Hackers on the rampage again, 59M $ Stolen

[matthewio]

Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y

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[cellard]

I saw this going through my Reddit early news. I don't think this will have any negative impact on the market.
I have always wonder the security level of Cryptocurrency exchanges. Although am not a Cyber-security expert, but have once heard of something called "multiple signature" been required for withdrawal.  Such fear of exchanges been hacked is a course for concern for someone wanting to invest big in the market. My take is that: for now, use well trusted exchanges that have zero tolerance for security breaches, and try not to leave too much fund in an exchange. I hope customers get compensated since it's a management lapses.  

I think the overall level of education in Bitcoin is rising. Seems like finally, it is getting through their rather thick skulls of newbies that the failure of exchanges trying to keep coins safe isn't relevant to bitcoin's security. But still in 2018 there's tons of people that when they read these headlines, think that exchange hack = "bitcoin hack". There's still a lot of work to do when it comes to that, but slowly we'll get there. And as education level rises, these news will have less of an impact as they would understand there's no reason to play along with the panic selling of these news anymore.

[First77]

Bitcoin anonymity is for hackers, scammers and criminals, terrorists also. They will run away after the crime.

[fonengo]

Hi, everybody. Hackers will always attack any system. Especially cryptocurrency exchanges where there is so much money.

[joromz1226]

This is the problems that need to be resolve to the fullest solutions. Its sad to say that another exchange again that has been stolen a million dollars by the hackers. 59M$ was a huge amount again in this business, I wish that exchange resolve the problems of their client users as well, though it will affect their business which may cause to collapse their exchange too.

[Andruha1993]

It is very a pity that this happens. Almost every month hackers hack into some exchange. But I do not think that these hacks can somehow influence the market. I do not see any connection.

[mmo_online_1981]

This is a bad news for Crypto, Exchange needs to take security measures for its members!
In the past there have been quite a lot of similar cases, hopefully things will improve!

[maksimukr1989]

Hackers still find ways to steal funds.That's very surprising.When we see a completely invulnerable exchange. Don't want to lose their money

[tegarp90]

Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y

This is one of the reason not many people trust investing their money on crypto.
So, people who just brave to risk their money who involved in crypto.
If the system security will not improce, crypto will hard to develop i think

[cfif123]

Bitcoin anonymity is for hackers, scammers and criminals, terrorists also. They will run away after the crime.

therefore now we all must always be vigilant and keep our assets that are very good and safe so that it is difficult to hackers steal our bitcoin all

[muhammedb]

I saw this going through my Reddit early news. I don't think this will have any negative impact on the market.
I have always wonder the security level of Cryptocurrency exchanges. Although am not a Cyber-security expert, but have once heard of something called "multiple signature" been required for withdrawal.  Such fear of exchanges been hacked is a course for concern for someone wanting to invest big in the market. My take is that: for now, use well trusted exchanges that have zero tolerance for security breaches, and try not to leave too much fund in an exchange. I hope customers get compensated since it's a management lapses. 

yes, most people take exchange as personal wallet were they can store coin. Like i always say it 100% risk to leave fund on any exchange because u don't the full control of it. many exchange owner are weak in the part of security. just pray the customers get compensate too because is every frustrating when you get hacked.

[tee-rex]

Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.

Yeah, that was a nice slide and then quick rebound as I happily bought back what I had sold just a few hours before. Regarding the news, there is nothing out of the ordinary and shouldn't be. Bitcoin will remain what it is no matter how regulated its environment is. It can be stolen and having been stolen means irrecoverable and irrevocable loss in the majority of cases. In case of fiat you can always trace the footprints and fingerprints left by the thief, with bitcoin you have only the blockchain and coins from which you no longer have the keys.

To solve this issue we need fully decentralized exchanges designed and implemented on the protocol level. But that requires strong coordination and cooperations between many coins. Given that there is no agreement even inside bitcoin camp as otherwise there wouldn't have been bitcoin cash and similar projects, such coordinated effort doesn't look very likely as everyone hogs the covers.

[audaciousbeing]

Japanese Exchange Zaif was reported to have suffered some security breach that resulted in about 59.7 M$ being stolen from the exchange. the hackers carted away with Bitcoin (5966), bitcoin cash and some Monacoin. It is not clear yet when or if customers will be fully reimbursed for the losses.
Zaif is operated by Tech Bureau Inc.under a regulated environment by Financial Service Agency- Japans foremost regulatory agency.
It is not likely that the market will react much to the hack ( or maybe it has already as we saw bitcoin slide to 6100 range and back up to 6400$ within an hour or this was caused by the CBOE future closure).
This brings to bear once again the need to never leave some substantial amount of exchanges.

https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported
https://jp.reuters.com/article/zaif-tech-bureau-inspection-idJPKCN1M001Y

The way security breach happens in crypto space makes me wonder if this is the only economy that money is being traded. I have not heard that the forex market that can boast of huge amount of activities enough to swallow the entire crypto capitalization gets hacked. Although, the effect might not be felt on the price of bitcoin in general but it will surely send a bad signal to those reading and those willing to come in that the market facilitators cannot put something as simple as security in place to forestall things like this despite the amount of security that blockchain itself presents.

Just like I usually maintain, hackers will not stop making efforts it's the responsible of exchange owners to ensure that the security apparatus is kept safe for the benefit of their investors and until they are being held responsible for such deficiencies they won't take their duty serious.

[Payme21]

I don't think issues relating to hacking of exchanges will reduce in the nearest future. I personally don't think it's right leaving crypto on exchanges for long periods

[taratorly]

Why is this perceived as a problem? Money is also being stolen from banks!

[amar786]

exchanges should use latest technology for saving from hackers. legitimacy of bitcoin will also decrease the percentage of crime of stolen btc as government would implement punishment on stolen of btc.

[squatter]

I don't think issues relating to hacking of exchanges will reduce in the nearest future. I personally don't think it's right leaving crypto on exchanges for long periods

That's exactly the approach everyone should take. I always withdraw coins right after buying, and I only hold USD on exchanges for short periods. If I'm cashing out for a while, that money sits in my bank account.

As cryptocurrency gets bigger and bigger, the targets on the backs of exchanges grow. Just as exchanges aren't scaling their infrastructure to customer demand, they aren't devoting enough resources to security. The Coincheck hack this year really hammers that point home.

Why is this perceived as a problem? Money is also being stolen from banks!

Technically, it reduces available supply because the stolen coins are difficult to sell on exchanges or spend through payment processors. That could actually drive the price up.

[Dreamchaser21]

Bitcoin anonymity is for hackers, scammers and criminals, terrorists also. They will run away after the crime.

Not just bitcoin but the whole market is prone for this thing, and this is why government is regulating this market. This is a bad news for a cryptomarket again, and maybe can affect the market later on but hopefully not since we are just starting to pump.

[coinwizard_]

This isn't just bad for the investors who lost money, but the crypto in general. Is has already received negative press from previous hacks and this is just making matters worse. It will scare newbies away at a time when we need new blood

[mostkey]

There are many problems with exchanges that are very susceptible to hacker attacks, this is very detrimental to many people and certainly frightening for all users, it is very unsafe if you want to keep it for a long time in a very dangerous exchange, the most effective is to use a personal wallet and keep it keep rising, must be repaired as soon as possible so that it is safer in the crypto world, a problem that the government does not want to happen if after adopting the crypto as a whole.