need some sort of source on it. Insane if it happened, bullocks if it didn't.

https://cryptonews.com/news/coincheck-hacked-more-than-500-million-xem-stolen-1093.htm

This site talks about it and it seems there are a lot of restrictions being put in place in order to withdraw or to deposit with those coins so it is obvious something happened, lets wait to get a full confirmation but the news seems to be correct at least for the moment.

[Skunker]

yeeey great time to buy nem! wait to hit bottom

[mummybtc]

This is huge amount, $500 million, this will surely have huge impact on the price of both Ripple and NEW because I expect those tokens to be moving in coming weeks, exchanges need to tighten up their platform, it is too early

[Lutpin]

No mention of XRP, the 500M XEM already covers the full amount,
so I assume OP has misread or maybe mistaken XEM as XRP because they are not familiar with it?


Holy f*ck though, that is a big sum to lose.

[AnonyMyPe]

half a billion this is huge!!

[NeuroticFish]

This is huge amount, $500 million, this will surely have huge impact on the price of both Ripple and NEW because I expect those tokens to be moving in coming weeks, exchanges need to tighten up their platform, it is too early

This may impact even Bitcoin price, since sooner or later everybody tries to convert to fiat.
I was even thinking if today 10% dump was not caused by this, since I didn't have the time to read about the traces of those coins (if any).

[BroganBloodstone]

Oh my... Just saw this in the news myself. This is a reminder as to why one should not keep large sums of crypto on exchanges. It is not ideal for those who do day trading, but still it seems many people just buy and leave coins on an exchange 

[bearex]

How the hell did they manage to lose that much??? You would be sure they have EXTREME safety precautions when operating with such amounts. Multiple layers of hot and cold and ICE COLD wallets....

[dlorah111]

In a Telegram group I read that it was around 125.000.000 XRP that was also stolen from them

[Lutpin]

In a Telegram group I read that it was around 125.000.000 XRP that was also stolen from them

Was there a source given with that info?
CoinDesk cites Bloomberg as source and provides the following numbers:
$533M stolen in total, and 500M XEM (already worth over $500M if we use todays starting price).

125M XRP added to that would mean the total is a lot higher, which seems unlikely, given todays press conference by coincheck.

[I_See_Stars]

Seems that's why NEM fell so much.

[muhdatha]

Oh my... Just saw this in the news myself. This is a reminder as to why one should not keep large sums of crypto on exchanges. It is not ideal for those who do day trading, but still it seems many people just buy and leave coins on an exchange 

That's right, but that funds were placed in many different trading deposit accounts of course.
And medium sum may be not so huge, you know.
For example 500 000 users with 1000$.
D'you remember that 250 000 users were registered every day at Bitfinex before it close registrations?

[shursight]

False.

They did not stole Ripple, only NEM.

Tokyo based cryptocurrency exchange "coincheck" just confirmed that they had more than 500 million dollars stolen in Ripple and Nem cryptocurrencies.
China and shouth korea is ok, but what happens when Japan starts to face issues regarding crypto?

And that was because of their lack of security, not because they just were hacked.

Maybe that was some kind of "exit" scam like may other exchanges did before in order to say that they were "hacked" while they stoled all that money.. Yeah, right, just a "hack"..

[muhdatha]

False.

They did not stole Ripple, only NEM.

Tokyo based cryptocurrency exchange "coincheck" just confirmed that they had more than 500 million dollars stolen in Ripple and Nem cryptocurrencies.
China and shouth korea is ok, but what happens when Japan starts to face issues regarding crypto?

And that was because of their lack of security, not because they just were hacked.

Maybe that was some kind of "exit" scam like may other exchanges did before in order to say that they were "hacked" while they stoled all that money.. Yeah, right, just a "hack"..

Maybe you're right.
It's unbelievable.. if so huge sum were stolen by hackers. If so they are genius but it seems to me ... perhaps some of the staff can help they.  Anyway when you have so huge funds you must spend more sum to IT security..... even this forum spend money for security bounty.

[Renzarra]

https://news.bitcoin.com/coincheck-halts-operations-amidst-hacking-rumors-after-723-million-withdrawn/

It's still wild wild west out there. On exchanges they don't care enough about security.
I expect to see some kind of insurance model from exchange in future because of this attacks.
Bank insurance is something good. That insurance could be and probably will be paid by us in some smaller percentage,
but it would be safer than now.

[holden.commodore]

I begin to think that is the destiny of all exchanges to be hacked, soon or later.