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Author Topic: Effects of hacked Japanese exchange on market  (Read 353 times)
Nebell
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January 26, 2018, 08:10:31 PM
 #21

This is the greatest hack in the history of crypto.

Japs are sleeping now though, so maybe we have yet to see them dump?

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wklt2002 (OP)
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January 26, 2018, 08:13:28 PM
 #22

Japan one of strong economic in the world and their investment in crypto more than dollar i think because there is not banned bitcoin.
And now in english?
Yes, Japan is a major part of the cryptocurrency market of that's what you are trying to say. If you mean dollar= the US? AFAIK  cryptocurrencies aren't banned in the US, only investing in ICOs right?
CryptoBeefy
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January 26, 2018, 08:20:06 PM
 #23

As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.
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January 26, 2018, 08:25:36 PM
 #24

As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.

But it did not affect their users, the platform was hacked and they only lost money for that.

Probably only a few users lost their money, but they need to understand that they can not keep their money on an exchange, that is the most risky thing that you can do, specially on cryptos.
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January 26, 2018, 08:30:10 PM
Last edit: April 21, 2021, 08:39:59 PM by Quantumplation
 #25

NOTE: This message was originally not posted by me, but instead by someone who compromised my account.  I have deleted the content.

NOTE: This account was compromised from 2017 to 2021.  I'm in the process of deleting posts not made by me.
Nebell
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January 26, 2018, 08:34:39 PM
 #26

Apparently, the stolen NEM is going to be burned, leaving the hacker with nothing.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.

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Martinkuhn
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January 26, 2018, 08:36:12 PM
 #27

Short term effect of this hack is that many traders will make use of this bad news to sell the market but the more informed investors will know that the fundamentals of the crypto industry is not affected. This means that the selldown will only reach a certain point and then valued investors will buy the cheap crypto back.

Nowadays I think that the selldown is not caused by panic selling but by short term traders who want to profit so they sell at the same time when there is bad news. This selldown when a bad news had just appeared will deter buying activity in the short term especially newbie buyers. So market will crash down. Then we see these traders buying back at cheaper prices.

This is how the big boys are playing the market.

We will see these volatility in the market until more regulation gets placed on the crypto industry. In the meantime, we can just enjoy the thrill of ups and downs and do not panic cos the sky is not falling.


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January 26, 2018, 08:42:46 PM
 #28

This is a serious challenge for the world crypto. Another sign that it is necessary to strengthen information security and data protection. It is a pity that this happened in the world of blockchain, which is the standard of cybersecurity. What an irony ...
KingScorpio
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January 26, 2018, 10:02:57 PM
 #29

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

when someone hacks an exchange plattform the market isnt immediatelly affected, only as soon as the hacker starts selling those stolen tokens,

for example if he sells them for US dollars, as many as possible instead of some over time,

the price then can dump down quickly,

since in many markets, those "nem" token were traded beforehand with other token and those defined their value by those nem token, those token then also lose some value

regards

wklt2002 (OP)
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January 26, 2018, 10:26:17 PM
 #30

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

when someone hacks an exchange plattform the market isnt immediatelly affected, only as soon as the hacker starts selling those stolen tokens,

for example if he sells them for US dollars, as many as possible instead of some over time,

the price then can dump down quickly,

since in many markets, those "nem" token were traded beforehand with other token and those defined their value by those nem token, those token then also lose some value

regards
But once people find out a exchange has been hacked and a lot of coins are stolen, they will start to panic sell because they might be scared their account can be hacked aswell. So I don't think the hacker(s) need(s) to sell the coins to influence the price.
kenzawak
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January 26, 2018, 10:29:30 PM
 #31

I'm not sure it was mentioned but the name of the hacked exchange is coincheck ,one of the biggest japanese exchanges .
Yaunfitda
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January 26, 2018, 10:43:09 PM
 #32

As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.

But it did not affect their users, the platform was hacked and they only lost money for that.

Probably only a few users lost their money, but they need to understand that they can not keep their money on an exchange, that is the most risky thing that you can do, specially on cryptos.


The money lost is around 500 million. That's a lot of money to begin with. And I'm sure that this will have a negative effec on Coincheck.

And with that amount lost, almost all of the users lost their money on that exchange. I'm sure that they know that its not safe to keep a lot of money in a exchange because in a event of an hack, like we have seen today, your funds will be stolen.

I really do hope that it will not cause a big stir in the crypto's, otherwise it will be a long and lasting effect, not as big as the Mt. Gox hack but investors will be skeptics to trade and invest once more.

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CrypticGambit
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January 26, 2018, 10:45:31 PM
 #33

People say it is a hack but I have another theory, it could be an inside job. And it is normal in crypto, every year some exchanges are getting hacked, so I am used to it. Who is next, what do you think?

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January 26, 2018, 10:56:28 PM
 #34

Apparently, the stolen NEM is going to be burned, leaving the hacker with nothing.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.

Hopefully this is what will happen, if so then trust will be regained shortly with their customers and the crypto world.
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January 26, 2018, 11:18:17 PM
 #35

Obviously this would result to another overall market dip but not the same dip as China and Korea regulations scenario. anyway. But how can we confirm its not inside work right? Court of law its almost impossible to find out or find evidence. --On the other hand a lot people have the false impression of complete security and anonymity behind firewalls and other protection software. We have become complacent through deceitful promises and groundless guarantees from security experts and products. Fact is, NOBODY is safe anymore as hackers come up with more clever ways to exploit infrastructure at will, every single day.  There is nothing more dangerous to enterprise than a persistent and motivated hacker.
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January 27, 2018, 08:56:42 PM
 #36

It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
Direct competitors of NEM could go up as people move their money away from NEM to other coins, but if I was an investor of NEM I will take this opportunity to buy NEM, the price seems to be at the normal levels but it dipped at some point, so if you could have bought at that moment you will have good profits and if you did not then you need to wait and see if it dips again.
Nebell
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January 27, 2018, 10:17:06 PM
 #37

Well, we didn't see much of a change in the market.
This was a HUGE hack. I mean it's bigger than Mt.Gox which crashed crypto market. But this time we have a lot more money invested in crypto and Bitcoin doesn't hold as much percentage as before.
I hope those who lost coins will get them back, but fuck that exchange for keeping so many coins in a hot wallet.

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January 27, 2018, 10:29:10 PM
 #38

It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
Direct competitors of NEM could go up as people move their money away from NEM to other coins, but if I was an investor of NEM I will take this opportunity to buy NEM, the price seems to be at the normal levels but it dipped at some point, so if you could have bought at that moment you will have good profits and if you did not then you need to wait and see if it dips again.

I agree in that scenario dude this hacking happen to japan exchange site is the right time to buy more nem especially if you are nem investor so sad that japan market are being hack 400mil is a big money in that case the market are in the dip right time to buy more good altcoin.
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January 27, 2018, 10:32:26 PM
 #39

These kinds of things always make people panic sell their currencies, leading to a chain drop in prices. Prices will settle down in a few days I guess.

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January 27, 2018, 10:48:31 PM
 #40

;That is why i like to keep my coins on a wallet of some sort, I'm not comfortable keeping coins stored on any exchanges! You never know what hackers are up to, and besides that if any of them were to get shut down then you would be out too! Imo i just think that it's safer to keep them off of the exchanges!

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