how is cryptocurrency safe?

[hiro_no_coin_no_life]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

[1714856848]

1714856848

[1714856848]

1714856848

[1714856848]

1714856848

[Slava79]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

Exchange broken has nothing to do with cryptocurrency safety. It is the same as asking how gold is safe after a bang has been robbed. It is better to keep your cryptocurrency in hard wallet or on distributed exchange, probably.

[slaman29]

Think you are somewhat mistaken. The NEM balances are definitely being monitored and there are even some suggestions that they have already started making their moves, though seemingly to random addresses and not sold on exchanges, from sources such as these:
https://www.reuters.com/article/us-japan-cryptocurrency-cybercrime/exclusive-coincheck-hackers-trying-to-move-stolen-cryptocurrency-executive-idUSKBN1FJ28Y

Elliptic, which was engaged to track them down, is probably going to trigger the net and report AFTER these guys are caught.

[bob123]

Think you are somewhat mistaken. The NEM balances are definitely being monitored and there are even some suggestions that they have already started making their moves, though seemingly to random addresses and not sold on exchanges

The 500M usd worth of NEM is being tracked. Cryptocurrency is only as safe as the person holding it is.

OP might be refering to this kind of news:

The NEM Foundation has announced it will no longer track cryptos stolen from the Japanese exchange Coincheck.
The Singapore-based organization said it had provided law-enforcement agencies with information from its investigations.
It did not explain its decision to end the tracking efforts. According to some estimates, half of the NEM coins that disappeared in the hack have been laundered on the darknet.

Source: https://news.bitcoin.com/nem-foundation-stops-tracking-coins-stolen-coincheck/


Whether these are real news or faked (maybe to trap the thieves)? I don't know.
But quite some sites were posting stuff about NEM foundation stopping to track the coins. Without any explanation (except for:  information have been given to law-enforcement agencies).

[hiru65]

Crypto currencies are safe. As a example when we consider bitcoin, they use block chain technology. In block chain there is a interaction between wallet  to wallet and they make a chain. Day by day block achain is become larger. If anyone wants to hack block chain they have to hack all wallet in the world. There is no one could do it.

[khelan]

Cryptocurrency is safe until you share your secret key someone or keep your cryptocurrency on centralized exchange. Because of hacking attack Binance recently announce decentralized blockchain of binance.

[Kprawn]

“Beginning March 18, the NEM.io Foundation has disabled the tracking mosaic that was put into place to monitor XEM movements from the Coincheck theft. This effort was effective at reducing the hacker’s ability to liquidate stolen XEM and provided law enforcement with actionable information. We don’t plan to release further details due to the sensitive nature of this investigation.”

Quote from : https://www.ccn.com/nem-foundation-calls-off-chase-for-stolen-coins-from-530-million-coincheck-hack/

" South Korean intelligence officials have reportedly identified parallels between the attack’s methodology and hacks attributed to North Korea’s government, but no perpetrator has been formally accused by law enforcement."

https://www.ccn.com/north-korea-stole-billions-won-cryptocurrency-says-south-korea/

It goes to a next level when governments gets involved and this will explain why they are saying that it is a sensitive subject.

If you asked me, I would say that it was a inside job, but that is just my own opinion. 

[yojodojo21]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

Mate, my explanation goes like this, if a new developed crypto is created the choice of the founder or creator depends on Him if He would like to reveal His Identity for less security of how much he own of His own crypto, my point is, nem is knowledgeably made by a group of developers and the safetiness depends on who Holds or own it, Hackers will not attack a specific area specifically NEM of they don't have the ability to do it and the availability of transparency of the owner of the NEM.

simple explanation, crypto currency is safe, the idea of losing it because it was stole by somebody is the idea of unsafetiness because there are hackers, who keeps on lurin around making ways to initiate the thing they want to get. the problem is, Hackers are very smart, if they are untraceable it means that things happen in incognito mode.
(Leaving with no History)

[bachanhlac]

You wanna keep the crypto safe, It only some way:
1. Hold on COLD Wallet: Trezo, Ledger, etc: A place you hold coin is a most safety
You can find some information at a website: https://trezor.io/    or   https://www.ledgerwallet.com

2. Hold one "PAPER WALLET". You can find on this internet with key "Paper wallet"

3. Hold on DECENTRALIZE EXCHANGE- a exanger never hacked
 

[bL4nkcode]

Cryptocurrency is safe, AFAIK there's no single cryptocurrency was hacked. Hacking/stealing only happens when an idiot/unsecured user/wallet owner/exchanges/wallets let that happen, a loophole/bug from their software caused the hack, not from any cryptocurrency. And about the NEM hacked, read this article about 5 days ago "Coincheck: NEM Foundation Stops Tracing Stolen Coins, Hackers’ Account At Zero"

[LeGaulois]

Guys the point of the OP is  how safe is cryptocurrency, not how safe is an exchange platform,  X or Y

@OP
A Cryptocurrency is safe as the math are safe. it's secured by math;  based on an algebraic structure of elliptic curves and digital signature a mathematical scheme

And same as @bL4nkcode I have ner hear of any so far

[vit05]

I think you're approaching how much the exchanges are safe, not cryptocurrency. Exchanges are unsafe. Do not trust them. Hacker cases are constant and always in high values. And recovering what is lost in them via legal justice is very difficult.

Cryptocurrency, on the other hand, and especially Blockchain, are so far proven to be safe until the discovery of failures.

