Another bad news from japan

[yoseph]

It’s being called the biggest theft of crypto currency and the total amount stolen is even greater than the money that was stolen from Mt Gox but since it’s not bitcoins that has been stolen, it has not really affected the market at all.

[vintages]

This is actually my first time of hearing about this exchange. Since its not that much popular, I hope they didn't loss much. The constant hacking of exchange is what will really paint digital coins black. And the painful thing is that its always unable to trance the lost coins. This is really a sad news for Japan, I hope the Chinese won't monk them about this since they are now the top Asia country supporting Cryptos.

[bamboylee]

Another exchange claiming getting hacked. This is the reason we do not keep our coins in exchanges.

Just why did they not use multi sig wallet? I believe Nem wallets have multi sig capable.

This is actually my first time of hearing about this exchange. Since its not that much popular, I hope they didn't loss much. The constant hacking of exchange is what will really paint digital coins black. And the unfortunate thing is that its always unable to trance the lost coins. This is really a saws for Japan, I hope the Chinese won't monk them about this since they are now the Asia country supporting Cryptos.

They lose 535 Million dollars, small exchange maybe but still large amount stolen. We are yet to see the effect of this event.

[FrueGreads]

Japanese cryptocurrency exchange Coincheck one of the largest in the country.The  NEM  coins were stolen on Friday, Jan. 26.  https://cointelegraph.com/news/coincheck-stolen-534-mln-nem-were-stored-on-low-security-hot-wallet

I've heard of this news. And I should say that this news makes cryptocurrency look at pretty bad shape because of another fud rising. Because as we all know, fuds makes a coin or the whole crypto bleed. So is this mean for another bleed? Hmm, I don't know but millions of coins were stolen. Probably the nem will only bleed for a moment or what's worse is the whole crypto might bleed. But that's only a might not certain.

Well looking to the coinmarketcap I would say NEM didn't bleed at all since it shows gains of 28%, and is the biggest gainer on the top 10 crytpo by market cap. I guess all the bad news were kept for the exchange itself, and didn't affect crypto at all. Of course that Coincheck didn't declare bankruptcy, and said that it will try to restore the lost funds. Maybe the markets are not being affected by this hack, because they believe that the exchange might be able to solve the problem.

[Hexah]

I think it is on the part too of Coincheck exchange has to be blame for not storing such big amount of coin of NEM on a multisig or cold storage wallet. As per my opinion I think they ahould provide all the refunds of each investors especially the one who have invested on NEM. But as per said on the conference it is really a worst case scenario that funds would never be return but must pursue the culprits too for the sake of investors refunds of their monies.

[Indrawan77]

This is bad, people will now afraid to put their fund in exchanges, and this could caused people to quit trading crypto, the hackers make crypto currencies reputation tainted, and this can become lesson for other exchanges to never underestimate the security system, hackers nowadays is lurking  everywhere and wait for the chances to steal the fund, hopefully there will be refund and everything can back to normal

[BlackPanda]

Japanese cryptocurrency exchange Coincheck one of the largest in the country.The  NEM  coins were stolen on Friday, Jan. 26.  https://cointelegraph.com/news/coincheck-stolen-534-mln-nem-were-stored-on-low-security-hot-wallet

I've heard of this news. And I should say that this news makes cryptocurrency look at pretty bad shape because of another fud rising. Because as we all know, fuds makes a coin or the whole crypto bleed. So is this mean for another bleed? Hmm, I don't know but millions of coins were stolen. Probably the nem will only bleed for a moment or what's worse is the whole crypto might bleed. But that's only a might not certain.

Well looking to the coinmarketcap I would say NEM didn't bleed at all since it shows gains of 28%, and is the biggest gainer on the top 10 crytpo by market cap. I guess all the bad news were kept for the exchange itself, and didn't affect crypto at all. Of course that Coincheck didn't declare bankruptcy, and said that it will try to restore the lost funds. Maybe the markets are not being affected by this hack, because they believe that the exchange might be able to solve the problem.

When the exchange can be assured that all amount will be returned then it is positive news. But with these losses then some people's confidence will decrease and this could be a thing that is detrimental to Nem development, it could be NEM price down but I guess it will not happen for now. Whatever the conditions we should be able to avoid these circumstances, the owners of the exchange should be able to improve security so that the level of confidence in the digital currency will not decrease.

[Koro-Sensei]

It seems like crypto stealing cases are increasing a lot these days. However, its a bad news for the crypto exchanger owner but not for the owners of those NEM who got affected.

