Coincheck confirms hack

[Mpamaegbu]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

[MainIbem]

It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.

[headingnorth]

That's why never store your coins on any exchanges because you lose control of your private keys.

Only use paper wallet or hardware wallet for cold (offline) storage.

Coincheck said they used hot wallets to store crypto that is the absolute worst way to store any crypto.
They are run by total idiots.

[Justin-Checqit]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

They also apparently immediatly addressed the situation on their twitter stating that they'll compensate users through undecided means yet. Most of the divulgued losses are NEM coins so far, and i've read that some ripple funds have also been moved apparently from Coincheck since the hack.

So chances are that the biggest losers from this event will be Coincheck themselves for losing trust of customers, and of course NEM prices will most likely be affected and slide a bit back down from the incredible run up that's been observed by NEM.

[tlustoprd]

Hmmmm. Sounds like I should just quit my job and start hacking crypto exchanges for a living.

[GoodTrout55]

This Hack had happened weeks before when we have been seeing unusual price correction of all the coins. It hadn't really affected the price of the coins in the market.

[The_Dark_Knight]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

This is sad there was a time where it seemed like we got a hack every few weeks and with all the interest that bitcoin is generating due to the high price it may be possible those days are here once again, not only from hackers willing to do anything in order to get money but also from governments that may try to attack exchanges so they can reduce the image of crypto among the world population.

[StochasticOrder]

These hacking stories are very distributing and do as much damage to the industry as all of the scam ICOs. Unfortunately, a lot of newer investors store their crypto in exchanges instead of secure locations. The process from purchasing crypto to secure storage for the average non-specialized individual needs to be streamlined to allow the average person to purchase crypto easily and effectively. Until the market matures and this happens we will unfortunately see more stories like these.

[boboking]

This hackers are really hurting the crypto market. This is one of the reason why some people do not trust crypto currency. I think exchanges should really ramp up on security because if this continue more people will lose trust on crypto trading.

[tententen]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

Hold your own keys is always the lesson.

[Justin-Checqit]

This hackers are really hurting the crypto market. This is one of the reason why some people do not trust crypto currency. I think exchanges should really ramp up on security because if this continue more people will lose trust on crypto trading.

Definitely, its unacceptable that exchanges can afford to have loose ends on the security matter. It's not that complicated to have a secure running system, it is all about the administration team and their decisions about their exchanges, which sometimes are unfortunately the wrong decisions.

On the bright side, most exchanges have politics in place for extreme events like this or flash crashes which compensate customers. To which extent is, once again, in the hands of the exchange, but it is still a measure meant to bring back some of that lost trust. Of course, most of the exchanges won't ever have to use these compensating policies, the primary goal being security on a respectable exchange.

As an alternative, a ledger nano s is a mandatory tool for most cryptocurrency holders, permitting to store certain alt coins on top of the most popular cryptocurrencies. 

[Sharcade02]

Should we be scared of it? I think not. Although the amount that had been hacked is bigger than Mt Gox the percentage of it is very small to affect the market.

[tententen]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

Yes.  You will see many hacks.  Crypto isn't as secure as it would be ideally. 

[jaysabi]

It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.

What was the last bank that has hacked for more than $500 million dollars? If something like that were to happen, the funds would be insured and customers would not experience a loss because banks are regulated. This doesn't exist in the Bitcoin world. It's unbelievable that there are startups that still take customer funds and don't have adequate security. Bitcoin is not as secure as fiat, and people want to pretend like it is.

[mafia15]

For real ? Always hacking systems everywhere maybe ill just pull out my funds on coincheck
Hmm this isnt good

[audaciousbeing]

It is worrisome. But it is a general problem not peculiar to cryptocurrency world. Even regular banks are hacked also. It will need a holistic approach to mitigate such occurance.

Even if its a general problem, its one too many for crypto currency banks gets hacked but not the frequency that we see them. The number of banks and their branches in one country can be more than the entire crypto currency exchange sites that we have in the market yet we don't hear they get hacked everyday and even if they get hacked, its always a vulnerability that is always addressed immediately, the customer does not even know because nothing is happening to his money.

The reason is because no one is holding those people responsible for them to even have the audacity to confirm they are hacked its like a way our for someone who declared himself bankrupt because he does not want to pay his debtor and by so doing, he gets a free pass and until when accountability is required from the promoters of crypto services, this will continue to happen.

[jseverson]

Are details of these hacks ever publicly disclosed? I might be bordering on conspiracy theory here, but I feel like hacks like these are always inside jobs. Whether management is involved or not, though, I don't know, and I'd rather not accuse them of hacking themselves.

Stories like this are bad for crypto overall. It's hard not to rely on exchanges, so everyone handling crypto must deal with them at some point. That means everyone is at risk. You can mitigate it by not storing your coins at exchanges, yes, but the better solution is for exchanges themselves to tighten their security.

[moonblocks]

It's always risky to store cryptocurrency on exchanges

The best practice is not to unless you are using it for regular trading purposes

Hopefully there aren't any other major exchanges who use such insecure methods for storing NEM

[CryptoBry]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now? Details here: https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/

This is already alarming. And I am thinking...is the security system being implemented right now not enough to deter all of these intelligent hackers as they keep on coming on and victimizing exchanges. The thing is that since there is really a big incentive waiting these hackers are dedicating their great skills, time and money to get into a big exchange and take the coins they can. Now, since we are dealing here with cryptocurrency, once the coin is transferred to another wallet decentralization means that they are already gone for good (unlike with PayPal, I would say!). There must be a solution to this malaise otherwise we might as well go back to the mountain and forget about cryptocurrency.

[btcrich]

There seem to be a greater hack than that of Mt. Gox and an estimated loss of $533million in cryptocurrency. Are we going to constantly experience theee hacks now?

It is really unfortunate to see a major exchange being hacked and this is the greatest loss we have till now and from what i hear the exchange is to be blamed for this big loss and NEM was not responsible because they did not take advantage of the security measure they had to take when they were holding these kind of amounts.