And failures can occur. That's why we treat it as an experiment yet. In Bitcoin serious crashes are rare and if I'm not mistaken, only once did they have to pause and recover the backup. 9 years with just one pause is incredible.

[AdSkull89]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

You see every time people speak on those issues they fail to consider the fact anything can be stolen. Burgler can take your computer by breaking into your house, your traditional cash money can be taken from you, your car can be hijacked. The whole ownership concept presumes that your thing can cease being yours at some point (it can be done with or without your consent). Id doe not matter if it is truckload of gold or virtual coin. If value is transferable - it can be transferred, no matter of its quantity. So it all boils down to how do you make the effort of stealing  cost more then what the thing being stolen. For example effective defence would be to hide 10$ behind 5$ lock that require 1000$ tool to break it. I.e. thief need to invest times more to steal times less.

Another fundamental rule is that anything can be taken off of you provided enough efforts were invested. So if I have infinite resources I can theoretically take appart any lock atom by atom - it just not very practical.

Cryptocurrency is interesting in that context because with current technological progress there is no way to BREAK your key. So the only weakness is your own head. So "ownership" of coins and safety is your sole responsibility. Basically you get the perfect lock, but you need to design the door yourself. If your door have a hole - your lock won't save you.

[Colorblind]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

You see every time people speak on those issues they fail to consider the fact anything can be stolen. Burgler can take your computer by breaking into your house, your traditional cash money can be taken from you, your car can be hijacked. The whole ownership concept presumes that your thing can cease being yours at some point (it can be done with or without your consent). Id doe not matter if it is truckload of gold or virtual coin. If value is transferable - it can be transferred, no matter of its quantity. So it all boils down to how do you make the effort of stealing  cost more then what the thing being stolen. For example effective defence would be to hide 10$ behind 5$ lock that require 1000$ tool to break it. I.e. thief need to invest times more to steal times less.

Another fundamental rule is that anything can be taken off of you provided enough efforts were invested. So if I have infinite resources I can theoretically take appart any lock atom by atom - it just not very practical.

Cryptocurrency is interesting in that context because with current technological progress there is no way to BREAK your key. So the only weakness is your own head. So "ownership" of coins and safety is your sole responsibility. Basically you get the perfect lock, but you need to design the door yourself. If your door have a hole - your lock won't save you.

I'll summarize it like this:

Imagine there is a glass box nobody can break into without entering password. Inside of this box there is a super-valuable coin that worth a fortune. Anyone can have the box, look inside this box and make sure coin is there but nobody can ever take it unless they know the password. This box is super safe unless you give the password to it to someone else. 

[vliegenderhollander]

Crypto currencies are safe. As a example when we consider bitcoin, they use block chain technology. In block chain there is a interaction between wallet  to wallet and they make a chain. Day by day block achain is become larger. If anyone wants to hack block chain they have to hack all wallet in the world. There is no one could do it.

There is a phrase like that
"Impossible is nothing. It just takes time"
 
Take Your Own Precaution (TYOP) and leave it to time.

[ranochigo]

Yes it is. But who will pay if someone robbed their coin.? Would there be any formal agreement between clients, owners etc.? Unlike banks, there is. And also they pay all their clients if there will be bankrupcy or any worse case.

Speaking in the context of Bitcoin, no one would compensate you if you were to get robbed of your cash on the streets either. Just like Bitcoin, you control your own cash and not your banks.

With the agreement, I'm certain some sort of contract could be made using other blockchain technology and it could uphold in the code of law. Bitcoin is primarily for day to day transactions and not for things that would require trust beyond that transaction.

[fernandoaleixo]

Nothing in this world is 100% safe, to understand how cryptocurrency is safe you need to how blockchains works, even when people get stolen the coins can be somewhat tracked. But it's surely safe enough to be used, banks get stolen all the time as well, even the army. 

[buwaytress]

Guys the point of the OP is  how safe is cryptocurrency, not how safe is an exchange platform,  X or Y

@OP
A Cryptocurrency is safe as the math are safe. it's secured by math;  based on an algebraic structure of elliptic curves and digital signature a mathematical scheme

And same as @bL4nkcode I have ner hear of any so far

And, even if they somehow fall victim to exploit, you can be sure as a majority user, you'll get some protections. Refer to Bitcoin exploit of 2010 where billions of coins were created. Refer to Ethereum which was created after a major exploit in the original chain.

Exploits aside, yeah. Cryptocurrency is probably the safest bet for money right now, and will be for a good many years, probably enough for our lifetimes. People say things like quantum computing but really, blockchain tech will do more than stay ahead of that curve.

P.S. Why're all the news outlets saying the NEM was successful "laundered"? I thought successful laundering implies the funds have been successfully cleaned.

[dogandogru]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

You cannot compare cryptocurrencies with exchanges. Both have entirely different system of working. Cryptocurrencies can never be hacked, unless an idiot or a careless wallet owner let that happen due his own foolishness. Cryptocurrencies use blockchain technology. Every day new blocks are being added to the blockchain. So if anyone who wants to hack it, he will have to hack all the wallets on the blockchain network which is impossible to do.

[gtx1060aa]

Why no one can track down the hackers who stole around $500million worth of NEM from japanese exchange. how do you keep your cryptocurrency?

And how you will be able to find for the person or group of people which differs in nothing from you?
For example you have stolen 500 million, all purses identical and I can trace only that where you have sent money, further you will send money on 10-20 of purses and from there through the exchanges you will do small cashing in of means, any exchange of the average level doesn't ask KYC that I could find you, and often where there is KYC people give the false data bought on the black Internet and everything, the track is lost