BrewMaster
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Activity: 2114
Merit: 1292
There is trouble abrewing
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January 28, 2018, 03:25:47 PM |
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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 the community is used to these hacks by now because i don't really see much drama related to this. although it is an altcoin which was stolen not bitcoin but there could have been a lot of drama if it was a couple of years ago. and it is not as bad for "crypto world" as you may think. it once again proves what we have already known, that the centralized exchanges should die soon and be replaced by decentralized ones. hopefully Lightning Network and Atomic Swap make this happen faster. |
There is a FOMO brewing...
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chacha66
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January 28, 2018, 03:30:42 PM |
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Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
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Maheshkumar_Hrangkhawl
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January 28, 2018, 03:34:28 PM |
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Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
Is this news confirmed? So are you saying that they are going to refund around $400 million to the users, who lost their funds? It is a brave move, but I really suspect that they have that much funds remaining with them. Another question is about how the hack happened. Were they stupid enough to store $500 million worth of coins in a single wallet? |
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Adioliver
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January 28, 2018, 03:43:42 PM |
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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.
Indeed,Japan does impress everyone.That's what makes them unique and it's one of the Superpowers in the world.One of the striking features that can be found in them is their sheer hardwork and "never give up" attitude.Japan is a country which is prone to many natural disasters,but they all have accepted their habitat and have adapted to it very beautifully.In our country we look upto their hardwork and people's love for their country.They never fail in finding resolutions to their problems. I am sure that Japan will find a way to stop these hackers. |
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kahc
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Activity: 350
Merit: 13
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January 28, 2018, 03:45:50 PM |
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Its pretty cool that the exchange is going to refund 80% back to those who lost the money in the first place. That is a good sign that the times are changing and exchanges are behaving more professionally nowadays. A couple of months ago if your money was stolen that was that.
Is this news confirmed? So are you saying that they are going to refund around $400 million to the users, who lost their funds? It is a brave move, but I really suspect that they have that much funds remaining with them. Another question is about how the hack happened. Were they stupid enough to store $500 million worth of coins in a single wallet? I bet this is some kind of a inside job, or maybe the staffs with access to wallet got compromised. This would never have happened if they used multi-sig wallet. Hopefully lessons learned, and they start using multi-sig wallet for all cryptocurrencies. |
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Carlsen
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January 28, 2018, 03:50:36 PM |
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Somehow I don't understand the price developements in the world of crypto currencies anymore
500 million NEM get stolen and their price increases 10%. I would have imagined that the opposite would happen.
Maybe that has something to do with the refund the exchange promised. They buy up all the NEM and that increases the price.
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kahc
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Activity: 350
Merit: 13
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January 28, 2018, 03:53:25 PM |
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Somehow I don't understand the price developements in the world of crypto currencies anymore
500 million NEM get stolen and their price increases 10%. I would have imagined that the opposite would happen.
Maybe that has something to do with the refund the exchange promised. They buy up all the NEM and that increases the price.
It doesn't matter, is was not a weakness on NEM itself. The circulating supply still stays the same, so no reason to have any impact on the market cap. |
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Dudeperfect
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January 28, 2018, 04:20:48 PM |
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As long as you are holding your funds in your offline wallets where no one can access your wallet without your permission then it is completely fine but there are some people who keep their funds on the exchange or web wallet or anything where internet is enabled and they lose their funds.
It is not about the trust on web wallet or exchange service providers, but it is about the security of which we might not have any idea at all. Where we are a part of the crypto world in which we are responsible for our actions and we shouldn't blame anyone else in such cases, definitely exchanges should maintain the highest security but it is the responsibility of the users too of holding their funds in a secure manner.
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asdlolciterquit
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January 28, 2018, 04:23:11 PM |
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can someone explain me how this is possible for an exchange that have 2fa active? they have managed to steal the privete keys itselfs?
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Bolt Brownie
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Betting Championship betking.io/sports-leaderboard
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January 28, 2018, 04:40:34 PM |
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It's bad news for the exchange, but I think the way things are being handled will boost more confidence within the crypto markets. The exchanges, unlike MtGox is trying to solve the problem. They will not close doors, and they will refund it's customers with their own funds. The NEM team was quite fast as well, and did the exchange a big favor, by "placing" a track system on the coins, so that the hackers can't do anything with them. Right now, from what I've read, they can't really trade the coins for any other alt, or fiat, so they are stuck with tainted coins.
I hope that everything ends up well for the exchange and it's customers, and what started as a bad event, will bring trust to crypto.
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Tim2412
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January 28, 2018, 05:06:02 PM |
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It's bad news for the exchange, but I think the way things are being handled will boost more confidence within the crypto markets. The exchanges, unlike MtGox is trying to solve the problem. They will not close doors, and they will refund it's customers with their own funds. The NEM team was quite fast as well, and did the exchange a big favor, by "placing" a track system on the coins, so that the hackers can't do anything with them. Right now, from what I've read, they can't really trade the coins for any other alt, or fiat, so they are stuck with tainted coins.
I hope that everything ends up well for the exchange and it's customers, and what started as a bad event, will bring trust to crypto.
That exchange has already done so much profit from trading and listing fees they must refund the members who lost their NEM out of their own pocket. |
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anushkasachith888 (OP)
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Activity: 532
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February 06, 2018, 02:48:17 PM |
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What if a exchange just pretend as they were hacked but really not. then they can take money and run away, no one would blame them, because they were hacked by bad hackers. I just thought in that way when I was thinking about this incident ...
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Veterock
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February 12, 2018, 11:08:28 PM |
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As i've heard, the Japanese have already paid off their debts to the victims. Very reliable exchange!
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allycn
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February 12, 2018, 11:26:23 PM |
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Exchanges should only be used for that ... to exchange the currency. Once the transaction is completed you should move your cryptocurrency to a safer wallet (offline, hardware, etc.). Sure, moving back and forth is an extra fee to pay, but I prefer that than risking my investment (I doubt every exchange will be willing to refund the lost currency).
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bitman33
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February 12, 2018, 11:33:01 PM |
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Coins should be insured on all exchanges to protect against hacking.
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freightjoe
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February 13, 2018, 09:10:55 AM |
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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.
we see it again and again. Security in the crypto world is extremely poor |
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Oast-btc
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Activity: 84
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February 13, 2018, 09:20:19 AM |
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My advice is nobody should leave his/her asset in the exchange except for short term trading and that won't be much reducing your loss
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anushkasachith888 (OP)
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Activity: 532
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February 16, 2018, 07:09:12 AM |
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As i've heard, the Japanese have already paid off their debts to the victims. Very reliable exchange!
but not the full amount right?: only 80% |
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anushkasachith888 (OP)
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Activity: 532
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February 16, 2018, 07:13:23 AM |
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My advice is nobody should leave his/her asset in the exchange except for short term trading and that won't be much reducing your loss
But I think most of people keep their coins in exchanges instead hardware wallets, I guess many people don't know how to do it either... |
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magicmeyk
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February 16, 2018, 07:21:14 AM |
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That's a lot of money. Exchanges should improve their security weekly or monthly for them to secure all the money inside it.
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