The owner of exchanger clear stated that they will refund the whole money to their customers and they will keep running the exchangers even after such big loss!

When asked whether they are going to resume operations or will have to declare bankruptcy, Coincheck said that ‘in principle’ they plan to keep operating.

Thats the principle of strong exchanger and I believe that after this incidence if they really refund the money and keep going on then they will have more people coming onto their exchanger due to great positive publicity. This exchanger will actually have more user than the previous one because people feel secure when the words are very strong from the institutes.

This doesn't seem to be affecting the other crypto market, because if it would have been affecting already then we would have seen the down surge already.

Bankrupt exchange can't possibly give refunds to everyone. This will affect the community the reputation of our economy will decrease once again. Japan has big investors,the quantity of users will decline will face another dump again so watch out for more.

[Ryanpogi]

Cryptocurrencies fell Friday after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except bitcoin, saying it had been hacked.

Coincheck said it was investigating "unauthorized access" of the exchange that appeared to result in a loss worth half a billion US dollars of NEM, the 10th biggest cryptocurrency by market capitalization.

"At 3 am (1800 GMT) today, 523 million NEMs were sent from the NEM address of Coincheck. It's worth 58 billion yen based on the calculation at the the rate when detected," said Coincheck's chief operating officer Yusuke Otsuka late Friday.

"We're still examining how many of our customers are affected," he said, adding that the exchange was trying to find out whether the breach was from Japan or another country.
After the exchange suspended deposits and withdrawals, NEM plunged more than 16 percent in a 24-hour period, according to CoinMarketCap.com.

Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat.

Coincheck said it had discovered the breach at 11.25 am and announced it had suspended trading for all cryptocurrencies apart from bitcoin in a series of tweets.

According to its website, which proclaims it is "the leading bitcoin and cryptocurrency exchange in Asia", Tokyo-based Coincheck was founded in 2012 and had 71 employees as of July last year.

In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults.

Bitcoin is recognized as legal tender in Japan and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com.

The virtual currency is well down from record highs approaching $20,000 in late December, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it.

Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a "typical bubble".

But speaking Thursday at the Davos summit, he said the cryptocurrency would likely avoid a full crash because authoritarians would still use it to make secret investments abroad.

[Chronos_angel]

this makes me a little anxious because I hold a coin in exchange
how, Coincheck claims that it knows the address where the stolen NEM is currently stored by the hacker, and hopes to track down the cause "This is very difficult because this is an anonymous transaction.
This bad news makes the price decline.

[chuongvannguyen02]

If it is real then it is necessary to get out of the NEM quickly because it is likely that its value will decrease, other coin is also at risk. Should expect the floor must have good security. 

This Is bad news but does not mean you should sell all of them at this time. The market is going up instead of continuing to fall. Do not believe in that information because of the many people waiting for it to fall to buy it at a low price.

[MadWalker24]

Cryptocurrencies fell Friday after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except bitcoin, saying it had been hacked.

Coincheck said it was investigating "unauthorized access" of the exchange that appeared to result in a loss worth half a billion US dollars of NEM, the 10th biggest cryptocurrency by market capitalization.

"At 3 am (1800 GMT) today, 523 million NEMs were sent from the NEM address of Coincheck. It's worth 58 billion yen based on the calculation at the the rate when detected," said Coincheck's chief operating officer Yusuke Otsuka late Friday.

"We're still examining how many of our customers are affected," he said, adding that the exchange was trying to find out whether the breach was from Japan or another country.
After the exchange suspended deposits and withdrawals, NEM plunged more than 16 percent in a 24-hour period, according to CoinMarketCap.com.

Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat.

Coincheck said it had discovered the breach at 11.25 am and announced it had suspended trading for all cryptocurrencies apart from bitcoin in a series of tweets.

According to its website, which proclaims it is "the leading bitcoin and cryptocurrency exchange in Asia", Tokyo-based Coincheck was founded in 2012 and had 71 employees as of July last year.

In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults.

Bitcoin is recognized as legal tender in Japan and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com.

The virtual currency is well down from record highs approaching $20,000 in late December, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it.

Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a "typical bubble".

But speaking Thursday at the Davos summit, he said the cryptocurrency would likely avoid a full crash because authoritarians would still use it to make secret investments abroad.

If your copy pasting material, can you please qoute it or put some some source where you found it.

