[2018-03-22] Japanese Crypto Users Lost $6 Million in Hacks Last Year, Say Polic

[moriskarlov]

Around $6.2 million-worth of cryptocurrency was hacked from exchange accounts and wallet services in Japan last year, new data reveals.

According to Japanese news source Nikkei, the country's National Police Agency (NPA) released its first annual report of statistics tracking thefts from cryptocurrency accounts on Thursday.

The data shows that at least 149 cases of hacking emerged last year, with 16 cryptocurrency exchanges affected, as well as three wallet operators, through which around 662 million Japanese yen was illegally remitted. Bitcoin was as the biggest crypto target, with 85 BTC stolen, the report says.

While the agency did not disclose the name of the services affected, it noted that the recent $530 million hack of the Coincheck exchange is not included in its 2017 statistics.

Out of all the thefts, 122 cases - accounting for over 80 percent of the total - did not incorporate extra levels of security such as two-factor authentication, the report indicates.

Furthermore, a growth in the number cases was seen to coincide with the increasing price of bitcoin and the wider cryptocurrency market. For example, data shows that unauthorized remittances increased from 7 cases in April to 19 and 41 in May and June, respectively.

The data release comes as an effort by the agency to investigate thefts of assets from cryptocurrency investors in Japan following the notorious collapse of the Mt. Gox exchange in 2014 and the government's extensive actions in force exchanges to protect cryptocurrency investors since.

https://www.coindesk.com/japanese-crypto-users-lost-6-million-in-hacks-last-year-say-police/

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[Qartersa]

I think this type of news is the one we should take strong precautions with because it destructs the strength and growth of cryptocurrencies. This, alone, creates panic within the cryptocurrency market, much more if it will be publicized in papers of general circulation. Surely then people who do not even know well about cryptos will think it is a scam right before they even know it which is really a negative impact for all investors and prospective investors. Nonetheless, I think it is best to be on guard of our crypto assets before we lose what we have. More so, before the media blows up all facts. Anyway this is a privacy concern which we should be very cautious about, especially when using devices that are not our own in the first place. Our privacy is 95% within our control, save the remaining 5% to those inevitable hacks and other technologically-linked modus operandi.

[Lancusters]

I think this is not accurate statistics. I heard about the hacking of the Japanese stock exchange in the amount of $ 400 million. Exchange never give the full statistics. They do not talk about minor losses in order to preserve their reputation. Hackers have always been active, but it used to be database-only. Now that electronic money has appeared, their work has become more profitable and so we will hear more about their activities.

[nickbelski]

I think this is not accurate statistics. I heard about the hacking of the Japanese stock exchange in the amount of $ 400 million. Exchange never give the full statistics. They do not talk about minor losses in order to preserve their reputation. Hackers have always been active, but it used to be database-only. Now that electronic money has appeared, their work has become more profitable and so we will hear more about their activities.

Let exchanges keep silence about losses, this is their own business, but don`t put this on client`s shoulders. I like Coincheck management position regarding $530 compensation. They are going to reimburse all losses, at a rate $0.83 per NEM token. If this statement is true, it is much more higher rate than current NEM price. They aim to long term relationship with a clients, reputation is above everything.

[1Referee]

I like Coincheck management position regarding $530 compensation. They are going to reimburse all losses, at a rate $0.83 per NEM token. If this statement is true, it is much more higher rate than current NEM price. They aimed into long term relationship with a clients, reputation is above everything.

It will take an awful lot of time for Coincheck to pay back its users. If we look at how they recklessly kept around half a billion worth of crypto assets in hot wallets, and have been stolen afterwards as result of that, it for me means that they lost every grain of credibility they once may have had. Don't forget that it only concerned one specific crypto currency that accounted for half a billion hot wallet value - imagine how much of other crypto currencies they would have sitting in hot wallets at that point. It's mind boggling how stupid this is if you think about it. It's too shady to be considered a random/unlucky hack in my opinion, but at the end of the day, if you can't prove that something happened, it didn't happen, which is frustrating.

[MoonJeina]

Now that'ts a thing . I am sure that there is nothing wrong about these statistics but the fault is of the people here who invested . There is no doubt in the fact that maximum Icos are just scams . we just need to be  sure before stepping in . Moreover , many of the new and untrained investors doesn't even know about the genuinity of the type of wallets they are using which obviously leads to some huge loses and crimes . It is all about being cautious.

[Mr. Thang]

I think this type of news is the one we should take strong precautions with because it destructs the strength and growth of cryptocurrencies. This, alone, creates panic within the cryptocurrency market, much more if it will be publicized in papers of general circulation. Surely then people who do not even know well about cryptos will think it is a scam right before they even know it which is really a negative impact for all investors and prospective investors. Nonetheless, I think it is best to be on guard of our crypto assets before we lose what we have. More so, before the media blows up all facts. Anyway this is a privacy concern which we should be very cautious about, especially when using devices that are not our own in the first place. Our privacy is 95% within our control, save the remaining 5% to those inevitable hacks and other technologically-linked modus operandi.

Even though this type of news may create panic, I think that it would help us become more cautious of our own holdings. It does not suggest that cryptocurrency is a scam but rather that there have been attempts to acquire it through illegal means. This should not discourage others but instead make them more aware. Despite the anonymity of crypto, it's still subject to hacks or theft. Knowing that this can be done, we should be more secure and choose which exchanges to use.