Coincheck confirms hack

[Dreamchaser21]

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.

This is the risk we are facing in cryptomarket, though its clearly a hacked on exchange system I can still see affect on altcoins in general specially with NEM. Its more like an inside job or what, but thins thing should be investigated, of course investors should know the exact details of this thing. Well hope in the future, we will be having a greater system and security.

[Peterson410]

This Hack had happened a long time before when we have been seeing bizarre value adjustment of the considerable number of coins. It hadn't generally influenced the cost of the coins in the market.

[herecomesjohnny]

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.

The impact will be low because the poorly designed exchange was hacked. Blockchain has remained intact. We are all witnessing major breachings from the hackers but to put an end to this hacks exchanges must be secured properly and also investors should be taught about the cold storage and what benefits can it bring. With the properly secured crypto both in exchange and in the cold storage hackers can only try...

[Mpamaegbu]

Coincheck has officially announced that it will refund all affected traders of the hacked NEM coin. I think this is good news from that angle.

[YzzyGo]

It's very alarming that these hacks are occurring around the world. And it's mainly targeting cryptocurrency since it's a fast growing economy. It can be bad but let's just hope that with each of these hacks the exchanges learn from them and create effective counter measures for the future of cryptos.

[Yakamoto]

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/

We'll see a lot of these kinds of hacks for years to come, probably. I wouldn't be surprised if we hear about at least one of these per month as long as Bitcoin remains above $1,000, especially considering the sheer reward of the action if they are successful with their theft. There's simply not a good enough reason to not try and hack an exchange for those who know what they're doing in those kinds of sectors, and in most cases, they won't get caught if they cover their tracks enough.

It's a sad fact that hacks do occur these days, but there's always a chance that it will taper off one day. That's what I am hoping for, overall.

[Bitcoinjheta]

Coincheck has officially announced that it will refund all affected traders of the hacked NEM coin. I think this is good news from that angle.

Well, it does'nt matter they can refund it because they are one of the largest crypto currency exchange site in Japan and they have a lot of customers who really trust there company as well. They really protect there reputation of campany for us to make them better for the comings. Upgraded the digital security for fully secured exchange site.

[alyssa85]

It now looks like the police have a suspect:

https://www.japantimes.co.jp/news/2018/02/11/business/japanese-grilled-coincheck-cryptocurrency-theft/#.WoB2ofynzIU

A Japanese man has been questioned in connection with last month’s massive theft of digital tokens from cryptocurrency exchange Coincheck Inc., a source close to the investigation said.

The police learned that the man converted a small amount of the missing NEM coins into another form of cryptocurrency called litecoin through a site on the darknet, which can only be accessed through special anonymity software, the source said Saturday. The man was aware the NEM had been stolen from Coincheck.

About ¥58 billion ($533 million) worth of NEM was stolen on Jan. 26, with more than ¥500 million worth of it likely to have since been converted into bitcoin and other cryptocurrencies, according to data security experts.

The NEM was split up and dispersed to several digital addresses.

The Metropolitan Police Department’s cybercrime division, which questioned the man on a voluntary basis, suspects several people were involved in converting the stolen NEM and is monitoring darknet sites and NEM transactions to identify them, the source said.

[BartS]

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.

Yeah using hot wallets was a huge mistake, many casinos use both a hot wallet with a low percentage of the funds and another wallet in cold storage with most funds that way even if they are hacked only a small portion of the funds will be lost, I cannot wait for exchanges to fall and being replaced either by decentralized exchanges or by atomic swaps which will come with the LN, I suppose this was the reason the miners and some exchanges fought so hard against segwit but fortunately they lost that battle and will lose the battle against the LN as well.

[pitiflin]

Isn't this the same very Japanese exchange which were hacked of 400 million XEM due to the carelessness of them regarding their hot wallet,as they couldn't afford to use an hardware wallet to secure their user's wallets. Pathetic this is. This is why people mustn't consider exchanges as wallets and store money in them. But they are refunding their uses, so lucky users.

[paxmao]

I just don´t believe any of those exchanges and companies that say that they are hacked. I think that they are simply running away with the coins and the saying they were hacked. I would love to see some people hit the jail to stop this shit.

[blue_nexus15]

I just don´t believe any of those exchanges and companies that say that they are hacked. I think that they are simply running away with the coins and the saying they were hacked. I would love to see some people hit the jail to stop this shit.

I agree with your statement. Recently when each project started to disappear they would launch hacked information to get rid of the market, which is no different than a form of fraud. I think there should be a policy to manage such projects in order not to harm the cryptocurrency market.

[Similificator]

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/

Damn, this crypto hacking stories are getting more and more frightening everyday! How the hell do these hackers even pull off something like this? This is like so cool and very disturbing at the same time. lol. But seriously though, don't you think that the way it was done was pretty similar with the others? I really am starting to think that all these hacking were done by the same group of hackers. And maybe, just maybe, some if not all, of these exchanges are somewhat in on this scheme. I don't know guys, but I really smell something fishy going on about all these hacking.

[vicvicto17]

I think XEM will provide the refund of the investors/traders of Japananese which means that the fund is totally secure in wallet not in an exchange. this is how the community are willing to give commitment of somebody's loss.

[innocent93]

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/

I believe that thru all this blockchain technology someone should make a fraud police or something similar in the blockchain because those guys should be punished, they should not be able to make a fast-food account any more.

[burnchan]

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/

Most of us is surely worried to hear this kind of news. Big amount is at stake if the root cause of this incident is not found. A robbery incident in banks isn't trully new but as the security has been improved to minimize sunch incidents. Thus, I am hoping that this case will be investigated thoroughly and improvements on the system will be in placed to prevent recurrence.