Anyway, this hack is nothing compared to MT Gox although the amount is bigger and effects of it is smaller, so it didn't totally ruin the market value of all coins.

[Thanasis]

We knows that holding big amount of funds on exchanges or hot wallets are not safe but still people are doing that.

It maybe a bad news to the crypto users and more people will afraid now to invest on crypto currencies.So investors keep you funds in software wallet then your coins will be safe forever.

[Qartersa]

I don't think that people use coincheck exchange much or even use it at all. I haven't heard much about that exchange.
Now that they have proven to be so careless about user's funds, I don't think anyone would want to risk their money in that exchange. But still stupid people will do.
Thankfully they are refunding their clients their money back and hopefully they should shift to a more secure storage option.
But the fault is also of that of the users who use an exchange to store their coins, thinking to be an wallet which it clearly isn't and you don't even have access to the private keys why in the hell's world would you take such a huge risk?

Exactly! You know, there is what we call contributing negligence in that the crime would not have materialized were it not for the negligence of the owners who easily took unwise risks. They should have been more cautious knowing that these assets of ours are only virtually existing. They should have exercised diligence at all costs! Now, because of what happened, it not only affected them per se but the whole cryptocurreny community because the demand lessened hence the price correlatively decreased as well.

[AliCris]

I believe that all exchanges should spend the lion's share of revenues on ensuring their security. Hire professionals who have been working in cybersecurity for a long time, or the hackers themselves. And not yesterday's students who only received diplomas yesterday, and today they already think of themselves as great IT people. There have already been a lot of thefts from various exchanges and unfortunately other exchanges have not taken a lesson out of this.

[light22man]

I think all those hack only shown the vulnerability of the central exchangers, maybe only after that shock therapy, people realize that it's time for decentralized exchanges

[NavI_027]

What a horrible news! $534 million worth of NEM are stolen that's a huge amount of money. Sad to know that hackers won once again, I'm pretty sure that they are now celebrating after they breached into Coincheck successfully.

This is not only a bad news for NEM holders out there but for the exchange itself because they are going to pay what has been stolen. This might definitely lead to bankruptcy but I'm glad to know that they're not shutting down (so admirable).

I hope the authorities will find the suspects very soon and punish them for the damage they have done.

[gabmen]

That's a lot of xems and likely enough to shake the market a bit. I noticed it as well that it seems exchanges have been targeted by hackers so it's really important for traders and holders to have a separate reliable wallet to store their coins in to avoid losing money

[FrueGreads]

Japanese cryptocurrency exchange Coincheck one of the largest in the country.The  NEM  coins were stolen on Friday, Jan. 26.  https://cointelegraph.com/news/coincheck-stolen-534-mln-nem-were-stored-on-low-security-hot-wallet

I've heard of this news. And I should say that this news makes cryptocurrency look at pretty bad shape because of another fud rising. Because as we all know, fuds makes a coin or the whole crypto bleed. So is this mean for another bleed? Hmm, I don't know but millions of coins were stolen. Probably the nem will only bleed for a moment or what's worse is the whole crypto might bleed. But that's only a might not certain.

Well looking to the coinmarketcap I would say NEM didn't bleed at all since it shows gains of 28%, and is the biggest gainer on the top 10 crytpo by market cap. I guess all the bad news were kept for the exchange itself, and didn't affect crypto at all. Of course that Coincheck didn't declare bankruptcy, and said that it will try to restore the lost funds. Maybe the markets are not being affected by this hack, because they believe that the exchange might be able to solve the problem.

When the exchange can be assured that all amount will be returned then it is positive news. But with these losses then some people's confidence will decrease and this could be a thing that is detrimental to Nem development, it could be NEM price down but I guess it will not happen for now. Whatever the conditions we should be able to avoid these circumstances, the owners of the exchange should be able to improve security so that the level of confidence in the digital currency will not decrease.

Yes that is true but I would say this was a huge improvement from the MtGox scandal. Although users still didn't get their refund, the exchange said it will assure that all of those that were harmed by this hack will get their money back. The NEM dev team also helped a lot by rapidly creating a system that "tainted" the stolen coins, and the hackers wont be able to do anything with them right now apparently.

But yes, these security flaws can't really keep happening in the this space, otherwise it will be hard to trust in the ability of the exchanges in keeping users funds secure.

[Tactical Genius]

For such a huge amount to be stolen,I usually tend to believe there is an insider manipulation.It is sad and sickening usually to hear such and makes me lose confidence in the ability of exchanges to safely keep user funds.