$500 million go missing in largest cryptocurrency hack ever - News

[anushkasachith888]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

[Nubitcoinerr]

It's pretty easy for an inside job to pull this off. In the old days you had to physically steal thing to pull off an inside job. Now it's one little software file or disk and it's done, with no traces.

[SportyCornet777]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.

[anushkasachith888]

It's pretty easy for an inside job to pull this off. In the old days you had to physically steal thing to pull off an inside job. Now it's one little software file or disk and it's done, with no traces.

As you think how to prevent this so called inside job ? They can't risk people's money like this. Something has to be done avoid these nasty stuffs, This may destroy the image of whole Cryptocurrency  concept in the end.

[anushkasachith888]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.

Yeah All my coins are exchanges, We are unsecured in exchanges, Something has to be done stop these nasty stuffs, Yeah somehow. This affects whole crypto market concept badly.. I hope authorities will get in to this matter seriously. 

[xindoa]

i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

[01BTC]

i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

I think this year a solution on this matter will rise. I think we should be able to hold our coins on hardware and trading to be just like gold is traded, hope u got my idea ..

[nsasuiteb]

If you are using a centralized exchange, you are also at risk, no exception, poloniex, bitfinex, binance.. all can be hacked in the future. Exchange is for trading not to hold your coins.

[DimaS1574]

The total Market cap of this coin is $9 545 759 999, it is about 5% from total amount,  to my mind it wil not  make so huge influence on total currency value

[Janation]

i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.

Changing your password is good for your own digital currencies but if we are talking about hacked exchange, even if you are regularly changing it, it will not help.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

Crypto Currency is not fragile, the exchange is. If cryptos needs an improvement, it will not be on the security but on it's transaction speed and fees.

If you are using a centralized exchange, you are also at risk, no exception, poloniex, bitfinex, binance.. all can be hacked in the future. Exchange is for trading not to hold your coins.

That is the reason we need to be careful. Don't let your exchange hold your coins, just use them if you will be just selling your coins, don't save it there.

[heureca]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

Every criptocurrency exchange and every wallet could be hacked. So the best way is hold your coins at different exchanges and wallet. For ex., I use 4 criptocurrency exchanges and 10 different wallets

[AwesomePython]

This is why people should never store their funds in an exchange

[oddwh]

That's crazy to see that Japanese exchange has been involved on the biggest thefts, but Japan remains to be a crypto friendly country. Japan still impress me for that, if the same thing would happen some others countries, that would be a complete disaster.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

In fact I don't consider it as fragile, as all these token will be currently unusable for the hacker. Exchanges can track these tokens and block them if they reach an exchange. This will maybe change once decentralized exchange will come out. Currently, this hack even had a positive impact on NEM valuation. Exchanges are fragile, but crypto aren't.

Almost all hack have been possible because of human errors (this one included) 

[reck1ess]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.

Do you really think that leaving money on exchange aren't safe?! This makes me nervous right now, if one more news about exchange getting hack again i will pull out all my money on the exchanges that i have participated. How will you know if an exchange is really safe and secured?

[oddwh]

Japanese cryptocurrency exchange Coincheck has confirmed it lost about $524 million after suffering a hack which stole 500 million NEM tokens, said to be the biggest cryptocurrency hack ever. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange.

Shocking news huh? This will affect badly for the Crypto world. Are these hackers unstoppable ? I am worried all my coins are in exchanges, not in hardware wallets, Exchanges are really not safe, This news confirms it again.

I think most of these so called "hacks" are just inside jobs. I know it doesn't lessen the blow. This is obviously huge! I am guilty of leaving coins in exchanges as well, definitely making me rethink that.

Do you really think that leaving money on exchange aren't safe?! This makes me nervous right now, if one more news about exchange getting hack again i will pull out all my money on the exchanges that i have participated. How will you know if an exchange is really safe and secured?

Indeed, exchanges aren't safe. You can protect you by 2FA, strong passwords, but you can't protect Exchange wallet, this is their job. Here, it failed because they stored their coins on hot wallets, instead of cold wallets. I would suggest to move your coins before waiting another hack news, if you don't trade them 

Currently, you cannot determine if an exchange is safe, the only way is through audits and even, can you trust this audit ?

The best way to protect you is by moving your coins on hardware wallets or offline wallets. If you want to trade, keep the minimal amount on the exchange.

Decentralized exchanges will change this by the way. These exchanges store no funds, so there's nothing to hack, and security will come back on user's hands  

[monkeydominicorobin]

You should never put your tokens online. That is the only rule that we should all live by. If it is online the hackers will mine.

[Scorpion]

Sounds like Coincheck is accepting fault and covering their customers coins for the price it was trading at. It was a big loss but also an important lesson learned, exchanges have tools to keep things like this from happening and coin developers have made it easier for exchanges to implement these security features. I think Coinccheck will be practicing them from now on.

[noormcs5]

i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

Yes, these measures are good but still hackers are very active these days and they even have the mechanism to break the passwords and 2fa.
My recommendation is not to reveal your email in public sites as hackers might attempt to first hack email and then get access to exchanges where you have made accounts.

Also make sure you do not put extra money in online exchanges and withdraw the unused money to your local wallets.

[Pasadoble]

Yes, bad news, but we should understand that in digital world everything is hackable, it is not easy thing to hack crypto, but it is possible. So it is also one of the related risks.

[Kronos21]

i'm using different ip address and password for every exchange i'm on. and 2fa if it is possible. you cant be to safe.
change passwoord regulary and if they hack one you still have all others.

it has to be resolved. crypto is so fragile right now. we can use a few weeks without bad news

How it can keep you from losing your coins on the exchange? Nohow. To hack into your account very expensive. It can hack only if you'll allow it. Breaking of the exchange more profitable. We are talking about big money. You can attract more hackers. So using all these precautions will not protect you from losses.